Defining Market Research Process

Market research is an important part of any business strategy. Through researching the market in which the business operates it ensures that you are at an advantage to your competitors. Knowing what is popular and what isn’t allows any business to tailor their products and their advertising to make sure that they capitalise on any strengths they have and ensure that they remedy the weaknesses in their company’s models. By properly researching all elements of the area you operate in it means that you will be directly in touch with your consumers understand what their thoughts are, their feelings, what they want to get from your product and how you can give it to them.

 

However, if you don’t understand the process behind market research then then you may find it difficult to ensure that you can properly do it. The process may seem complicated at first and confuse you however this article is here to break it all down and ensure that you know how to do market research and the process involved with it and help your business become the leading company in its field.

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Now that we have discussed the importance of market research, let’s move onto the actual process of collecting research that can then be used by a company to ensure that it has enough intelligence on its consumers to ensure that it is able to create an accurate and detailed profile of them. The process will be broken down here so you can fully understand each step that leads to comprehensive and informative market research.

  • Definition of the problem. The first thing that you must do is to define what exactly is “the problem”. This doesn’t mean it has to be an actual problem – often in market research “the problem” can simply refer to what issue the company wants to find out about, such as what their ideal customer is or what their brand image is in the eyes of the public. This is the most important stage of the research as once you have an idea about what the problem is then you can easily begin figuring out how to research it or how to fix. It is worth brainstorming a couple of different ways of stating the problem so that you can look at it from a couple of different angles and asses all the most important elements of what you want to find out – if it is how you are viewed in India then take into account the rest of Asia; if it is finding out who your ideal customer is then think about what the opposite of your ideal customer is. This allows your creativity to spark and will help you in figuring out what exactly you want to find out.
  • How to research. Once you have defined your problem it is time to figure out how to research it. As there are a vast number of potential problems that you may wish to find out about then there are a vast number of different ways of finding out about them – this is one of the ways people get confused when thinking of conducting the market research process – they imagine that there is only one type of research for all problems and as such end up getting a wholly incorrect picture of their company. This is why, aside from the identification of the issue you want to research this second stage is the most important – if you want to find out about how your company is viewed in Taiwan then you wouldn’t use a focus group; yes you would get some useful information but you’d have to make sure that the people were either Taiwanese or had some knowledge of the businesses status in the country or else it would be utterly useless. Simply put you must fit your problem to the type of research process that is most effective. In other words, for a local matter, a focus group or a survey would be appropriate. However, for a problem that is international, case studies of simulations would likely be more advisable.
  • Quantitative and qualitative data. Once you have sorted out what you’ll do your research on and how you are going to do your research, it is time to move on to how to divide it. Any good market research, regardless of what method is used will end up collecting quantitative and qualitative data. For instance, if you decide to use a survey or a focus group as the means of getting the information you want, you would be advised to use a mixture of open and closed questions. The open questions will provide you with your qualitative data as open questions will lead to long answers which may be influenced by conscious or unconscious biases. The closed questions will provide you with your quantitative data that can then be processed into bar charts and pie charts. Both are vital to gaining a full picture of your business as seen by the public. A great deal of businesses fail to understand how important qualitative data is and rely too much on quantitative data – don’t make this same mistake.
  • The collection of the data. Once you are sure of your problem, know what type of research you want and understand how to split your data into sections it is time to collect the data. In many ways, this is the easiest part of the process as you are simply implementing the plan you already made for your research. Make sure to focus on making the questions that you may ask as unbiased as possible – it will not help you if your data is compromised in some way as it will make your research invalid.
  • Analysis. Once you have collected all the data, you need to analysis it. This process should be done with the upmost care to ensure that it is not in some way interfered with or the data is compromised in some way. Your analysis should also be careful not to dismiss something that is contrary to the presumption your company may have made about the problem – even if some of the data is suggestive of something entirely different to what you thought might be the cause or solution to your problem, do not ignore it as it may help and will assist painting a full picture of your situation.
  • Presentation. When you have concluded your analysis, it is time to present your findings. When presenting the results of your market research process, it is important to consider how to make your findings as clear as possible. You must make sure that everything is obvious as you don’t want your data to be misinterpreted in anyway as this could cause the company to make an incorrect judgement, not based on the data itself but because of a failure to understand it properly. This could be useful if you’re doing a business dissertation.

Now that you have conducted your market research, it is important to compare your data to secondary data that you may have either obtained during the research for the project or for background for it. This type of data is traditionally provided by government sources or by other companies – it can give you financial and environment dimensions to your problem that your own research may not have found. Secondary Data is not entirely necessary for all types of market research, but it is important to consider it when undertaking such a process. It could potentially help further contextualising some areas that you may not have thought of.

Another point that it is worth briefly addressing is the qualitative research that you will have found during the market research process. This type of data can be particularly important as it will represent more than raw data but also the opinions of real people who are potential customers. Consider whether you can use this data to help with future advertising campaigns or help build a psychological profile of potential customers.

Once you have completed your market research process and presented it, it’s time to review it. Reviewing the finished research is important as it will allow you to consider the successes of the research, any potential pit falls you encountered and how you can make sure that your next set of research is even better.

Hopefully, once you have read this article you will fully understand market research process. However, it may be that there is some issue you didn’t fully get. Why not contact us? We have services for essay writing, market research and much more. So, speak to us to find out how we can help you.

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