Glasgow Insights

One of the off shoots of Game Theory is ChoiceBasedConjointAnalysis (CBC), which is often used in Market Research to understand how people choose when presented with different product or service options. This in-turn helps businesses identify the more important features that drive consumer preferences and influence decision-making, and thereby impact sales and other key performance indicators. Thus, this technique is often used to strategize a company’s Marketing Mix Modeling (MMM). This is typically done by analyzing different components of the marketing mix (such as advertising, pricing, distribution, promotions, etc.) in terms of their contributions in driving business outcomes. Click : https://www.glasgowinsights.com/blog/what-is-choice-based-conjoint-analysis-and-how-can-it-help-me-plan-my-marketing-mix-modeling-2/ Below are a few examples of how Market Researchers use the CBC to plan the MMM: Guide Product Design and Product Pricing strategies in the conceptualization / de...

 Insights from # Customer and # Shopper #Segmentation Studies can help # marketers take better # DataDriven decisions. If you’re new to this concept, here’s a quick guide on commonly used practices. First, # Demographic Segmentation provides information on the #population construct of a country in terms of Gender, Age, Region, Average Family Size, Ethnicities, and more. This is key to understanding the market size and building from there. Next, # Psychographic Segmentation helps understand Customers in terms of # MindMeasures and creates segments that represent different # NeedStates based on aspirations & inhibitions, triggers and barriers, behaviours and preferences. This enables the marketer to prioritize which segments to win and which to deprioritize. Click : https://www.glasgowinsights.com/blog/understand-and-use-different-types-of-segmentation-tools-to-build-your-marketing-strategy/ Finally, #Behavioural Segmentation forms customer segments based on usership, freque...

  While one has to conduct PESTLE Analysis as well as have a detailed understanding of the laws of the land, there is the other critical component and this is about understanding the people element. So here are some basic pointers of the kind of understanding one needs. Click : https://www.glasgowinsights.com/blog/go-to-market-strategies-what-one-needs-to-know-from-the-b2c-perspective-before-launching-a-new-fmcg-brand-in-any-country/ The first set of questions that we need an answer for is: How big is the category currently in terms of volumes and value, and how has this evolved in the recent years? Who are the top manufacturers, and what are their top brands? What are the various segments (i.e. product types — flavours, formats, etc.) already at play? What are the various price points in which these are sold, what is the average selling price, what are the depth of discounts? Where (as in which shop formats) are the category more sold at (think hyper / supermarkets vs. tradi...

  There’s a surge in demand for “ Real Time/Live Data Reporting ,” often utilizing #PowerBI Dashboards as part of market research deliverables. Power BI Dashboards are fantastic for bringing #data to life, allowing users to customize with minimal training. They’re visual, and as they say, “a picture speaks a thousand words.” In the “Age of Data,” such technologies have made data easily accessible and understandable, with “Real Time Updates” being a game-changer in data-driven decision-making. Industries like #Retail, #BFSI, #Healthcare, #Travel, #Hospitality, #Logistics, #Manufacturing, and even #Public entities have embraced this trend. However, not all Market Research Studies may need “Real Time Updates,” even for continuously run #Tracker studies. Click  : https://www.glasgowinsights.com/blog/not-all-market-research-studies-need-to-have-real-time-live-data-reporting/ Firstly, let’s define Tracker studies. There are two types of market research studies — Trackers and #Adhocs...