Description:
Marketing research process incorporates an outlined, systematic accumulation of market information to
help in managerial and business decision making. Also, market research assists entrepreneurs and
business owners to recognize opportunities and problems. The businesses should carefully follow proper
steps to collect and gather data for effective market research.
Research Objective:
A clearly defined objective is vital for an effective marketing research. A proper written objective helps
managers to avoid going in the wrong direction. A proper research objective should provide the exact
problem or question for which the research is being conducted.
Information Sources:
There are two types of data sources: primary data sources and secondary data sources. Secondary
research data is the research information that is already available with different companies and can be
found on the internet. This information can be used for a marketing research.
If secondary research is not able to provide answers for the research, then the second type of research,
primary research, is used. Primary research is a firsthand research that is done specifically to find out
answers for a particular task. Generally, secondary research is a lot cheaper than primary research.
Instrument for Data Collection:
A data collection instrument is very essential for the data to be recorded. Mostly the instruments for
data collection include questionnaires and observational studies. The quality of the data collected is
dependent on the quality of the instrument. It is advised that the data collection instrument is tested
before its application on consumers.
Sampling – Size and Design:
Quality of the sample is relatively more important than the quantity. A researcher can employ various
sampling techniques to select the candidates for the research data. The primary sampling method
incorporates stratified sampling, where candidates are selected on basis of shared characteristics. The
other method is area sampling which is based on candidates living in a particular area or quota sampling
where candidates are selected out of subgroups.
Data Evaluation and Reporting:
The evaluation of data incorporates recording of all the answers and observations gathered. Then all the
answers are summarized to conclude the findings and to come up with results. All the research, findings
and results are incorporated in a formal report format to be presented to the higher level executives.
Learn in detail about Marketing Research here: http://www.researchomatic.com/Marketing-Research149644.html
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