Insights - page 2
When starting a business or considering a new venture, entrepreneurs are often recommended to undertake a feasibility study and create a business plan in order to mitigate risk and to make more informed decisions. Whilst both studies are typically conducted in the early stages of a potential business venture and have some overlap, it is important to understand the differences between both planning tools
Home to over 200 different nationalities, the UAE is often described as being “multicultural” or a “melting pot of cultures”. Indeed, its rich demographic makeup contributes in large part to the country’s success. However, for individuals or firms that are seeking to gain insight into this diverse consumer base, underestimating language barriers and cultural nuances can significantly hinder the gathering of reliable data.
The GCC region, often heralded as being a tax-free haven, will see the introduction of Value Added Tax (VAT) in 2018. VAT is an indirect tax based on the consumption of goods and services. The UAE and KSA will be the first GCC countries to introduce the tax, effective from 1st January, 2018. As the deadline approaches, it is worth taking a closer look at the indirect tax as well as some of its implications within the region.
Every product, service or solution has a target audience. Depending on the brand, some target audiences may be narrow whilst others may be broad. Whilst identifying a brand’s target segment may seem easy enough, finding the right participants for a research study sometimes poses unexpected difficulties. The value of a research project lays in its ability to deliver actionable insight. However, if the right respondents are not participating in the research, the findings are ultimately rendered useless. This is why screener questions play a vital role in ensuring, insofar as possible, that the right people are taking part in a study.
Referring to individuals born from the 1980s to 2000s, millennials are anticipated to change how companies do business. Being one of the largest generations, it is anticipated that they will have a significant impact on the economy in the near future and the years to come. Their importance is further underscored by the fact that they tend to be highly influential and therefore, even impact the wants and needs of the older generations.
Market research can serve as an enabling tool for companies or entrepreneurs, whether by gaining a better understanding of competitors, consumers or the wider macro-environment. Such information can be gathered through a variety of qualitative and/or quantitative means. Qualitative research tools can include in-depth interviews and focus groups whilst quantitative research tools can refer to techniques such as surveys. Whilst market research can play an invaluable role in helping a firm succeed, there are certain points worth considering in relation to research.
When looking at successes attained in life, studies have found that those with average IQs often surpass their peers with higher IQs. Are IQ tests then not a good measure of success or is there something else at play in these situations? Following several years of research, it is now thought that emotional intelligence plays a crucial role in determining success and explains why those with lower IQs can potentially outperform their “more intelligent” peers.