Author Topic: The 5 Step Marketing Research Process  (Read 194 times)

Offline Showrav.Yazdani

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The 5 Step Marketing Research Process
« on: November 15, 2018, 11:26:47 AM »
1. Define the Problem or Opportunity
The most important part of the marketing research process is defining the problem. In order to do any research and collect data, you have to know what you are trying to learn from the research. In marketing research, defining the problem you need to solve will determine what information you need and how you can get that information. This will help your organization clarify the overarching problem or opportunity, such as how to best address the loss of market share or how to launch a new product to a specific demographic.
2. Develop Your Research Plan
After you’ve examined all potential causes of the problem and have used those questions to boil down exactly what you’re trying to solve, it’s time to build the research plan. Your research plan can be overwhelming to create because it can include any method that will help you answer the research problem or explore an opportunity identified in step one.
3. Collect Relevant Data and Information
In marketing research, most of the data you collect will be quantitative (numbers or data) versus qualitative, which is descriptive and observational. Ideally, you will gather a mix of the two types of data. For example, you might run an A/B test on your website to see if a new pricing tier would bring in more business. In that research study, you might also interview seven customers about whether or not the new pricing tier would appeal to them. This way, you’re receiving hard data and qualitative data that provide more color and insight.
4. Analyze Data and Report Findings
 

Now that you’ve gathered all of the information you need, it’s time for the fun part—analyzing the data. While one piece of information or data might jump out at you, it’s important to look for trends as opposed to specific pieces of information. As you’re analyzing your data, don’t try to find patterns based on your assumptions prior to collecting the data.
5. Take Action
Ta-da! Your research is complete. It’s time to present your findings and take action. Start developing marketing campaigns. Put your findings to the test and get going! The biggest takeaway here is that, although this round of research is complete, it’s not over.

Offline Md. Saiful Hoque

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Re: The 5 Step Marketing Research Process
« Reply #1 on: January 19, 2019, 11:33:33 AM »
THANKS
Lecturer,
Department of TE,
Faculty of Engineering, DIU