A research is an organized process of collecting data about any specific problem or need for example students do research for completing their thesis. But marketing research is something different then usual and routine base researches.
Definition of Marketing Research
Marketing research process can be defined as “The systematic gathering, recording and analyzing of data about problems or opportunities related to the marketing of particular goods and services”. Marketing research process is an important tool to understand consumer behavior, needs, priorities and consumer buying behavior. In addition to this, companies will also become able to analyze their competitors and may conceptualize a good advertising plan. Conducting marketing research also allows the c-suite executives and marketer to observe and identify the new trends that affect company’s sales and the profitability of particular product or services that company is offering to its target market.
How to Conduct Market Research Process
Define the Problem & Agreed on Research Objective
Formulating and defining a problem or opportunity is the first step in the research process. Research actually starts with a problem that management is facing or with an opportunity to which management want to avail. This problem or opportunity must be understood and discussed in between management and marketer or researchers.
Marketers or researchers then need to translate the management problem into a research problem. `Once researcher approach the problem from a research angle, only then he can find that is this research applicable? Or will this be fruitful?
Develop the Plan for Gathering Information Efficiently
After understating and defining the problem then researcher need to develop a research plan to practically conduct the market research. They have to select the research tools and techniques. Researcher also needs to select the research type like product research, sales research and packaging research. After making the rough sketch of research marketer should present plan to monument. Management will then see the cost of plan, budget on hand and outcomes or research. After the management approval then marketer needs to practically collect the data and information.
Analyze & Interpret the Findings
After the collection of data and information, in this stage management and marketer analyze and evaluate the findings of research. In company’s meeting marketer should present their findings to management and other key employee. Then they all will interpret and discuss the findings. All departments will share their part and available resources to implement new findings or to avail new opportunity.
Take Decision and Implement
This is the action stage, C-suite executives need to take decision based on market research. Then they deliver the decision to all related department to implement new decisions. All department will then do their share to implement the management decision, for example marketing department will focus on advertisement, manufacturing department will produce the units or new product, distribution department will make available the product in target market and so.
Monitor & Evaluate the Performance
After implementing the decision, management then needs to have check and balance on performance. Management should constantly monitor and evaluate the performance, only then they will come to know that they got desired result from conducting market research process.