Market research
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This document provides an overview of market research and the steps involved in conducting it. It discusses gathering, analyzing, and recording data on people's needs and wants to better understand the target market. Both internal research like tracking customer purchases and external research like reviewing industry publications are covered. Developing an appropriate research instrument like a questionnaire and following ethical practices when collecting and reporting data are also outlined. The goal is to identify business opportunities and trends through systematically sorting and analyzing the information gathered.
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This presentation was delivered to a mixed sector industrial audience to provide a balanced view of why AI is necessary in many working environments, and further, how it can advantage the individual and organisation. It also dispels the widely held (media) view that AI will destroy jobs and displace people on a socially damaging scale. The really serious threat scenarios actually remain the domain of human players, and not as depicted by some Hollywood dystopian machines take over nightmare!
Primarily seeing AI as a downsizing opportunity is to miss the key point: by empowering employees it is the biggest growth agent!
The nonsensical nature of AI v human supremacy arguments also distract from the symbiotic relationships we are forging. This is especially evident when confronted by complexity beyond our natural abilities. For example: procurement and supply chains may now see >>60 independent variables (features and parameters) with many requiring real time control. Humans can typically cope with 5 - 7, whilst our mathematical framework fails at 5. This primal limiter also compounds the risks involved in designing for:
optimisation v brittleness v resilience
In this context, the digitisation process is largely regarded as an event instead of a continuum and this greatly exacerbates the risks involved. This is illustrated against the backdrop of several past tech-revolutions and the changes they invoked. Two ongoing revolutions are also included with projections for likely futures/outcomes.
The closing remarks remind the audience of just one observation that we all need to keep in mind:
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Their strengths lie in specialization, agility, and client-centricity, making them key players in delivering high-value, tailored insights. However, limited scale, regulatory constraints, and rising AI-driven competition present significant barriers to growth.
This SWOT analysis explores the internal and external forces shaping the future of boutique consultancies. Unlike Black Ocean firms, which grapple with the innovators dilemma, boutiques have the advantage of flexibility and speedbut to fully harness Consulting 5.0, they must form strategic alliances with tech firms, PE-backed networks, and expert collectives.
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Shift from transactional to long-term partnerships for client retention
As Consulting 5.0 reshapes the industry, boutique consultancies must act now to differentiate themselves and secure their future in a rapidly evolving landscape.
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Market research
- 2. What is Market Research Gather Record Analyse (Data) Regularly
- 3. What is Market Research Facts &opinions Objective What do people need and want? Outsource Get to know your market
- 4. Getting to know your market target market (understand) Who? Where? What? Afford?
- 5. Getting to know your market Good value? Competitors
- 6. Internal market research Regularly Goods returned Patterns Compare prices Watch customers
- 7. Internal market research Employees can keep track Talk to customers Analyse information lifestyle
- 8. External market research Secondary research Data/ statistics Trade magazines, newspapers, online.
- 9. Primary research First hand Questionnaires Interviews Up-to-date specific
- 10. A research instrument Questionnaire/ Interview Complete & accurate Decide Draw up a table Simple, clear, unambiguous questions
- 11. A research instrument Test it! How clear is it? Short, simple & easy to read. Clear instructions True reflection
- 12. Ethics Code of conduct Willing participants. Approved by the organisation. Do not influence opinions! Freedom to refuse.
- 13. Ethics No information should be disclosed. Reason Do not mislead anyone
- 14. Collecting data Identify Where Decide How many people? Polite Time limit
- 15. Sort and analyse Useful format Use that table* Identify trends Consider
- 16. Reporting Summaries Graphs Are there trends? Show needs and desires. Business opportunities Does a viable business opportunity exist.
- 17. Ethics Do not break the law! Or harm the ENVIRONMENT Safe Health
- 19. Preparing a business report Overview Concisely Regular language Visual summaries (tables, graphs, diagrams, drawings)
- 20. Edit (grammatical errors, spelling mistakes, inaccuracies) Second opinion Visual summaries (effective)
- 21. Visual summaries
- 22. Class Activity Choose a possible business opportunity. Develop a research instrument in order to conduct market research on your target market. Follow the steps given to you in these notes to draw up a questionnaire. Include 7 or eight questions requiring a yes or no response. Two open ended questions.