The continued growth of any organisation will be determined by its ability to deliver superior customer value.
The importance of understanding customer needs is continuously being highlighted. The reason for growing emphasis on customer satisfaction is that satisfied customers lead to a stronger competitive positioning, resulting ultimately in loyal customers, increased market share and profit.
BMI-T recognises the needs of companies to track competitors and stakeholders and therefore provides clients with a range of Competitor and Stakeholder Intelligence services.
The objective of BMI-T's competitor and stakeholder service is to assist organisations in comparing themselves to other organisations in order to identify opportunities and risks in their particular market and understand market responses to the company brand, products and services.
Market Research differs slightly to Marketing Research in that it is primarily used to identify potential markets in terms of their size, needs, service penetration and other indicators of attractiveness, while Marketing Research is primarily concerned with how to penetrate those markets.
While market research services are the identification of the size and needs of current and potential markets, marketing research deals with the how to penetrate those markets effectively, and are usually conducted for marketing departments of organisations to assist them with their marketing strategies.
Marketing research actually is a broad term which encompasses many different types of research studies such customer segmentation studies, demand and pricing research, positioning studies, channel and distribution studies, product and concept testing, as well as branding studies.
One of the most important aspects of creating an effective marketing strategy is understanding your whether your customers are fairly homogeneous, and thus can be treated similarly, or whether there are identifiable groups of customers which behave similarly to each other but differently to other groups of customers. This process of customer segmentation is key to creating appropriate products, services and marketing communication campaigns.