UNIVERSIDAD POLITÉCNICA DEL ESTADO DE

MORELOS

BUSINESS ADMINISTRATION AND MANAGEMENT DEGREE

LINKED SUBJECT:

MARKET RESEARCH

PROCES;

MARKET RESEARCH STAGES

LINKEDTEACHER:

ESTRADA BONILLA ABELARDO

TEAM:

CONTRERAS RAMIREZ ANTHONY

GARDUÑO HERNANDEZ SANDRA PAOLA.
GUEVARA ORTIZ MAURICIO.
JIMENEZ OLMEDO EVELYN.
JUAREZ TRINIDAD GLORIA
ALONDRA
MARQUEZ MARTINEZCAROLINA.
RIVERO GARCIA ESTRELLA DE JESUS.

ENGLISH

AZAR MARTINEZ IRIBERRI MONICA

CUERNAVACA, MORELOS. FEBRUARY 2023

 STAGES OF MARKET RESEARCH

ESTRELLA: Market analysis as a strategic tool involves primary and secondary

research methods:

GLORIA ALONDRA: Primary research: is the method of study that is developed

directly with end customers using techniques such as surveys, interviews or focus
groups.

ANTHONI: Secondary research: is the method that is developed using sources of

information external to the company.

MAURICIO: For example: chambers of commerce, third party databases or media.

EVELYN: Both study methods are deployed in the different stages that make up the
complete market research process.

CAROLINA: These stages are:

1. General description of the industry

2. Definition of the target market

3. Study of the competition

4. Price and forecast analysis

SANDRA: Industry overview: The first step in business-level market analysis is to

obtain data describing the current state of the industry in question.

ESTRELLA: For example, if your business is retail, your industry description should
consider studying aspects such as:

GLORIA ALONDRA:

- the state of retail in the geographic areas of interest,

- and the rise and penetration of e-commerce platforms and marketplaces.

ANTHONI: Definition of the target market: The second stage of your market analysis
consists of defining your target market.
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MAUCIO: You must manage different variables in order to answer a series of
questions related to your customers.

EVELYN: This allows you to have total clarity about who you are addressing or will
address your products or services to.

CAROLINA: Competitor research: Competitor research is the stage of market

analysis that allows you to identify your competitors and evaluate your situation with
respect to them.

SANDRA: To do this, you must perform the following actions:

- Identify your direct competition

- Identify your indirect competition

ESTRELLA:

- Determine your differential value

- Detect the barriers to entry

GLORIA ALONDRA: Price and forecast analysis: Price analysis is the stage of
market research that aims to help you understand how, through a pricing policy, you
can position yourself in your industry.

ANTHONI: By processing these insights, you are able to find out if you are suitable
for pricing strategies.

MAURICIO: such as low cost, offers, combos, promotions or even very high (luxury)
prices.

EVELYN: the market analysis should include the study of price-based forecasting.

CAROLINA: Market analysis is a methodical process that requires the deployment

of efficient and powerful resources to reduce costs and increase the quality of
information.

SANDRA: For this reason, it is recommended that organizations contract this type of
activity to specialized companies.

ESTRELLA: Research is assumed as a social process that seeks to provide

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answers to knowledge problems.
GLORIA ALONDRA: Theoretical place where supply and demand for products
and services are found and prices are determined.
ANTHONY: Market research as the act of gathering and analyzing information
about your target customers, finding out who they are, what their wants and
needs are, and whether those needs are being met.
MAURICIO: The objectives of market research are:
EVELYN: To find out if your business model or product concept is viable.

CAROLINA:To understand the opportunity and trends in your market.

SANDRA: To find out who your target customers are, including their gender, age,
ethnicity, location, income, education, profession and lifestyle.

ESTRELLA: To find out if your product offering is attractive to your customers.

GLORIA ALONDRA: There are 6 stages to conduct market research which are:
ANTHONY: 1.-Define the problem. The initial phase is always to identify the
reason or problem for which the research will be carried out.
MAURICIO: Once the problem has been precisely defined and the need for
research has been discussed, the following process can be carried out efficiently.
EVELYN: 2.-Determine who will conduct the research. It is important to determine
who will conduct the research and what the focus will be.
CAROLINA: If you have the resources, you can hire a research agency to carry
out the process, or you can do your own market research.
SANDRA: 3.- Select the appropriate methodology. Choose which research
methods you will use.

ESTRELLA: You can include a combination of specific approaches such as online

surveys, interviews, secondary research, etc.
GLORIA ALONDRA: 4.-Data collection process: This process includes field and
desk work to collect all relevant information and data.
ANTHONY: Fieldwork may include interviewing staff by interacting face-to-face,
either by visiting them in their homes or offices or by organizing group meetings
at any location of your choice.
MAURICIO: Desk work includes contacting people by phone, email surveys or
websites.
EVELYN: The important thing is to effectively use the channels available to you
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to get the information you need.
CAROLINA: Data preparation and results analysis: After the data collection
stage, the information gathered is summarized and validated.
SANDRA: This process is the most important in the research since the results
are generated based on the data.

ESTRELLA: Therefore, it is necessary for the organization to verify the

authenticity of what has been collected.
GLORIA ALONDRA: 6.- Presentation and reporting: The whole process is duly
documented with respect to the organization's standards.
ANTHONY: That is why another stage of market research is to make sure that
the research report is clear.
MAURICIO: To do so, we can use tables, graphs and any other element that
makes an impact and provides clarity to decision makers.
EVELYN: Undoubtedly, market research plays a vital role in the growth of your
business.
CAROLINA: If the above process is done in an efficient way, it could help to
predict and understand market trends and customer needs.
SANDRA: To then modify the commercial strategies necessary for the proper
functioning of the business.