What is Market Research?
Market research is a process for gathering data/information. Market research plays an integral
role in making decisions by providing accurate and timely information. The process for
gathering, planning and interpreting information and deciding on the best marketing mix is
referred to as a market research process.
The Basic Research Process
Stage 1: Defining the problem:
The first step for market research is formulating a problem. The problem needs to be identified
and understood properly. However, most of the problems are not as easy to research as they may
appear. The first step involves translating management problem into a research problem.
Stage 2: Method of inquiry (Objective or Subjective)
This is a scientific method for investigation. Scientific method is objective where as research
process if subjective. It gives a chance to the researcher to begin with accessible knowledge
objectively. Objective research is quantitative in nature and depends on facts and unbiased
analysis. In contrast, subjective research is qualitative and place emphasis on personal judgment
for data collection.
Stage 3: Research Methodology
The two main types of research methodologies are experimental research and non-experimental
research. In experimental research an independent variable is manipulated to see if it affects the
dependent variable. In non experimental research there is no such manipulation and it allows
observation.
Stage 4: Research Design
Research design is a strategy/plan to conduct research and define procedures used for gathering
information. It involves selecting participants for the research and preparing for data collection.
There are three types of research design: Exploratory Research Design- collecting information in
2