Steps
Content
Introduction to Market Research
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Use Demographics to Understand Your Target Market Secondary vs. Primary Market Research Top 10 Market Research Mistakes
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Dun & Bradstreet Market Research Dun & Bradstreet® Market Research Market Research - Hoover's®
Good instincts and intuition certainly play important roles in business. But gut feelings about your customers¶ needs and preferences aren¶t enough. If you want to minimize risk and improve your chances of success, you need sound and objective data. That¶s where market research comes in. Market research is the process of collecting and analyzing information about the customers you want to reach, called your target market. This information provides you with the business intelligence you need to make informed decisions. Market research can help you create a business plan, launch a new product or service, fine tune your existing products and services, expand into new markets, develop an advertising campaign, set prices, and/or select a business location. Types of Market Research Market research methods fall into two basic categories: primary and secondary. Your research might involve one or both, depending on your company¶s needs. Primary research involves collecting original data about the preferences, buying habits, opinions, and attitudes of current or prospective customers. This data can be gathered in focus groups, surveys, and field tests. Secondary research is based on existing data from reference books, magazines and newspapers, industry publications, chambers of commerce, government agencies, or trade associations. It yields information about industry sales trends and growth rates, demographic profiles, and regional business statistics.
The bulk of your secondary research now is available on the Internet thanks to the proliferation of sites that provide or sell data about individuals and companies and because most publications now are available online. Using Market Research Market research allows you to pinpoint a host of key business factors about your market. It can help you identify: Growth trends in your business sector Size of your target market Best location for your business How your business stacks up against the competition Factors that influence buying decisions Degree of demand for your product or service
y y y y y y
It also can reveal key information about your customers and prospects, including: Their demographic profile The types of features or special services they want What they like and dislike about your product or service How they use your product or service How often they buy and how much they will pay for your product or service
y y y y y
Once you analyze the results of your market research, you'll be in a better position to create a focused business plan, develop a targeted advertising campaign, set competitive prices, select a new business location, or take other steps to grow your company.
Marketing Research Process: An Overview
The marketing research process includes the systematic identification, collection, analysis and distribution of information for the purpose of knowledge development and decision making. The reasons and times at which your company or organization might consider performing marketing research varies, but the general purpose of gaining intelligence for decision making remains constant throughout. Whether you are conducting ad-hoc marketing research projects, creating a new marketing research program or revising an existing one, what are the key steps in the process? While there are dozens of little steps along the way, each of those steps fits into one of the six major steps of the marketing research process. They are:
The Six Steps in Conducting Quantitative Marketing Research.
y y y y y y Identifying and defining your problem Developing your approach Establishing research design and strategy Collecting the data Performing data analysis Reporting and presentation
For details about each of these steps in the marketing research process, click here to download our white paper on "The Six Steps in Conducting Quantitative Marketing Research."
Marketing research process is a set of six steps which defines the tasks to be accomplished in conducting a marketing research study. These include problem definition, developing an approach to problem, research design formulation, field work, data preparation and analysis, and report generation and presentation.
[1]
Contents
[hide]
1 Stages of marketing research process 2 Secondary data analysis
3 Qualitative research 4 References 5 Further reading
[edit]Stages
of marketing research process
Step 1: Problem Definition The first step in any marketing research project is to define the problem. In defining the problem, the researcher should take into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making. Problem definition involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups. Once the problem has been precisely defined, the research can be designed and conducted properly.[2] Step 2: Development of an Approach to the Problem Development of an approach to the problem includes formulating an objective or theoretical framework, analytical models, research questions, hypotheses, and identifying characteristics or factors that can influence the research design. This process is guided by discussions with management and industry experts, case studies and simulations, analysis of secondary data, qualitative research and pragmatic considerations. [2] 'Step 3: Research Design Formulation' A research design is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making. Conducting exploratory research, precisely defining the variables, and designing appropriate scales to measure them are also a part of the research design. The issue of how the data should be obtained from the respondents (for example, by conducting a survey or an experiment) must be addressed. It is also necessary to design a questionnaire and a sampling plan to select respondents for the study. More formally, formulating the research design involves the following steps [1]: 1. Secondary data analysis 2. Qualitative research 3. Methods of collecting quantitative data (survey, observation, and experimentation) 4. Definition of the information needed
5. Measurement and scaling procedures 6. Questionnaire design 7. Sampling process and sample size 8. Plan of data analysis Step 4: Field Work or Data Collection Data collection involves a field force or staff that operates either in the field, as in the case of personal interviewing (in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computer-assisted telephone interviewing), or through mail (traditional mail and mail panel surveys with prerecruited households). Proper selection, training, supervision, and evaluation of the field force helps minimize data-collection errors. Step 5: Data Preparation and Analysis Data preparation includes the editing, coding, transcription, and verification of data. Each questionnaire or observation form is inspected, or edited, and, if necessary, corrected. Number or letter codes are assigned to represent each response to each question in the questionnaire. The data from the questionnaires are transcribed or key-punched on to magnetic tape, or disks or input directly into the computer. Verification ensures that the data from the original questionnaires have been accurately transcribed, while data analysis, guided by the plan of data analysis, gives meaning to the data that have been collected. Univariate techniques are used for analyzing data when there is a single measurement of each element or unit in the sample, or, if there are several measurements of each element, each RCH variable is analyzed in isolation. On the other hand, multivariate techniques are used for analyzing data when there are two or more measurements on each element and the variables are analyzed simultaneously. [2] Step 6: Report Preparation and Presentation The entire project should be documented in a written report which addresses the specific research questions identified, describes the approach, the research design, data collection, and data analysis procedures adopted, and presents the results and the major findings. The findings should be presented in a comprehensible format so that they can be readily used in the decision making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact. [2] For these reasons, interviews with experts are more useful in conducting marketing research for industrial firms and for products of a technical nature, where it is relatively easy to identify and approach the experts. This method is also helpful in situations where little information is available from other sources, as in the case of radically new products.
