market research

1. Market research
Marketing research is the systematic design, collection, analysis, and
reporting of data and findings relevant to a specific marketing situation facing
the company.
Market research workflow
Marketing research isthe systematicdesign,collection,analysis,andreportingof dataand findings
relevanttoa specificmarketingsituationfacingthe company.
Define the problem and research objective
Choose research method and design
Analysis of information needed and collection
Determine data collection method and sample
size
Analyse the information and interpret

2. 1.
1. Define the problem and research objective =in this step we find what is
the problem the root Couse of research
Specify decision alternatives
State research objectives
Marketing managers must be careful not to define the problem too broadly or too
narrowly for the marketing researcher
2. Choose research method and design=it is a step in which we have to choose
a suitable method of design and method of research which help to get reliable
information
Present finding
Make decision

3. 3. Analysis of information needed and collection= The secondstage of
marketingresearchiswhere we developthe mostefficientplanforgatheringthe needed
informationandwhatthatwill cost.
To designaresearchplan,we needtomake decisionsaboutthe datasources,research
approachesresearchinstrumentsand samplingplan,andcontactmethods etc
4. Determining data collection and sample size =Samplingunit:whoisto be
surveyed?
Dependsonthe targetmarketchosen.
Sample size:howmanypeople shouldbe surveyed?
Samplesof lessthan1 % can be credible withpropersamplingprocedure.
Samplingprocedure:howshouldthe respondentsbe chosen?
Probabilitysamplingallowstocalculate confidence limitsforerrorandmakessample more
representative.
5. Analyse information and interpret = To extractfindingsbytabulatingthe data
and developingsummarymeasures.
Advance statistical techniquesanddecisionmodel usedforadditionalfindingsSensitivityanalysisto
testassumptions
We can use informationtoanalyse andinterpretandconvertusefull information
6. Present finding =Findingsrelevanttomajormarketingdecisionsforthe company
/management.
Insightsandrecommendationsare soughtfromthe researchers.
It shouldbe understandable andthusimplementable.
7. Decision making =Dependingonconfidence inthe findings,managersdecide touse or
discardit.
People use marketingdecisionsupportsystem.
A marketingdecisionsupportsystemisacoordinatedcollectionof data,systems, tools,and
techniqueswithsupportinghardware andsoftware bywhichanorganizationgathersandinterprets
relevantinformationfrombusinessandenvironmentandturnsitintoa basisfor marketingaction