The Market Research fundamentals

?What is Market Research

.Is activity of gathering information about customer's needs and preference

 But Market Research can and be should be more than that, Because your real
goal is not just gathering information but also getting insights

What are insights?

Is Deep understanding of a person or thing. Really knowing your customers

Insights come when you dig beneath the surface go beyond what customers
are sayin g and looking for motivating behavior

Why performing market research?

 Centers around your customers
 Keeps you focused
 Pursue the right opportunities
 Improve the decision making

Market Research process

1- Identify the research problem
1. How to formulate the right research problem

1.1 Step 1: understand the background

Means what decisions are you trying to make based on the research?
EX sales didn’t cover the target and you asked to come with a plan to increase
sales but you have to do so in lower budget,

1.11 Step 2: Translate the business problem into research problem

In our example increase sales in lower budget
The research problems rephrase the business problem into meaning term of
analytical point of view like why sales have been not higher

The business problem is what marketing needs to do But the research

problem what is marketing needs to know

1.111 Step 3; create hypotheses

2. Research Design / Approaches / Types

Exploratory Research (qualitative Deep understanding of the

research) behavior and opportunities and
emotions of your customers, How
they are thinking like interviews
or focus group

Descriptive Research (quantative Deep understanding of the

research) attitude of demographics of your
customers, survey or
questionnaire

Casual research Cause and effect

2- Developing research plan

 Determining the needed questions
 Determining the plan for gathering the information

Two methods for the data collection

 Primary data which is any type of data that you go out and collect it
by your self
 Secondary data using existing research