Market Research is a continuous process of collecting, recording and analysing the information on the viability of a product or services. To develop a successful marketing strategy market research is very important process. Market research enables to understand the needs and preferences of the customers to make plans accordingly. There are various steps in the market research process, which is as follows:
Step 1: Defining the Problem
This is the first and the most important step in the market research, as without this step process of market research cannot be go further. In market research, defining the problem means to determine the objectives or purpose of conducting the study. It helps to understand what information to be collected and make decisions. Defining the problem or objective keeps the process of market research focused and effective.
Step 2: Developing research plan
This step in the market research mainly focuses on finding approaches or ways to solve the defined problem. Developing research plan means to outline a blueprint of information to be collected, from whom to collect, methods of collecting the information, time and cost needed to collect information, designing the forms of data collection, plan of sampling etc. in order to meet the objectives of the research plan.
Step 3: Collection of Data
This is the step in the process of market research which deals with executing the research plan. In Market research data collection can be done by conducting surveys, interviews, run user tests, etc through phone calls, emails or in person. Collection of data must be done from the selected sample. The observations, choices and answers are all corrected and recorded in a form for further stages of market research.
Step 4: Data interpretation and analysis
This is the fourth step where the collected data is assembled and examined thoroughly for further process of market research. Data interpretation in market research refers to review the data and results through some process that ultimately helps to arrive at a conclusion. It involves developing a summary of the study and accordingly recommend steps to take action.
Step 5: Report Research Findings
This is the final step in the process of market research which deals in clearly presenting the conclusion for decision making. The final report of the research should be in an easy-to-understand format for effectively communicating the research findings and recommendations to lead action. It can be presented using tables, charts, or any other statistical tools along with oral communication to make a better impact on the market research.
Example 1:
Hi There!
I’m conducting a research on ‘The students behaviour towards Tuition and Coaching centers in Mangalore’.
So I request the students of 7th, 8th, 9th and 10th Standard to kindly fill and send in the forms.
Thankyou for your time!
Example 2:
Hello There!
I’m conducting a research on ‘ The Parents behaviour towards Tuition and Coaching centers in Mangalore’.
So I humbly request the Parents of children belonging to 7th, 8th, 9th and 10th standard to kindly fill and send in the forms.
Thankyou for your Valuable Time!
