Review the methodology used by Euromonitor to evaluate the quality of the information/data provided.
What makes you think the information is credible? What makes you think the information is reliable?
Why would a company such as L’Oréal pay for a subscription to Euromonitor?
Euromonitor uses online survey question to collect their data. Their questions are
developed by their survey team and their own industry managers to characterize aspects
of consumer life and to capture existing and new trends.(footnote) Considering their
methodology and process of research, the information they provide is credible. They
identify questions, develop and translate questions, conduct survey and validate, analyze,
interpret and finally report their data. Once questionnaires are simulated for ease of
understanding and response time, they revise and professionally translate and finalize.
These online surveys are distributed to analysts in-house and to consumers who actively
managing field. Responses are then checked for higher accuracy. After, Euromonitor use
several statistical techniques to analyze: descriptive statistics, hypothesis testing, cross-
tabulation, correlation, analysis of variance, regression analysis, factor analysis and cluster
analysis. Using these techniques, they contextualize findings within industries, demographic
segments and consumer attitude and behavior.
This series of systematic process make their information reliable. A company like L’Oréal
would willingly pay for a subscription to Euromonitor because of their high-end quality
information and well summarized report. Provided information is useful to understand their
customers and their position in the industry. The company can plan a marketing strategy.
They can divide a market into meaningful smaller markets, target certain consumers by
their demographic or behavioral features, and position their products efficiently.