Role of Consumer Research Services in Hospitality Sector

With its consumer orientation, the hospitality sector has large applications for  consumer research services. Research is used to plan new ventures, test innovations and timely evaluation.

For the hospitality industry that is centred around the consumer, understanding the latter is not just important, it is essential. Yet, for many years its application in this sector in India was largely ignored or not realised. Most businesses in the industry relied on their own know-how of their consumers.
Fortunately, the situation has changed rapidly over the years. With so many hospitality businesses going bust within a few years, it became essential to find every tool to survive. Consumer research services help businesses to not just stay afloat, but to do so with élan. Like other businesses, the hospitality sector has used consumer research to plan better, avoid risks and keep a competitive edge.

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5 Mistakes to Avoid with Local and International Market Research

Although global expansion is becoming increasingly common, many firms still end up making expensive mistakes. Hiring local and international market research companies is the only solution.

Marketeers these days are the face of global expansion. Like traders of the ancient world, marketeers are the modern crusaders, entrusted to conquering new worlds. Modern businesses, big and small, are expanding rapidly and marketeers are leading this wave. They are the ones who have made the world a very small place.

But this is not always easy. Unlike their past colleagues, these modern day crusaders cannot use armies and do not have the authorisation to use any force. Instead, they must charm the people of the new territory with stealth and cunning. Luckily, they have the support of local and international market research companies.

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The Changing Face of Market Research Companies in India

With the Indian economy growing steadily, the market research companies in India are also set for a boom. This is a far cry from its negligible presence two decades back.

Market research may have come to India a little late, but it has taken off with a bang! As the Indian economy grows and its talented workforce proves its mettle, local research as well as outsourced work is fuelling its growth story. Today Indian firms are not just engaged in the local market, they are fast emerging as the preferred choice in studying multi-national markets.

Market research companies in India have come a long way. Not too long ago there were just a handful of market research firms in India. Even these lacked the infrastructure that is so necessary for modern research. However, the last two decades have been revolutionary for Indian business and this has directly impacted the market research industry in India.

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Why Small Businesses Need Market Research Services

Despite its proven results, small businesses still show reluctance in investing in market research. Consulting market research services are an economical alternative.

Every business today needs market research. Large companies have dedicated research divisions that are closely aligned to other departments. Their budget often runs into millions. Research gives companies the much-needed edge in a highly competitive environment. It helps them to improve products, while streamlining their services.

 

This is also one of the weakest components of smaller businesses. They lack the resources to run a full-fledged research department. The lack of research means their products and services also lack that competitive edge. Consultation firms specialising in market research services are the best alternative in this case. 

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