How to do a Marketing Research

Marketing Research

Marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situations. 

Marketing research is "the process or set of processes that links the consumers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.

Marketing research may also be described as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing.

Marketing Research Process:

1. Define the problem and marketing research objectives

2. Developing the research plan

3. Data collection

4. Analyzing the data

5. Interpreting the findings

6. Formulating decisions

    

   1. Define the problem and market research objectives
   
   
   The problem of the marketing research should be clearly defined. It helps to clarify the research process by
   
   
   i. What is to be researched?
   ii. Why ?
   iii. How to ?
   
   
   The problem definition gives good flow alternatives available for the marketing research process.
   
   
   2. Develop the research plan
   
   
   This phase of marketing research process provides the plan to conduct the marketing research.
   The research plan identifies the availability of data, suitable approach for the marketing research process.
   
   
   RESEARCH DATA
   
   
   The research data required for the marketing research should be collected by two types:
   
   
   i. Primary data.
   ii. Secondary data.
   
   
   Primary Data:
   Primary data is the data collected directly from the users, it is the data collected originally from the source.
   
   
   
   
   Secondary Data:
   Secondary data are data that are collected for another purpose, secondary data are the previously collected data which serves as the primary data for the research.
   
   
   
   
   Examples of data collection for marketing research are:
   
   
   Survey
   Questionnaires
   Interviews - Personal. Online
   Focus group
   
   
   
   
   3. Data collection
   
   
   The data collection part of marketing research process deal with identifying and collecting the data.
   The data collection phase is most important phase to drive the marketing research.
   
   
   4. Analyzing the data
   
   
   The data analyzing involves using the various statistical, analytical models to find the answers for the research problems.
   
   
   This phase deals with various test assumptions and hypothesis to evaluate the findings from the research.
   
   
   5. Interpreting the findings
   
   
   The findings from the research is detailed and organized in this section. Findings gives the valuable options and decisions alternatives to solve the problems.
   It can be marked with major findings and minor findings.
   The major findings reason out the cause and action effect, and minor findings gives suitable suggestions related to the problem.
   
   
   6. Formulating decisions from alternatives 
   
   
   This phase identifies most suitable solution for the research from the alternatives.
   Based on the solutions the decisions are taken by the authorities.