Marketing Research Process and Its Basic Steps
Marketing research is a process that brings the researcher to a closer understanding of the desires and needs of chosen customers or clients to know how to attend to them better. The basic steps applied in marketing research include the following.
Identification of what is to be studied and defining the problem
This is the first process of the marketing research process and involves identification, in-depth definition, and understanding of the problem. A clear definition and understanding of the problem by the research team determines the success of the research process. The accuracy involved in defining the problem can be enhanced by the data obtained from the business reports which include the sales and purchasing patterns of the consumers within the targeted environment.
Designing approach on how to solve the identified problem
The second process involved developing the best approach on how to solve the problem by incorporating the company’s focus and resources. The approach should be based around clearly defined objectives based on the identified problem. This phase allows for wider consultation between the researchers and the management team from the company. This will enable a thorough assessment of the necessary skills of the research team based on the market environment.
Designing of the research program
The third step involves designing a framework for the marketing research program. This step is crucial and should involve experts since it requires good knowledge of secondary information analysis, a section of methodology, qualitative and quantitative research analysis, questionnaire preparation, and data analysis. It is considered the most decisive step in the whole process of marketing research.
The actual data collection
This is more fieldwork since all the activities take place outdoor. In this stage, all the information is gathered based on the finalized survey instruments such as questionnaires. There are several methodologies used in data collection that are considered in this step, these may include; group discussions, mail surveys, and internet surveys.
Critical analysis of the data
The process of data analysis is dependent on the nature of the construction of the questionnaires. The data should be systematically organized to allow easy interpretation and analysis by the experts, this involves retrieving data and making necessary grouping then preparing the necessary statistical graphs.
Presentation of the analyzed data
This is the process where all the information and knowledge from the entire research is presented to decision-makers. The findings and the results of the whole marketing research must be documented to assist in making informed decisions on the progress of the company’s products and services. The presentation can be done by the use of relevant statistics, pie charts, and graphs.