We will know the Process of Market Research
” Market research means collection, development, and interpretation of data and information for strategic marketing decisions by solving problems.”
Process of Market Research
Following are the steps of the Market research process:
- Identifying and defining problems
- State research Objective
- Develop research plan
- Collect Needed data
- Analyze the data
- Reports Finding
1. Identifying and defining problems
Problems determine the scope of research. So, it must be recognized at first. Problems mean differences between existing and desired situations. Therefore, Identification of a problem means half solution. Hence, symptoms shall not be taken as problems.
For example, the sales of Nepalese garments decline due to high prices, sales decline is a symptom and high price is the problem.
Following are the tools and techniques to find problems
b. Delphi Technique
c. Nominal group technique
d. Case study
e. Literature review
2. State Research Objective.
It focuses on research design and specifies the information required for research. They also determine the research design. Therefore, the purpose of research is to define in terms of outcomes. The hypothesis can be developed about the objective of the research. Similarly, it is a tentative assumption about the problem. Moreover, it explains the relationship between variables. Hence, It implies a cause and effect relationship. Hence, While defining a research objective use the to+ verb, like to analysis, to define, to compare, etc.
3. Develop Research Plan
It is the research methodology for gathering the needed information. So, it explains the schedule of tasks and activities related to research. Hence, it makes decisions on the data source, research methods, research instrument, Sampling plan, contact method, analytical tools, etc. Moreover, it works on ways to find data and information.
4. Collect Needed Data
The collection of primary data involves field visits. Moreover, skilled manpower is used to collect data. Questionnaires are filled in and responses to interviews are recorded. So, Data collector tries their best to collect accurate raw data and information. Hence, the data collected should be usable and relevant.
5. Analyze the data
It involves coding, tabulating and statistical analysis of data. Appropriate statistical tools are used to analyze and interpret the collected data objectively. Similarly, the value of research is determined by its result. Computers help in analyzing information in an easier way. Moreover, data becomes information through analysis and interpretation. Hence, Researchers make results after evaluating data and information.
6. Reports Findings
Research findings ate reported to the relevant clients in the form of written reports and oral presentations. Hence, Facts found in research can be useful to make effective marketing decisions. Moreover, other departments also use the result for decision-making.
Hence, these are the steps of the market research process.
Other Important Links
Components of Marketing Information System: CLICK HERE
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