Insights - page 4
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.
Earlier this year, the UAE’s Ministry of Finance announced the introduction of an excise tax on products such as energy drinks, carbonated drinks and tobacco. The excise tax, also dubbed the “sin tax” came into effect on October 1, 2017. In light of this, Panaly takes a quick look at what the so-called “sin tax” entails along with some of its potential wider implications.
Smartphones have become an almost ubiquitous aspect of our daily lives. Within the MENA region, the number of smartphone connections has more than doubled between 2013 to 2016, to reach 263 million in 2016. In fact, the UAE has amongst the highest smartphone adoption rate in the world, with over 80% of connections being smartphones (the global average is around 65%).
In recent years, Corporate Social Responsibility (CSR) has become somewhat of a buzzword in corporate circles. Across the world, businesses are increasingly seeking to take broader ownership of their actions beyond their legal responsibilities, focusing on aspects such as the environment, their employees or the wider social community.
Behavioral Science is a topic of much discussion and interest within the market research community. Unlike biology or chemistry, it is not a strict science; however its main premise is based on the idea that individuals have limited “introspective access” to their cognitive processes. Considering the fact that most forms of market research rely on self-reporting in order to gain insight, Behavioral Science appears to be at conflict with research tools such as surveys or focus groups. Following the old adage that “actions speak louder than words”, we cover three points that contest this statement and argue for a more integrated approach.