What Is Marketing Research

The function that links the consumer and the service maker through market information is called marketing research. It states the material required to address the concerns like collection of data, analyzing the marketing mix, compliation of analysis and arriving at a conclusion. It is also defined as a complete practice of gathering, recording and analysis of data.

The marketing research process involves six unique steps:

Defining the problem: the first step towards this research is to define the problem. This involves analyzing the purpose of the research, what data is required and this will be useful for decision making for an organization. Defining the problem invovles conversing with decision making people as to what they really need to give their customers for achieving the business goals. If the problem is precisely defined then the team can go ahead with crafty and guiding the research.

Devising a method to the problem: this indicates conveying an unbiased agenda, methods, research questions and the issues that affect the research design. This done with as a team with the organization experts. In many cases past case studies and realistic considerations are also used as tools for market research.

Formulation on research design: a design is a draft for piloting the market research. It deals with the procedures and guidelines for conducting the market research. Formulation fo research design involves the following procedure:

  • Ancillary data analysis
  • Qualitative research
  • Means of gathering numerical data.
  • Designing a questionaire
  • Calculation methodology

Statistics collection: this involves collection of required statistics and the staff who are required to work on field. This is a great task because it involves hiring of highly qualified staff to work on the data and to collect them.

Preparation and analysis of data: this includes collating all the data that was collected and editing them properly. Verification includes correction of questionaires take as sample surveys and copying them properly in the format for easy calculation. If more than one method has been used for data collection then care should be taken to transcript them accurately.

Make the research in document form: the entire research should be written down in a document form. This document reports the findings, the aproach used, procedures followed and the recommendations suggested. In addition to this it is advisable that where ever facts and figures are mentioned, graphs can represent it with great clarity than words. This document is preserved for future marketing research so that it can refere back to the procedures and standards used to achieve the objectives of marketing research.