Process of marketing research
Market research, reviewing the following seven steps in the market research process.
Step One: Define Marketing Problems and Opportunities
The market research process begins with identifying and defining the problems and opportunities that exist for your business
Step Two: Set Objectives, Budget and Timetables
Your objective might be to explore the nature of a problem so you may further define it. Or, perhaps it is to determine how many people will buy your product packaged in a certain way and offered at a certain price. Your objective might even be to test possible cause and effect relationships. For example, if you lower your price by 10 percent, what increased sales volume should you expect? What impact will this strategy have on your profit?
How much money are you willing to invest in your market research? How much can you afford?
Prepare a detailed, realistic time frame to complete all steps of the market research process.
Step Three: Select Research Types, Methods and Techniques
There are two types of research: primary research or original information gathered for a specific purpose and secondary research or information that already exists somewhere. Both types of research have a number of activities and methods of conducting associated with them.
Step Four: Research Design
Includes incorporating knowledge from secondary information analysis, qualitative research, methodology selection, question measurement & scale selection, questionnaire design, sample design & size and determining data analysis to be used.
Step Five: Collect the Data
Often called data collection or survey fielding, this is the point at which the finalized questionnaire (survey instrument) is used in gathering information among the chosen sample segments. There are a variety of data collection methodologies to consider.
Step Six: Organize and Analyze the Data
Once your data has been collected, it needs to be assembled into a format in which it can be analyzed easily. This involves editing, coding and tabulating the responses.
Step Seven: Present and Use Market Research Findings
Once marketing information about your target market, competition and environment is collected and analyzed, present it in an organized manner to the decision makers of the business.
