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Market Research Techniques
Market Research Techniques
Market Research is a process of investigating and answering the questions about human
behavior. The key role of the market research function in an organization is to provide
reliable evidence which will help managers take better decisions.
This aspect of marketing is seen differently by managers as the real marketing. Such
Market Research is seen as difference between marketing and selling. Market Research
is analogous with listening. Conventional theory of selling is about the salesman talking.
But, real marketing begins when one listens to one’s customers. Before providing the
answers one must listen to the questions.
The marketer is often faced with a degree of uncertainty and can never be quite certain
that even the best laid plans will achieve their objectives in exactly the manner
expected. Uncertainty is normally greater in those markets which change rapidly.
Unfortunately, many markets are experiencing change frequently in the recent years.
The main Internal Sources of information include: Performance Analysis, Sales Reports,
Informal or Oral Reports and other Written Reports.
The External Sources of Information include: Market Research Reports, Exhibitions and
Conferences, New Media, Trade Associations, Directories and Libraries.
Explanatory Research: The Explanatory Research is intended to verify the scenarios that
have been developed. It is used for gaining background information, defining terms of
research, clarifying the research problem or hypothesis and establishing research
practice.
Secondary Research: In many cases a company will seek out secondary data prior to
undertaking primary research. Such data or information may provide valuable insight for
the research team in preparing for the primary research. However, it is important that
secondary data is evaluated effectively because not all information will be reliable,
relevant and/ or valid for the current research project.
Primary Research: Once the Secondary Research has been completed, any gaps in the
available data should normally become obvious. These gaps will need to be filled before
the data is collected and can be analyzed properly and used in the decision making
process. This can be achieved only by undertaking a primary research. This may require
the data to be collected of a qualitative, quantitative or pluralistic nature.
Quantitative research involves the use of structured questions where response options
have been predetermined and a large number of respondents are involved.