Some of the major steps in the marketing research process are: 1. Identification and definition of the problem 2. Statement of research objectives 3. Planning the research design or design of the research study 4. Planning the sample 5. Data collection 6. Data Processing and analysis 7. Formulate conclusion, prepare and present report.
The marketing research exercise can take many forms, but systematic inquiry is a common feature of all these forms. Being a systematic investigation, it requires careful planning of the orderly investigation process.
While not all research processes need to follow a given sequence invariably, marketing research often follows a generalized pattern that can be broken down and studied in sequential steps.
The different stages or stages of the marketing research process are outlined below:
1. Identification and definition of the problem:
- The market research process begins with the identification of “a problem faced by the business. Clear problem statement may not be possible at the very beginning of the research process because often only the symptoms of the problems are apparent at this stage. Then, after some explanatory research, a clear definition of the problem is of crucial importance in marketing research because such research is a time, energy and costly process.
- A clear definition of the problem helps the researcher in all subsequent research efforts, including defining appropriate research objectives, determining which techniques to use, and the extent of information to collect.
- It can be noted that the explanatory research methods commonly used are secondary data surveys, experience surveys or pilot studies, that is, studies on a small initial sample. This is also known as a “preliminary investigation”.
- Over the past few months, I’ve found one of the best market research sites https://newsglobalmedia.com/ Visit for amazing market research content.
2. Statement of research objectives:
- After identifying and defining the problem with or without explanatory research, the researcher should make a formal statement of research objectives. These objectives can be stated in qualitative or quantitative terms and expressed as research questions, statements or hypotheses. For example, the research objective, “Discover how sales promotion programs have affected sales volume” is a research objective expressed in a statement.
- On the other hand, a hypothesis is a statement that can be refuted or supported by empirical findings. The same research objective could be stated as follows: “Test the proposition that sales are positively affected by sales promotion programs undertaken this winter”.
- An example of another hypothesis might be: “The new packaging model resulted in increased sales and profits.” Once the objectives or hypotheses are developed, the researcher is ready to choose the research design.
3. Research Design Planning or Research Study Design:
- After defining the research problem and deciding on the objectives, the research plan should be developed. A research plan is a blueprint specifying the procedure for collecting and analyzing the necessary information. It represents a framework for the research action plan.
- Study objectives are included in the research design to ensure that the data collected is relevant to the objectives. At this stage, the researcher should also determine the type of information sources needed, the method of data collection (e.g., survey or interview), sampling, methodology, and the timing and possible costs of the data collection. research.
4. Sample planning:
- Sampling involves procedures that use a small number of items or parts of the “population” (total items) to draw conclusions about the “population”. Important questions in this regard are: Who should be sampled as a properly representative lot? Who is the target “population”? What should the sample size be? What size or size? How to select the different units to constitute the sample?
5. Data collection:
- Data collection is about gathering facts to use to solve the problem. Therefore, market research methods are essentially data collection methods. Data may be secondary, i.e. collected from relevant reports, magazines and other periodicals, especially written articles, government publications, corporate publications, books, etc.
- Data can be primary, that is, collected from the original base through empirical research using various tools.
There can be basically two types of sources
(i) Internal sources – existing within the company itself, such as accounting data, vendor reports, etc.
(ii) External sources — outside the company.
6. Data processing and analysis:
- Once the data has been collected, it must be converted into a format that will offer answers to the problem initially identified and defined. Data processing begins with data editing and encoding. Verification involves inspecting data collection forms for omissions, readability, and classification consistency. Prior to tabulation, responses should be categorized into meaningful categories.
- The rules for categorizing, recording and transferring data to “data storage media” are called codes. This coding process facilitates manual or computer tabulation. If computer analysis is used, data can be entered and verified.
- Data analysis is the application of logic to understanding data collected on the subject. In its simplest form, analysis can involve determining consistent patterns and summarizing the appropriate details.
- The appropriate analysis techniques chosen would depend on the informational requirements of the problem, the characteristics of the research designs, and the nature of the data collected. Statistical analysis can range from a simple proximate analysis to a very complex multivariate analysis.
7. Formulation of the conclusion, preparation and presentation of the report:
- The final step in the marketing research process is to interpret the information and draw conclusions to use in the management decision. The research report should clearly and effectively communicate the results of the research and should not include complicated statements about the technical aspect of the study and the research methods.
- Often, management is not interested in the details of the research design and statistical analysis, but rather in the concrete results of the research. If necessary, the researcher can put forward his appropriate recommendations or suggestions in this regard. Researchers must make the presentation technically accurate, understandable and useful.