Whether you're launching a small start-up company or beginning a new multi-million dollar project, you must determine a budget for the required market research. However, there are so many crucial factors to consider if you want to set an appropriate budget that will meet your needs without over spending. So, after consulting with MarketResearch.com Research Specialist Robert Kaminsky, here are four tips that will help you allocate the best percentage of your budget for your market research efforts.

In the past two years, we have watched the Big Data phenomenon lead the market research industry in a new direction. Organizations have built immense databases with information on everything from science to retail, from government to consumer opinions. As growth continues and big data plays a larger role in marketing decisions, suggestions that big data will push out traditional market research have been discussed. But, in all reality, that simply will not happen.

Growth in the $54.6 billion in vitro diagnostics (IVD) market during 2013 came from emerging markets while developed nation markets grew at a much slower pace. All of the major IVD companies reported large increases in the top seven emerging markets. This is mostly fueled by privatization and health insurance initiatives by governments and employers. Medicare price cutting in the U.S. is expected to continue, and the IVD market in Europe should remain essentially flat for the next few years. 

According to Kalorama Information’s biennial survey of the IVD industry, The Worldwide Market for In Vitro Diagnostic Tests, 9th Edition, China, Brazil and Korea were among the countries that received industry interest in the form of acquisitions, partnerships and expanded sales efforts.

Cat products account for over a third of sales in the CAN$2 billion Canadian pet products market, and Canadian cat owners are fully in step with the pet pampering and product premiumization trends that have long characterized the U.S. market. By some measures, in fact, Canadian cats are more than a whisker ahead. According to pet owner surveys conducted by Packaged Facts over the April to June 2014 period, 30% of Canadian cat owners purchase cat food formulations that feature poultry or meat as the first ingredient, compared with 19% of U.S. cat owners. 

The U.S. weight loss market has hit a plateau, experiencing  little growth over the last 6 years. After the downsize of the economy, consumers have decreased their purchases of diet drinks, health club memberships, medical programs, diet books, and exercise videos and moved forward to a more do-it-yourself (DIY) approach. Yet, small niches in the industry are starting to boom.

According to a report by publisher Marketdata Enterprises Inc., the value of the U.S. weight loss market declined by 1.8% in 2013, down to $60.5 billion. The market is expected to increase in 2014 with the increased DIY dieting trends and as organizations sort out the effects of the Affordable Care Act.

As an intern in the field of market research, I am learning what it is like to be in a career setting, as well as getting a feel for what market research truly entails and if it is where I see myself in the future. On a daily basis, I am putting into practice the information I’ve been learning in my marketing courses and applying it to my work. But, while researching information for a blog post, I noticed a gap between my life as a student and my life in the “real world.” The information I am being taught in my marketing courses does not always match the information industry leaders are saying out here in the working world.

With the fast-paced lifestyles of the average U.S. consumer, simplicity of snacks and beverages is a must. Bottled water has been around to fill that need since the late 1700s, but even today bottled water is seeing a bright future. As health awareness continues, consumers are going to continue switching from carbonated soft drinks to water. Marketers from companies around the globe need to embrace new ideas for water to ensure their bottles are picked off the shelves.

Social games are one of the fastest growing segments of the online gaming industry. According to the industry body, Entertainment Software Association, social games increased in popularity by over 50% last year. Together with casual games, social games account for the largest share of online games played most often, with their share being even higher among the games frequently played on mobile. Social games are popular not only among the tech-savvy youth, but also adults. The International Social Games Association reports that the average age of a social game player is as much as 40 years. Overall, close to half of gamers engage in social games.

Market research projects can be a long and grueling task, requiring extreme dedication in order to obtain all the information you need to move your company in a positive direction. Market research allows organizations to get a better and deeper understanding of the market that surrounds their products so they can adjust their strategies accordingly. Even with the difficulties that market research can create, the hardest part isn’t until the end of the process: the market research presentation.

With more than 7 Billion mobile network subscriptions worldwide, the mobile communications sector is rapidly gaining traction from a diverse range of vertical sectors. Healthcare is no exception to this trend.

As healthcare providers seek to maximize their patient outreach while minimizing costs, many view mobile healthcare (or mHealth) as the solution to improve healthcare cost-efficiency. mHealth refers to the usage of mobile communications technology & devices to enhance access to healthcare information, improve distribution of routine and emergency health services and provide diagnostic services.