The lifeblood of the Market Research Services industry is research into target markets of clients and government agencies that provide goods and services to consumers. Research provided by the industry commonly aims to provide information to help the development of new products, advertising strategies, and strategic decisions such as expansions into new markets, and garner voting intentions.
The economic downturn in 2008-09 led many consumer-focused businesses – particularly those with an emphasis on big-ticket or highly discretionary items – to slash marketing budgets and investment in new products as revenue fell.
Market researchers conduct public opinion polls, and qualitative and quantitative research on behalf of clients. The information gathered is usually for the purposes of understanding the opinions, needs and wants of particular demographics or targeted consumer groups.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.