Marketing research process is a descriptive, step by step study and analysis of customer behavior, its purchasing trends in specific demographics, changing business trends, competitiveness in the market and various other factors that indirectly or directly effect the success of product and eventually the firm.
Step By Step Marketing Research Process
Marketing research helps management in effective decision making. It is necessary that marketing research process is effective, systematical, logical/analytical and it should be in alignment with the objective of the project. Basic steps of marketing research process have been discussed further.
A Problem Well Stated is Half Solved
The very first step in a marketing research process is to define the problem. Once the problem is identified, the research question is formulated. More intense scrutiny of the problem may require several marketing research tools or marketing research methods. These methods will help you to define your problem in a more better way. Data mining reports already available with the firm and through external sources like newspapers, TV, media, the exact problem can be presented in a very crystal clear manner. This paves the path for systematic action plan.
If You Fail to Plan, You Plan to Fail
Next in the pipeline after problem identification task has been done is to design a plan to achieve the task of eliminating the identified problem. Based on a comprehensive view of industry experts, higher management and of the marketing team, the firm zeros in on a particular plan. Several factors like financial resources, man power available and marketing environment are taken into consideration before choosing a plan.
Not Only Plan, But Also Believe; Implement
Give your plan the final touch. By extensive customer feedback, qualitative/quantitative analysis, let the plan shape into a concept. Strategies on the implementation of the marketing plan and the ways you will tackle any discrepancies must be well thought over.
Knowing is Not Enough, You Must Take Action
In this step of marketing research process, you've got to complete the tedious task of data collection and survey. This is the most crucial aspect of marketing research as all information regarding the product, survey campaigns, outdoor reviews has to be collected by the marketing team. Through Internet, TV, group discussions, shopkeeper reviews - a huge data base is maintained.
Culmination of All Action
In the second last step of marketing research process, you have to analyze all data. Preparing statistical graphs and presenting all the information collected in a systematic manner, for the final presentation is done in this part. The marketing team is done with its role and is ready to submit all research.
The Final Documentation of Efforts
All the tasks and hard work carried out by the marketing team would go waste if final results are ambiguous. Hence, to make the information analysis easier for the management, documentation and report preparation is very important. All research findings have to presented adequately and clearly.
Importance of marketing research can be attributed to the fact that it forms the core of marketing strategies a marketing team chalks out to meet its business objectives. To survive the competition and maximize profits, marketing research process must be carried out properly. Marketing research helps in understanding of customer needs and so the marketing team will always be in a better position to work on improving the sales. In general, marketing research gives a holistic understanding of customer, business competitors, industry needs and the changing business trends. This can eventually help a management to take very effective decisions and increase the prospects of launching the products successfully. Any marketing plan can be complete without an effective marketing research.
PS:The terms 'market research' and 'marketing research are often used interchangeably however, they have significant difference. Market research refers to a specific and fixed segment of market that is analyzed for reference whereas, marketing research refers to the analysis of broader group of market segment considering all factors at play, in the market.
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