Market Research

What is Marketing research and Steps to conduct it?

Marketing Research is the organized collection, interpretation, and analysis of data concerning marketing situations.

The primary reason for conducting out the marketing research is to obtain the alteration in consumer behaviour due to the variation in the elements of the marketing mix.

The marketers and businesses necessitate knowing about the dynamic trends in the market like Changes in the customer’s feelings and choices,

the latest products launched in the market, rates of the rival competitor product, the close alternates of the product, etc.

Marketing research is the procedure of ascertaining the practicality

of a fresh service or product by research administered straightly with possible customers.

 Marketing research lets businesses identify the target market and understand evaluations and

different responses from customers about their interest in the product or service.

Market research carried in the house, in an oragnisation, or by any

3rd party company which will do market research for you.

It can accomplish by questionnaires, product trials, and focus groups.

Test subjects will usually counterbalance with product samples and/or gave a small pay for their important time. 

Market research is a crucial element in the R&D of the latest product or service

which is offered by the company to know whether the product or service is going to succeed or not.

The goal of market research is to study the market correlated with selective

products or services to determine how the consumer will receive them. 

This can incorporate data collection for the purpose of market segmentation and product separation,

which will utilised to adjust advertising attempts or discover which

characteristics will see as a priority to the consumer.

Steps Involved in Marketing Research Process-

Market Research

1.Identification and Defining the problem

The first decision that all business has to try to discover the problem for which the research is carried down. The problem must will explained appropriately because if it is too,

then it may result will go to waste because if it is too narrow, then the exact conclusion cannot  drawn.
In order to explain the problem properly,

each business should require proper questions like-

What we will be going to research? And why research is conducted? etc.

A precise explanation of the problem eases the researcher in all following research efforts involving setting satisfactory research objectives,

the determination of the ways going to use, and the range of information will gather.

2. Make a research plan

This step includes collecting the data related to the research objective:

The researcher can obtain the information related to

the research problem from whatsoever the primary source or the secondary source or both the sources of data.

The primary source data is the first-hand or

fresh data that does not publish or included in any books or research reports or websites.

While secondary data is the second-hand or already published data that is available in the books, journals, reports, websites etc. Primary data can be collected directly from customers by conducting

interviews and filling forms whereas in secondary, data can be collected from reports,

magazines and other publications, notably written studies,

government publications, company magazines, books, etc.

3. Information collection

This is one of the most costly methods of marketing research. At this step, the researcher has to choose the methods to collect the data, he/she may get it challenging to collect the accurate data because of the respondent’s partiality, hesitation to give answers or not at home.

4. Data Analysis

Once the data is obtained the next step is to systematize information in such a way that some analysis can be achieved.

The researchers will apply different statistical techniques to conduct the analysis,

like calculating averages and dispersion, Some more data analysis tools will also used.

5. Presentation of findings from the analysis

 Lastly, All the findings and conclusions the research will display to

the higher level of management like the MD, CEO, or board of directors and managers also to take the marketing decisions with the help of research findings.

Researchers need to make the presentation technologically correct, logical and useful.

6. Decision making

The final step is to make decisions or discard analysis findings after the findings will shown to Top-level management.

The findings of the report should not that much difficult so the top-level will understand the report easily and take decisions on the basis of concrete findings.

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