Market Research Process: Essential Steps for Business Success

A successful market study requires advanced planning and develops according to a series of well-defined stages or phases.

Stage 1: Approaching a Business Need

A company identifies the need to obtain specific information to address uncertainties and make informed decisions. It's crucial to consider in detail the información the company requires from the market study to effectively tackle the problem.

Stage 2: Determining Study Objectives

The objectives of the study must be clearly specified. This involves defining what is to be achieved, what outcomes are expected, and how the information will be utilized.

Stage 3: Defining Study Scope and Content

Based on the objectives, the content of the necessary information must be defined in detail.

Stage 4: Information Gathering

First, determine if accurate information is available from secondary sources. If so, identify and acquire it. If not, information will be obtained from primary sources, requiring the determination of the most appropriate direct procurement method and technique.

Stage 5: Research Planning

This critical stage of the study involves comprehensive planning, including the following aspects:

• Secondary Sources: Determining the source of information gathering, data collection, processing, and analysis.
• Primary Sources:
  • Determination of analytical tools and methodology to be used.
  • Selection and planning of the sample.
  • Preparation of questionnaires.
  • Timing:
    • Estimated time required to obtain the information.
    • Planning implementation schedules.
  • Costs:
    • Quantifying the costs of the research.
  • Personnel:
    • Identification of individuals or entities in charge of the investigation.
    • Allocation of functions and division of responsibilities.

Stage 6: Obtaining Information

This stage involves the actual data collection from fuentes primarias and secondary sources, including conducting surveys and implementing the plan for gathering information.

Stage 7: Data Tabulation and Analysis

Review the collected data and implement the planned instruments to perform a thorough analysis.

Stage 8: Interpretation of Results

The interpretation of results provides the foundation for the firm to make appropriate and strategic decisions.

Stage 9: Presentation of the Study Results Report

The market study concludes with the completion of a detailed report covering various aspects of the investigation, including the presentation of results and conclusions.