The
stages of Market Research are as follows:
1. Identify the purpose of the research.
What are you attempting to get from the research? Is it an explanation as to
why certain consumer behaviour is occurring? Is it to enable accurate
predictions for the future? Is it to monitor current activity and record it
accurately? To discover new needs and wants?
2. Design the research
This is far more than just knocking out a questionnaire or an online survey.
First you have to ensure that research you are undertaking is valid – that the research really does
measure what is it supposed to measure.
Then the research must be reliable –
so is the data collected honest, is it a fair recflection of the rest of the
chosen group that are being studied.
Then there’s different types of research that can be carried out as depending
on the research objective you might need quantitative
research or qualitative research.
Quantitative research is pursuit of
empirical evidence and data using in numerical form – for instance the
percentage of iPhone owners who play Angry Birds.
Qualitative research is finding out
the stories behind the facts and figures, trying to understand opinion and
motivation of consumers – just what is it about attacking pigs with beaked
kamikaze-pilots that is so appealing.
3. Data Collection
The type of data needed has been identified for the purpose of the research,
now its about getting the information. This is can be done with collection of
original information and data – which is primary
research. It can be the gathering and summary of existing research and data
– which is secondary research. Typically
– for a thorough research project – a combination of primary and secondary is
used.
4. Evaluate and analyse the data
Evaluating requires a looking at the raw data and ‘cleansing’ the data in terms
of incomplete and unrepresentative responses that might have an affect on the
overall outcome.
Analysis can take two forms;
Descriptive analysis – this is a
summary of the findings, a description on the data. This could involve pie
charts and tables for quantitative research and categorisation of consumers for
qualitative.
Inferential analysis – using the data
to make inferences, predictions and judgments on the area research.
5. Communicate the results – the final stage is to present your research making
clear the purpose of the research, the design, the finding and the conclusions
made from it.
Remember this is market research so extends beyond surveying consumers attitude to products. Business need information on every factor of the marketing process - products, packaging, distribution, pricing, advertising, cultural trends, social attitudes, brand recognition – anything that they believe will inform and give an edge in communicating the value of their product and creating demand.