[edit]Secondary
data analysis
Secondary data are data collected for some purpose other than the problem at hand. Primary data, on the other hand, are originated by the researcher for the specific purpose of addressing the research problem. Secondary data include information made available by business and government sources, commercial marketing research firms, and computerized databases. Secondary data are an economical and quick source of background information. Analysis of available secondary data is an essential step in the problem definition process: primary data should not be collected until the available secondary data have been fully analyzed. [edit]Qualitative
research
Information, industry experts, and secondary data may not be sufficient to define the research problem. Sometimes qualitative research must be undertaken to gain a qualitative understanding of the problem and its underlying factors. Qualitative research is unstructured, exploratory in nature, based on small samples, and may utilize popular qualitative techniques such as focus groups (group interviews), word association (asking respondents to indicate their first responses to stimulus words), and depth interviews (one-on-one interviews which probe the respondents' thoughts in detail). Other exploratory research techniques, such as pilot surveys with small samples of respondents, may also be undertaken.[1]
Share: Print More
Related Articles y y y
Use Demographics to Understand Your Target Market Secondary vs. Primary Market Research Top 10 Market Research Mistakes
Sponsored Links y y y
Dun & Bradstreet Market Research Dun & Bradstreet® Market Research Market Research - Hoover's®
Good instincts and intuition certainly play important roles in business. But gut feelings about your customers¶ needs and preferences aren¶t enough. If you want to minimize risk and improve your chances of success, you need sound and objective data. That¶s where market research comes in. Market research is the process of collecting and analyzing information about the customers you want to reach, called your target market. This information provides you with the business intelligence you need to make informed decisions. Market research can help you create a business plan, launch a new product or service, fine tune your existing products and services, expand into new markets, develop an advertising campaign, set prices, and/or select a business location. Types of Market Research Market research methods fall into two basic categories: primary and secondary. Your research might involve one or both, depending on your company¶s needs. Primary research involves collecting original data about the preferences, buying habits, opinions, and attitudes of current or prospective customers. This data can be gathered in focus groups, surveys, and field tests. Secondary research is based on existing data from reference books, magazines and newspapers, industry publications, chambers of commerce, government agencies, or trade associations. It yields information about industry sales trends and growth rates, demographic profiles, and regional business statistics.
The bulk of your secondary research now is available on the Internet thanks to the proliferation of sites that provide or sell data about individuals and companies and because most publications now are available online. Using Market Research Market research allows you to pinpoint a host of key business factors about your market. It can help you identify: Growth trends in your business sector Size of your target market Best location for your business How your business stacks up against the competition Factors that influence buying decisions Degree of demand for your product or service
y y y y y y
It also can reveal key information about your customers and prospects, including: Their demographic profile The types of features or special services they want What they like and dislike about your product or service How they use your product or service How often they buy and how much they will pay for your product or service
y y y y y
Once you analyze the results of your market research, you'll be in a better position to create a focused business plan, develop a targeted advertising campaign, set competitive prices, select a new business location, or take other steps to grow your company.
