MARKET RESEARCH PROCESS

DEFINATION:WHAT IS MARKET REASERCH?

MARKET RESEARCH focuses on collecting insights from

your target audience, such as their opinions and
attitudes that would help you evaluate current products,
services, or test concepts aimed at improving them. It
can also gauge customer perceptions about your company.

STAGES INVOVLED;
STAGE 1:SET OBJECTIVES
This is one of the vital and most difficult steps of
the marketing research process as the rest of your
research focuses on it. Determining the problem is
the foundation, so it is important to identify the
objective of your research clearly and what problem
it will be addressing.
Ask as many questions as possible and gather all the
relevant data you require to embark on the right
marketing plan.
Consider the market research method as delivering
specific knowledge to solve the business problem
when transforming a business challenge into a
researchable one. From this vantage point, you may
construct a feasible research goal. Consider the
question, “Why are sales declining?” In this
scenario, the study might look into whether the
 destination is losing its attractiveness to customers
as a result of increased competitors or issues such
as outmoded capabilities.

STAGE 2: DESIGN THE RESEARCH

Once the problem is determined, the next phase is to

formulate and design a detailed research plan. In this
phase, you have to decide what type of research you will
be conducting and from which sources. Timescale and
resources to be used are also decided here.

Although there are a large number of online tools and

data banks freely available, you do not need to limit
yourself to only such kind of research.

STAGE 3: DATA COLLECTION

This is the stage whne the main research activities are

carried out. In stages 1 and 2 a range of data collection
techniques will have been selected, which will be put into
action to retrieve valid unbiased data.

Decide on a Deadline

The data collecting should take place in a short period.

It guarantees that extraneous events outside your
control, such as a new rival joining your market, are
minimized, resulting in consistent statistics throughout
the gathering period.
Examine the Preliminary Findings

Regardless of how much time you spend planning the

study, you should review the initial set of data to ensure
you’re getting the information you need to solve the
problem. It’s conceivable you overlooked a critical
question or discovered that a vital group was left out of
the participant selection process. You can tell if an
adjustment is necessary by looking at the original
findings. If that’s the case, you’ll have to decide
whether to preserve these preliminary findings or
discard them because they won’t reflect your
modifications.

STAGE 4: ANALYSE THE DATA

After gathering all the relevant customer and marketing

data, it has to be analyzed to determine what it all
means and what trends are distinguishable from the
information. If any piece of information is not according
to the trend you are analyzing, it may be irrelevant and
of no use to your marketing goal.

Sometimes the result is not according to the assumption

you made before collecting data so don’t try to make
your research fit what you want. As an alternative, try
to make new decisions for your business while taking the
collected data under consideration.

At this step, it is suggested to take the input of other

people in your company. Doing so might give your
business a fresh perspective and help figure out things
you may have ignored.

A visual presentation of the data can help in its analysis.

STAGE 5: REPORT THE RESULTS

Overall findings from the research will be presented

drawing conclusions against the original objectives.

STAGE 6: TAKING ACTION AND SOLVING THE

PROBLEM

This is the last phase where your research is complete,

and the owner can use the results to apply to their
business’s marketing plans. This is when a company would
start a marketing campaign. When done successfully,
your research will prove very helpful in developing
business strategies as well as improving your company’s
services by solving problems that customers have.