Marketing Research: a tool to capture the market

If only focusing on promoting the brand and forgetting the 'catching the market' to maintain the true value of the brand, then the enterprise is making its own 'bang-pond'.

Why is the Best Western (BW) ranked 'top' of the world's largest hotels? Because BW already knew what customers needed from them. BW tourists prefer cheap prices with high service, BW guests potential in many different markets such as Africa, Middle East, North America, and Australia (not only two strong markets, Europe and Europe). ASIAN). From understanding customers and markets, BW has succeeded in huge hotel chains with 3,000 units. BW considers Market Research (NCTT) to be of prime importance!

Why is Ford proud of the Ford Mustang? In the early 1960s, Ford 'launched' the market with small cars with the Falcon model. Later, sales of this model decreased significantly. Instead of having to "sit there to taste failure", Ford conducts a large-scale research, which is designed and discovered, customers are moving from small cars to single-seat sports cars. Immediately, Ford designed the new car as the Ford Mustang and made a record of revenue. NCTT rescued Ford 'lost sight'!

Research the 'fuzzy' market in Vietnamese enterprises

A business always wants its marketing strategy to be successful. In order to achieve success in any marketing strategy, the preparatory phase must be the most important stage. Research can be conceived as a 'pre-marketing' stage.

Through this stage, the most important thing that the business captures is that the environment and culture they want to penetrate. There is no way to complete a good marketing campaign, create a good and sustainable brand if you do not know customer data, market structure, cultural environment, position compared to competitors. That is a great challenge for businesses where the utility tool is probably NCTT.

Knowing that, important research and research, but the level of spending of Vietnamese enterprises is very low. In 2005, in 60 countries surveyed by TNS Company, Vietnam had the lowest level of spending on research and development with a budget of approximately 0.12 USD / person / year (while advertising spending was 2.4 USD / person / year). The same is a group of developing economies but it seems that Vietnam is more 'losing' in research activities. Malaysia is approximately 1.25 USD, Thailand is 0.6 USD, the Philippines is 0.38 USD and China is about 0.3 USD. What makes us 'sit under' in this area?

First of all, from the company of Information Research. A high-quality research project conducted by a large research company is quite expensive: at least 5,000-10,000 USD or higher. Looking at this cost, many Vietnamese enterprises are shocked.

In addition, Vietnam's market share for research is currently only about 12-13 million USD, while the number of foreign research companies 'number' has accounted for 90%. The brands of these research companies have caused Vietnamese businesses to 'listen to the fear' because 'entrance' is synonymous with spending a lot of money. In addition to the psychological neglect of research, many Vietnamese enterprises accept this activity. But, if there is a need and look for Vietnam market research companies to get cheaper prices, many businesses are shy about the quality of service. That's why a 'dilemma' is born!

The second is from the business side. Vietnamese businesses are still biased in looking at branding and marketing. The common point is to try to spend a lot on advertising to build a brand. However, how much do businesses consider to advertise to whom? How much income do they have? Are they willing to buy their products? This leads to consequences: Ads are 'slipping' or 'misleading' targeted customers and ultimately very low advertising effectiveness.

In the research activities in Vietnam, there may still be a lack of understanding between the role and needs of enterprises with the research companies. But this does not mean, Vietnamese enterprises continue to "relax" in this activity before the massive situation of foreign corporations entering Vietnam, holding a strong financial budget. What should Vietnamese businesses do?

The key to competition before new opportunities

Research in Vietnam is having a favorable ground, great support for businesses operating in Vietnam. According to research experts, compared to other countries in the region, Vietnamese consumers are always willing to answer the long-term research table. With 84 million people and 'coverage' from businesses to the council still limited, it is better for businesses to seek NCTT companies to understand the market.

Research is an important and necessary field in business activities. Experts in this area measure and predict, the ability to spend on NCTT will increase in the future.

In 2003, the total market expenditure was US $ 10 million, 2005 increased to US $ 14.3 million, 2006 was estimated at US $ 16 million and in the next decade, with stable growth of over 23%, this expenditure will jump. In the competitive business war to survive before the new Olympics, businesses cannot swing their hands over the forehead for advertising without understanding the true value of the brand in the movement of the market. Why do multinational corporations despite high costs still invest seriously in research? Not they have no reason!

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