Marketing Research Process: An Overview
The marketing research process includes the systematic identification, collection, analysis and distribution of information for the purpose of knowledge development and decision making. The reasons and times at which your company or organization might consider performing marketing research varies, but the general purpose of gaining intelligence for decision making remains constant throughout. Whether you are conducting ad-hoc marketing research projects, creating a new marketing research program or revising an existing one, what are the key steps in the process? While there are dozens of little steps along the way, each of those steps fits into one of the six major steps of the marketing research process. They are:
The Six Steps in Conducting Quantitative Marketing Research.
y y y y y y Identifying and defining your problem Developing your approach Establishing research design and strategy Collecting the data Performing data analysis Reporting and presentation
For details about each of these steps in the marketing research process, click here to download our white paper on "The Six Steps in Conducting Quantitative Marketing Research."
Marketing research process is a set of six steps which defines the tasks to be accomplished in conducting a marketing research study. These include problem definition, developing an approach to problem, research design formulation, field work, data preparation and analysis, and report generation and presentation.
[1]
Contents
[hide]
1 Stages of marketing research process 2 Secondary data analysis
3 Qualitative research 4 References 5 Further reading
[edit]Stages
of marketing research process
Step 1: Problem Definition The first step in any marketing research project is to define the problem. In defining the problem, the researcher should take into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making. Problem definition involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups. Once the problem has been precisely defined, the research can be designed and conducted properly.[2] Step 2: Development of an Approach to the Problem Development of an approach to the problem includes formulating an objective or theoretical framework, analytical models, research questions, hypotheses, and identifying characteristics or factors that can influence the research design. This process is guided by discussions with management and industry experts, case studies and simulations, analysis of secondary data, qualitative research and pragmatic considerations. [2] 'Step 3: Research Design Formulation' A research design is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making. Conducting exploratory research, precisely defining the variables, and designing appropriate scales to measure them are also a part of the research design. The issue of how the data should be obtained from the respondents (for example, by conducting a survey or an experiment) must be addressed. It is also necessary to design a questionnaire and a sampling plan to select respondents for the study. More formally, formulating the research design involves the following steps [1]: 1. Secondary data analysis 2. Qualitative research 3. Methods of collecting quantitative data (survey, observation, and experimentation) 4. Definition of the information needed
5. Measurement and scaling procedures 6. Questionnaire design 7. Sampling process and sample size 8. Plan of data analysis Step 4: Field Work or Data Collection Data collection involves a field force or staff that operates either in the field, as in the case of personal interviewing (in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computer-assisted telephone interviewing), or through mail (traditional mail and mail panel surveys with prerecruited households). Proper selection, training, supervision, and evaluation of the field force helps minimize data-collection errors. Step 5: Data Preparation and Analysis Data preparation includes the editing, coding, transcription, and verification of data. Each questionnaire or observation form is inspected, or edited, and, if necessary, corrected. Number or letter codes are assigned to represent each response to each question in the questionnaire. The data from the questionnaires are transcribed or key-punched on to magnetic tape, or disks or input directly into the computer. Verification ensures that the data from the original questionnaires have been accurately transcribed, while data analysis, guided by the plan of data analysis, gives meaning to the data that have been collected. Univariate techniques are used for analyzing data when there is a single measurement of each element or unit in the sample, or, if there are several measurements of each element, each RCH variable is analyzed in isolation. On the other hand, multivariate techniques are used for analyzing data when there are two or more measurements on each element and the variables are analyzed simultaneously. [2] Step 6: Report Preparation and Presentation The entire project should be documented in a written report which addresses the specific research questions identified, describes the approach, the research design, data collection, and data analysis procedures adopted, and presents the results and the major findings. The findings should be presented in a comprehensible format so that they can be readily used in the decision making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact. [2] For these reasons, interviews with experts are more useful in conducting marketing research for industrial firms and for products of a technical nature, where it is relatively easy to identify and approach the experts. This method is also helpful in situations where little information is available from other sources, as in the case of radically new products.
[edit]Secondary
data analysis
Secondary data are data collected for some purpose other than the problem at hand. Primary data, on the other hand, are originated by the researcher for the specific purpose of addressing the research problem. Secondary data include information made available by business and government sources, commercial marketing research firms, and computerized databases. Secondary data are an economical and quick source of background information. Analysis of available secondary data is an essential step in the problem definition process: primary data should not be collected until the available secondary data have been fully analyzed. [edit]Qualitative
research
Information, industry experts, and secondary data may not be sufficient to define the research problem. Sometimes qualitative research must be undertaken to gain a qualitative understanding of the problem and its underlying factors. Qualitative research is unstructured, exploratory in nature, based on small samples, and may utilize popular qualitative techniques such as focus groups (group interviews), word association (asking respondents to indicate their first responses to stimulus words), and depth interviews (one-on-one interviews which probe the respondents' thoughts in detail). Other exploratory research techniques, such as pilot surveys with small samples of respondents, may also be undertaken.[1]
