Market Research: Phases & Methods
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Market Research Fundamentals
Market research involves collecting and analyzing information a company needs to make marketing decisions.
Phases of Market Research
- Define the problem and research objectives: Clear objectives help achieve clear results.
- Design the research plan: Decide how to carry out the research and methods for obtaining information.
- Search for and obtain information: It is essential to distinguish between secondary and primary information.
Secondary Information
Information that has been developed for purposes other than the research being carried out. It can be internal or external, depending on whether the information is inside or outside the company.
Primary Information
New information generated through surveys, experimentation, and direct observation. Obtaining it takes time and costs.
- Analyze and interpret information: The results of the analysis and conclusions of the research are specified in a report to be used for decision making.
Market Research Methods
- Surveys: Allows for a variety of descriptive information on many issues that interest the company, simply by asking customers directly. Three phases:
- Selection of a representative sample of the population being investigated.
- Questionnaire design and survey method selection.
- Statistical processing of survey data and delivery of results.
- Experimentation: Attempts to explain market reactions to certain changes that are introduced to observe the results and explain the cause-effect relationship.
- Observation: Collecting information through observation of the behavior of consumers or the functioning of retail outlets.
- Qualitative Research Techniques: Aims to better understand what consumers think and feel. Most popular techniques include:
- Group Interviews or Focus Groups: Meetings with a facilitator to talk freely about a product or service. Comments are noted and recorded for further study.
- In-Depth Interviews: An interviewer interacts with an individual and encourages them to express their ideas freely.