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How Market Research helps to study the markets for Healthcare products and services?
In general, the purchase of majority of the healthcare products and services are not optional unlike other consumer products and services.
However, it doesn’t translate that the potential consumer must have to buy the product whatever a brand is selling. Thus, it will become necessary to answer number of questions in order to grow and maintain a healthy business in any market.
Who are the right and potential target customers, and what are the characteristics of potential customer which we wish to hear from?
Is the consumer by self a decision maker as well as the buyer? Or do any other stakeholder playing a key role on influencing over purchase (such as doctors, family members including spouses, parents)?
What are the purchases which are influenced by others? (for example – drugs on prescription or non-prescription, vitamins and nutritional food supplements)
Are the potential customers having any unique demographics of interest (it could be their children or senior citizens, gender specific or specific on medications or diseases)?
India is one of the fast growing economy in current global scenario which is highly competing with the other global markets. For every new market entrant who are attracted towards Indian markets by seeing the volume, growth rate, size of the market, it is essential for investors and new entrants to have thorough knowledge about the size of the market and competition players as well.
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Despite the recent global economic slowdown, the size of the global luxury market has been estimated to be around $2 trillion. Especially, when it come to BRICS market, while specifically talking about China and India rather than Brazil and Russia, have been in the limelight for the past several years.
Seeing this good pace, on the other side, luxury marketers in China in previous year faced many challenges relevant to consumption luxury goods and services, to be more specific due to issues connected to regulations, tariff structures, currency fluctuations and a sever clamp-down realized on gifting culture.
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