Market research is the process that collect the data, develop the information through analyzing and dealing which is the foundation of the marketing decision. An effective market investigation offer invaluable information about competitors, economic shifts, demographics, the current market trends and the spending traits of the customers. When start a new business or intend to launch a new product or service, market research is a very important precondition to business success.
GfK is a large market research company which is headquartered in Nuremberg, Germany with high market share of national market research and market information services. From more than 100 countries, over 13,000 experts collect, analysis long-standing data and understand the human attitude and behavior about live, think and shop to develop insights to different market. GfK deliver service in pharmaceuticals, industry, retail and the service sectors market segmentation which has three major aspect: GfK Custom Research, GfK Retail and Technology, and Media.
Successful brands will focus on the continuity of consumption experience and individual transaction to deepen the relationship with consumer which stimulate brand affinity, acquisition, retention, repeat purchase and ultimately, revenue and profit, provide opportunity.
As a market research company, GfK has its own strategy which could guide to the digital future. The consumer centric ecosystem could be divided into consumer choice and consumer experience.
Consumer Choices’ business focuses on market sizing, currency, convergent media and sales channels. It delivers highly detailed, accurate and timely data which concern more about “what”, “when” and “where”. Survey, experiments, scanner data analysis as the quantitative technique through statistical procedures to describing phenomena or assessing the reliability of relationships among them. It focuses on precise data, relevant to recent actions and choices that consumers made so it was called as consumer choice.Consumer Experiences’ business explores the service and brand experiences and behavior and attitude of consumers, through highly creative, robust and flexible methodologies which much about “who”, “why” and “how”. As result, qualitative techniques such as interviews, focus groups, observations and ethnographic studies was used which involve feeling and impressions relate to people’s perceptions of the world and the way they experience rather than numbers.
Knowledge Panel is the largest national probability-based panel that provides the highest level of accuracy in online research for measurement of public opinion, attitudes, and behaviors.
In 1999, GfK company developed the panel through Knowledge Networks across academia, foundations & non-profits, government, health & policy and research & consulting firms sectors. It combine the online survey technology with state-of-the -art sampling methodology to meets the high quality standards for federal and peer review. The knowledge panel is statistically representative of the US population which the results are more accuracy than volunteer opt-in panel. Random-digit-dialing (RDD) was used to create Knowledge Panel initially. Since 2009, the address-based sampling (ABS) has been adopted.
The knowledge panel include 55,000 adult members which represent different levels of language proficiency and acculturation. Meanwhile, it has 3,000 teens members which ages 13 to 17.
There are several methodology were used with knowledge panel members: Address-Based Sample (ABS) Recruitment Methodology, KnowledgePanel Latino, Panel Survey Sampling, Suevey Frequency & Burden, Response Rates, Statistical Weighting.
GfK developed a new research Model which called “emotional imprint” that combined customer advocacy with other KPIs to give a sight about the customer’s loyalty to a brand. This research aimed at bridging the gap between customer satisfaction and loyalty. According to the model, strong emotional imprints lead to significantly lower rates of customer churn and more positive word-of-mouth.
Market research company could understand the business issue and have right answer. No one can deny GfK play important role to turn data into opportunities.
By: Dandan Liu 214353927
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