The market research process It is nothing more than steps with the description of the tasks to be carried out, in order to carry out a market research.
What is the market research process
The market research process includes consecutive steps with the description of the respective tasks such as:
Step 1: In the first step, the problem is determined together with the reason why the investigation is carried out, since it is an important step because from it the path of the process is traced.
It takes into account the reason for which the study is planned, the most important and necessary information and the way in which you will use to make the decisions.
People with decision-making power are also discussed, data considered as secondary are analyzed, and experts from the industry are discussed.
Step 2: After determining the problem, a market research plan is created defining the necessary information and the way to obtain it, for which it is necessary to establish a written research plan with all the details corresponding to the investigation, sampling, the instruments for the data processing and deadlines for the beginning and end of the investigation process are determined.
Step 3: In the third step, the data is collected, which will be primary and secondary.
The primary data includes the information that was collected in the first instance and only for that research and is collected through the popular method from observation, experimentation and questionnaires. They are obtained through interviewers in shopping malls or in homes or through telephone interviews, questionnaires that are sent by email after selecting addresses or by traditional mail. But you can also conduct a faster study by applying data collection using the internet.
Secondary data is known as documentary research referring to the information that exists and that conforms to the defined survey.
These are data that are found in the internal sphere of the company, such as invoices or records, and in the external sphere of the company, such as in official statistics or government reports.
Step 4: Once the data is obtained, it must be processed and analyzed to filter the information and detect the most important thing that was collected.
Questionnaires are checked for accuracy so that they can be coded and analyzed. The results are then tabulated, the averages are calculated and statistics are performed.
Step 5: In the fifth step the results are interpreted, a conclusion is reached and the information is raised to the management. By evaluating the data, the unprocessed data is converted into administrative information so that it can be transmitted effectively.
Step 6: This is the last step that relates to the research experience. The report with its content must be presented to the satisfaction of the client with a format and binding that demonstrates effectiveness and clarity, since its results must conform to a logical structure.
Stages of the market research process
- First of all, the problem to be investigated is questioned, identifying it will give rise to the necessary information that leads to a solution and the evaluation of an appropriate strategy. The questioning will define the problem precisely, for which it is necessary to determine with adequate precision the objectives of this investigation and hypotheses that the investigation would solve.
- The research is designed by building a basic scheme for the development of the phases. The primary or secondary information sources are decided. When choosing primary sources, it is necessary to decide the type of research to be conducted, what method will be used to collect information, and the size of the population on which the research will be conducted.
- Phase 3 deals with collecting the information that exists by applying instruments to obtain it and the field of work is supervised, the information obtained is refined and analyzed with coherence.
- The information is analyzed and the results are interpreted. The data obtained is processed using an analysis plan that is previously established so that the information can be summarized, but maintaining coherence and being faithful so that the problem can be understood.
- Results are reported and conclusions reached. According to the analysis carried out and the objectives of the investigation, a report is created with the most important results.
The market research process
- The market research process identifies, collects information, analyzes it and disseminates it in order to make better marketing decisions.
- It is implemented to carry out problem solving, to determine a potential market, to know the consumption of a specific product and to know the potential customer at the same time.
- For this reason, market research is defined as the collection, recording and analysis of data based on a type of market that refers to certain types of customers in a certain area.
- Important and accurate data is sought and obtained to help reduce risk when making marketing decisions.
- Preliminary studies are carried out with the aim of laying the groundwork for future work.
- The situation is analyzed based on all the information that is available from which a complete picture of the organization is obtained.
- The evolution of the sector and the company with its products, the importance of the company in the sector, the problems that the company may have and the resolution of the problems it faced are evaluated.
- The clients and the market are analyzed according to the geographical distribution, the variations in sales according to the different seasons of the year, the type of clients of the company, etc.
- Distribution channels are analyzed based on sales performance, margins operated, bonuses and discounts.