6 Steps of Marketing Research:
Step 1 Marketing Research
Problem Definition: Define the problem. Take into account the purpose of the study, the relevant background information, the information needed, and how it wil be used in decision making. Involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and some qualitative research (focus grops)
Step 2 Marketing Research
Development of an Approach to the Problem: Formulating an objective or theoretical framework, analytical models, research questions, and hypotheses. Identifying the info needed. Process is guided by discussion with management and industry experts. analysis of secondary data qualitative research and pragmatic consideration.
Step 3 Marketing Research
Research Design Formulation: A research design is a framework or blue print for conducting the marketing research project. Details the procedures necessary for obtaining the required info, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the info needed for decision making. The issue of how the data should be obtained from the respondent must be addressed. Necessary to design a questionnaire and a sampling plan to select respondents
Step 3 formal steps
- 1) Definition of the information needed
- 2) Secondary Data analysis
- 3) Qualitative Research
- 4) Methods of collecting quantitative data (survey, observation, and experimentation)
- 5) Measurement and scaling procedures
- 6) Questionnaire design
- 7) Sampling process and sample size
- 8) PLan of data analysis
Step 4 Marketing Research
Fieldwork or Data Collection: Involves a field force or staff that operates either in the field as in the case of personal interviewing (in-home, mall intercept, etc), from an office by telephone, through mail, or electronically
Step 5 Marketing Research
Data Preparation and Analysis: Includes editing, coding, transcription, and verification of data. Each questionnaire or observation is inspected or edited, sometimes corrected. Numbers and results inputed into the computer. Data is analyzed to derive info related to the components of the research.
Step 6 Marketing Research
Report Preparations and Presentations: Project should be documented in a written report. Should address the specific research questions identified. Describe the approach, the research design, data collection, and data analysis procedures adopted and presents the results and the major findings. Should be put in a format that can readily be used for decision making.
Role of Marketing Research
- - To input into marketing decision making.
- - To provide info to identify and satisfy consumer needs
- - Provide info that is relevant, accurate, reliable, current and actionable