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Indonesia measures success with market research

28 October 2013
MNC Business Channel and Starhub Asia Channel – Economic Buzz

Indonesia measures success with market research

How useful is market research in helping companies gain insights into Indonesian market trends and ensuring growth from foreign investments? Jeffrey Bahar, Deputy Chief Executive Officer of Spire Research and Consulting, shared his views on MNC Business Channel – Economic Buzz.

Indonesia holds huge potential as a market and an investment location for foreign companies. With the advent of the ASEAN Economic Community 2015 deadline, Indonesia is becoming a more favored location for manufacturing hubs, as it provides market access to South East Asia.

At the same time, there are challenges that need to be tackled. While more transparency is emerging in Indonesia, difficulties remain in providing market research analysis. This is because information is fragmented and credibility of information is a problem.

Businesses need expertise to comprehend government regulations and to gauge the nature and intensity of competition, as there are usually many players in the market, not all of whom are easily visible. While conducting research, it is vital to cross-check and reconcile multiple sources of information.

Bahar concluded that Indonesia is poised for growth, as seen in the rise of e-commerce in the banking and finance arena, as well as the building and construction sectors. Research firms can help businesses succeed by providing niche market analysis with an in-depth focus on specific product category markets, so as to ensure practical, successful business strategies.

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