Tuesday, 17 November 2015

Different Aspects of Aerospace Market Research

The importance of market research continues to increase especially in highly evolved industries such as aerospace. The presence of multiple vendors and stakeholders makes researching the market a highly complex and detailed effort. What is important, however, is that the research should be based on facts, derive accurate results and make substantially sound predictions for the future. All businesses, analysts, researchers, policy-makers and other stakeholders who have an interest in the results look for reliable market research that will help them take proper decisions and frame appropriate policies.

Here’s a brief look at different aspects of Aerospace Market Research and why each is important.

•    Breadth of Research: Any market research is based on collection of facts from the businesses and people involved in the industry. The facts cannot be derived from a handful of parties that do not represent the majority. Alternatively, the data should not be taken from a vast number of players that the basic focus of the study takes a backseat to data collection. It is important to choose contributors who represent the industry as a whole and are able to provide factual information that define the norm and also point out outliers.

•    Depth of Research: The aerospace industry has highly evolved. There are innumerable players involved across the entire value chain from manufacturers of nuts and bolts to government institutions that provide oversight. A good market study should be able to structure the industry into various players and subsectors. It should also be able to identify the specific parameters that define each such subsector and create questionnaires that can derive accurate data.

•    Geographic Coverage: Though the manufacturing is concentrated in the hands of two large players and several smaller ones, these companies operate around the world. Moreover, airline companies cover all countries around the world. Getting the data on a global scale is a mammoth task. Good market research should be able to segregate the coverage into specific geographies based on specific criteria and derive accurate data.

•    Parameters and Definitions: A proper study must appropriately define the study criteria for different sections. The research may be broken up into several parts in which case the data is required from each part, the questions to be asked from each respondent within each part, the summation of the data and its aggregation into a cohesive logical whole that answers the defined questions, is important.

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