The MARKET RESEARCH process Edit
- Management problem identification
- This is the first and most important step in the market research process. You can spend millions of dollars on market research but if you don’t have a clear idea on what are you trying to find out then it is all a waste of money.
Examples of purpose:
- How can we break into the market in another country?
- Why are our sales falling?
After knowing what the problem is or what is your purpose of doing market accurately then the process can be directed accurately towards solving it. When you don’t set the accurate purpose then you get all of this unnecessary information which prevents you from solving it.
- Research objectives
- Your objectives must be related with your original problem. Your objectives should be set in a way so that when the objective is solved then it can give you the answer on solving your original problem.
Examples of objectives in form of questions:
- What would be the impact of new packaging on sales of our product?
- If we advertise this product on television, what will be the likely impact on sales volume and market share?
- Sources of data - primary and secondary research
- There are two types of research that you can use to collect your data: primary research or secondary research. Primary research is the collection of first-hand data that is directly related to a firm’s needs. While secondary data is a collection of data from second-hand resources. Primary research collects “first-hand” data which means they are collected for the first time. Secondary research is the use of already available information that has already been collected from other organisations. So which type of research should be done first?