Market Research 7 Steps
1- Explain the 7 steps of marketing research
2- Explain the difference between Quantitive and Qualitative research
3- Explain the difference between Primary and Secondary research
Most business owners conduct market research every day without being aware of it, wither it’s asking former customers why they’ve switched, looking at competitor’s prices, comparing competitors products and finding out if customers are interested in future potential products and what they think about existing products. The process of marketing research takes this order:-
Step one-Define Marketing Problems and Opportunities
This stage is the most important stage in the marketing research process as before the research is carried out the organization must make sure that the problem or information required has been correctly identified. As if the identification of the problem has been miscalculated then the results of the research will be useless. The research problem will be defined in a research brief. A research brief is an essential first step in any market research exercise. It will help the market research agency develop a relevant and appropriate research program for the organization.
Step two-Detail an Appropriate Research Plan
In this stage the organization focuses on defining what research is needed to generate the data specified in stage one. Three factors will be taken into account at this stage, the nature of the problem, the money available and the timescale available. Once this information has been acquired key decisions will be made regarding the mix of primary and secondary research required, the mix of quantitive and qualitative research required and also how many staged are required.
Step three- Design Appropriate Research Instruments
This stage focuses on designing the actual research tool to be used. For example if the best research tool to acquire the information needed was to use a questionnaire, many factors would need to be taken
2- Explain the difference between Quantitive and Qualitative research
3- Explain the difference between Primary and Secondary research
Most business owners conduct market research every day without being aware of it, wither it’s asking former customers why they’ve switched, looking at competitor’s prices, comparing competitors products and finding out if customers are interested in future potential products and what they think about existing products. The process of marketing research takes this order:-
Step one-Define Marketing Problems and Opportunities
This stage is the most important stage in the marketing research process as before the research is carried out the organization must make sure that the problem or information required has been correctly identified. As if the identification of the problem has been miscalculated then the results of the research will be useless. The research problem will be defined in a research brief. A research brief is an essential first step in any market research exercise. It will help the market research agency develop a relevant and appropriate research program for the organization.
Step two-Detail an Appropriate Research Plan
In this stage the organization focuses on defining what research is needed to generate the data specified in stage one. Three factors will be taken into account at this stage, the nature of the problem, the money available and the timescale available. Once this information has been acquired key decisions will be made regarding the mix of primary and secondary research required, the mix of quantitive and qualitative research required and also how many staged are required.
Step three- Design Appropriate Research Instruments
This stage focuses on designing the actual research tool to be used. For example if the best research tool to acquire the information needed was to use a questionnaire, many factors would need to be taken