Market Research Process

What is Market research process? In my different marketing and business subjects, I have learned that Market research, like many other components of marketing, can be quite simple or very complex. You might conduct simple market research such as including a questionnaire in your customer bills to gather demographic information about your customers. On the more complex side, you might engage a professional market research firm to conduct primary research to aid you in developing a marketing strategy to launch a new product.

In doing a research, every entity undergo stes before they come up with their market research results. It usually follow the following & steps:

Step One: Define Marketing Problems and Opportunities

Step Two: Set Objectives, Budget and Timetables

Step Three: Select Research Types, Methods and Techniques

Step Four: Design Research Instruments

Step Five: Collect the Data

Step Six: Organize and Analyze the Data

Step Seven: Present and Use Market Research Findings

Other form of this process is shown below:

During our many discussions, these steps are not really followed accordingly. In doing a research, you can actually overlap in every step if necessary, depending also in the type of research you are conducting. Once you have finished your data collection, it doesn’t mean that you will already stop because knowledge, as we all know, expands every minute that is why we should update our research study so that we can always follow the trend in the market. This process will only guide us in our study, it is still up to us how accurate we conduct our research. We must avoid biases so that the result of our study will become reliable.

Courtesy of: http://www.smallbusinessnotes.com/operating/marketing/marketresearch/process.html

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