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The Market Research Process: 6 Steps to Success

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❶Now is the time to compile the most meaningful take-aways into a digestible report or presentation.

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Stage 2: Method of Inquiry
Stage 1: Formulating the Marketing Research Problem

Common exploratory market research techniques include secondary research, focus groups and interviews. Exploratory research is a qualitative form of research. The goal of this form of market research is to measure specific topics of interest, usually in a quantitative way.

Surveys are the most common research instrument for descriptive research. In this case, you are trying to determine a causal relationship between variables. For example, does the music I play in my restaurant increase dessert sales i. You get the idea. This is the part of the process where you start executing your plan. By the way, step 3.

Take your sample data and get it into a spreadsheet; are there any issues with the data structure? This will allow you to catch potential problems early, and there are always problems. Collect Your Data This is the meat and potatoes of your project; the time when you are administering your survey, running your focus groups, conducting your interviews, implementing your field test, etc.

The answers, choices, and observations are all being collected and recorded, usually in spreadsheet form. Each nugget of information is precious and will be part of the masterful conclusions you will soon draw. Analyze Your Data Step 4 data collection has drawn to a close and you have heaps of raw data sitting in your lap. Start to formulate the story you will tell. Now is the time to compile the most meaningful take-aways into a digestible report or presentation. A great way to present the data is to start with the research objectives and business problem that were identified in step 1.

Marketing research exercise may take many forms but systematic enquiry is a feature common to all such forms.

Being a systematic enquiry, it requires a careful planning of the orderly investigation process. Though it is not necessary that all research processes would invariably follow a given sequence, yet marketing research often follows a generalised pattern which can be broken down and studied as sequential stages. The clear-cut statement of problem may not be possible at the very outset of research process because often only the symptoms of the problems are apparent at that stage.

Then, after some explanatory research, clear definition of the problem is of crucial importance in marketing research because such research is a costly process involving time, energy and money. Clear definition of the problem helps the researcher in all subsequent research efforts including setting of proper research objectives, the determination of the techniques to be used, and the extent of information to be collected.

It may be noted that the methods of explanatory research popularly in use are—survey of secondary data, experience survey, or pilot studies, i. After identifying and defining the problem with or without explanatory research, the researcher must take a formal statement of research objectives.

Such objectives may be stated in qualitative or quantitative terms and expressed as research questions, statement or hypothesis. On the other hand, a hypothesis is a statement that can be refuted or supported by empirical finding. Example of another hypothesis may be: After defining the research problem and deciding the objectives, the research design must be developed. A research design is a master plan specifying the procedure for collecting and analysing the needed information.

It represents a framework for the research plan of action. The objectives of the study are included in the research design to ensure that data collected are relevant to the objectives.

At this stage, the researcher should also determine the type of sources of information needed, the data collection method e. Important questions in this regard are— who is to be sampled as a rightly representative lot? What should be the sample size—how large or how small? How to select the various units to make up the sample? The collection of data relates to the gathering of facts to be used in solving the problem. Hence, methods of market research are essentially methods of data collection.

Data can be secondary, i. Data can be primary, i.


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Marketing research ppt 1. MARKETING RESEARCH NAVIN JOSEPH MMS Research• Online research: the use of computer networks, including the Internet, to assist in any phase of the marketing research process including development of the problem, research design, data gathering, analysis, and report writing and distribution.

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The market research process is a systematic methodology for informing business decisions. There are six basic steps, starting with defining the problem and understanding your research objective. Marketing Research ppt - Free download as Powerpoint Presentation .ppt), PDF File .pdf), Text File .txt) or view presentation slides online. It involves all the process of MR Search Search5/5(1).