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Summary Market Research Process
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Subtopics : Steps in the research process , Analysing Research Designs , Types of Market Research and more...
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Market ResearchMarket research is the process of determining the viability of a new service or
product through research done directly with potential customers. Market research
allows a company to explore a target market and gather opinions and other
feedback from consumers regarding their interest in a product or service.
Steps in the research process
Steps in the research process, namely identifying and defining the problem or
opportunity, planning the study design, selecting the research method, choosing the
sampling procedure , data collection, data evaluation and finally preparation. Each
step in the research process is described below.
Identifying and defining the problem/opportunity
The first step in the research process is to identify the problem or opportunity. As
businesses today operate in a volatile environment driven by various macro-
environmental factors, they must continually assess their relative position and
identify problems or opportunities. different societies that they need to address in
order to remain competitive in the marketplace. Managers must analyze the
changing dynamics of the business and develop a strategy to adapt to changes
occurring in the external environment. Whether they are potential problems or
opportunities, it is very important for a manager to identify them as accurately and
,as early as possible. Identify the problem before the problem definition step. For
example, a company that manufactures cell phone surge protectors (devices that
protect cell phones from harmful radiation) may find that their new product isn't
selling well, but they may didn't know the reason of this at first. Although she
defined the problem from a broader angle, she had to define the problem
specifically in terms of what to look for. It is important to define the problem
correctly. A well-defined problem will provide the researcher with an appropriate
direction to carry out his research. It also helps to make efficient use of the
resources provided for research. A researcher can focus his efforts on gathering
relevant information, if the problem is identified correctly. Some research issues
can be clearly identified, such as conducting a survey on newspaper reading habits
of a certain population. But if a company wants to identify a research problem such
as falling sales, it should delve deeper into the problem through exploratory
research.
2.1.2 Exploratory research Exploratory research aims to understand the object of
study. Through exploratory research, one comes to a set of questions that must be
answered in order to solve a problem or seize an opportunity. Exploratory research
is carried out in the early stages of the research process. This is an informal process
that helps identify an identified problem. This process includes a review of existing
research on relevant topics, discussion of the issue with experts, analysis of the
, situation, and more. At the end of this process, the researchers should be clear
about what type of information needs to be gathered and how the research process
should proceed. Secondary data analysis and pilot studies are the most popular
tools used in exploratory research. Secondary data are the data that have already
been collected previously for some other research purpose. It can be obtained from
magazines, journals, online articles, company literature and so on. Data from these
secondary sources needs to be analysed so that the researcher has the knowledge to
define the problem. For our problem of low sales, since it is a new product in the
market, it may be difficult to obtain information. But a researcher can get some
related information, which may help him to a certain extent in defining the
problem. Pilot studies involve collecting data from the actual respondents in order
to gain insight into the topic and help the researcher in conducting a larger study.
Here, data are collected informally in order to find out the views of the
respondents. The researchers may casually seek the respondent’s opinion of the
new cell phone wave protectors. Once the research problem is identified and
clearly defined, and a formal statement containing the research objectives must be
developed.
2.1.3 Preparing the Statement of Research Objectives
Once the problem is clearly defined, it becomes absolutely essential to determine
the objectives of the research. The objectives of the research should be stated in a
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