7 essential steps in market research
Whether a business is in an introduction, growth or maturity stage , conducting market research is vital before making any decisions that will affect the success of the business.
When conducting a market research there are 7 steps that need to followed, where some steps are more important than others. It is not mandatory that all researcher would follow each step without variation but all market research usually follow these general steps to achieve an effective result
Here are the steps in market research
1. Defining the Problem:
The first step is to identify the problem that is faced by the business. This step is crucial to set up the right objective of the research, to decide technics of conducting research and to determine the extent of data that needs to be collected. Getting this stage right will saves lots of energy and time as market research is quite costly.
Initially it may not be possible to present a clear-cut problem statement as often only symptoms of the actual problem are apparent. at this stage. The statement of the problem is obtained via conducting a thorough preliminary investigation
2. Research Objectives:
Once the statement of the problem is presented the researcher then needs to explain the objectives of conducting the research. Objectives must clearly be stated in a quantitative or qualitative form or must address the hypothesis the research plans to asses as a result.
3. Research Design:
This stage refers to the general framework of the research, plan action and procedures of conducting the research, such as how the data will be collected, the sampling, methodology etc. This stage must go hand in hand with the research objectives as it will determine how the objectives are going to be achieved
Sampling refers to the random or non random selection of a small portion of the whole population to make conclusion regarding the whole population. Here the researcher needs to clearly determine how the sample is to be taken, who is to be sampled and what will be the size of the sample
5. Data Collection:
At this stage the researcher will collect data either form internal or external sources to solve the proposed problem. The researcher needs to decide whether the data is collected frorm a secondary source, a primary source or a combination.
6. Data Analysis:
Once data is collected, it needs to be edited, codded, tabulated and analyzed. After finalizing the analysis the data need to be presented in the simplest form to suggest answers for the proposed problem statement.
7. Conclusion and reporting:
After analysis is finalized the results needs to be interpreted to draw a conclusion from the conducted research. In the reports the researcher must clearly present the findings effectively so that the outcome aids managers to make vital decision for the business.
If you need to conduct a professional market research for any aspect of your business feel free to contact out marketing professionals at Elby Marketing today.
Diaz Ruiz C, Holmlund M. Actionable marketing knowledge: A close reading of representation, knowledge and action in market research. Industrial Marketing Management. 2017;66:172-180.
Kotler, P., Adam, S., Brown, L., Armstrong, G., 2001. Principles of Marketing. 10th ed. Singapore: Kyodo Printing Co..