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10 Essential Stages Of Marketing Research Process – Discussed!

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❶Since experts are not consumers themselves, their opinions about the target market are unbiased. Probing of the respondent is easier with face to face interviews.

10.2 Steps in the Marketing Research Process

Step 1: Define the Problem (or Opportunity)
Marketing Research Process
Stage 1: Formulating the Marketing Research Problem

It is of three types;. That helps in defining the problem. Selection of research methodology: The choice of research design depends upon the extent of data required, cost, benefit of research, urgency of work, time available. Selection of data collection techniques: The data can be collected either through primary sources or through secondary sources. Actual collection of data: For this purpose some companies use in house researchers and some outside consultants or both.

All this depends upon the time, budget and accuracy. Analysis and interpretation of data: The techniques can be decided in advance. It can be done with the help of various statistical packages. Preparation of research project: Number or letter codes are assigned to represent each response to each question in the questionnaire. The data from the questionnaires are transcribed or key-punched on to magnetic tapes, or disks or inputted directly into the computer.

Verification ensures that the data from the original questionnaires have been accurately transcribed. Analyzed data gives meaning to the information that have been collected. Univariate techniques are used for analyzing data when there is a single measurement of each element or unit in the sample, or, if there are several measurements of each element, each RCH variable is analyzed in isolation. On the other hand, multivariate techniques are used for analyzing data when there are two or more measurements on each element and the variables are analyzed simultaneously.

The last stage is the report preparation and presentation. The entire project should be documented in a written report and the results and major findings must be presented. The findings must be in a comprehensible format so that they can be readily used in the decision making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact.

For these reasons, interviews with experts are more useful in conducting marketing research for industrial firms and for products of a technical nature, where it is relatively easy to identify and approach the experts. This method is also helpful in situations where little information is available from other sources, as in the case of radically new products.

Primary data is sourced by the researcher for the specific purpose of addressing the research problem. On the other hand, secondary data is collected for some purpose other than the problem at hand. This data includes information made available by business and government sources, commercial marketing research firms, and computerized databases. Secondary data is an economical and quick source of background information.

Information, industry experts, and secondary data may not be sufficient to define the research problem. Sometimes qualitative research must be undertaken to gain a qualitative understanding of the problem and its underlying factors. Qualitative research is unstructured, exploratory in nature, based on small samples, and may utilize popular qualitative techniques such as focus groups group interviews , word association asking respondents to indicate their first responses to stimulus words , and depth interviews one-on-one interviews which probe the respondents' thoughts in detail.

Other exploratory research techniques, such as pilot surveys with small samples of respondents, may also be undertaken. From Wikipedia, the free encyclopedia. This article needs more links to other articles to help integrate it into the encyclopedia. Please help improve this article by adding links that are relevant to the context within the existing text. April Learn how and when to remove this template message.

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Preparation of research project: it is the last step of marketing research process. It involves the final findings, recommendations in an accurate, clear, concise and complete form. Thus, all these stages of marketing research help the researcher in the research.

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Research is a multi-stage and often somewhat iterative process— conclusions from one stage can create new ideas for other stages in the process, and the linkages are both forwards and backwards. Also, stages can occur concurrently.

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The market research process is a systematic methodology for informing business decisions. There are six basic steps, starting with defining the problem and understanding your research objective. The market research process involves a round of separate stages of data interpretation, organization and collection. These stages could be considered as a benchmark of market research, but it depends on an organization how they have encapsulated their strategies to follow this process.

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Stages of marketing research process. Step 1: Problem Definition. The first step in any marketing research project is to define the problem. In defining the problem, the researcher should take into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making. Some of the most essential stages of marketing research process are as follows: The process of marketing research starts with the identification of a problem. There is a realization that a marketing problem requires information to help find its solution. The marketing department asks the marketing.