Market research process

Hi all

We started to cover the market research process in the last session.  This is probably one of the most vital chapters in the manual as a lot of the information in this chapter will be expanded on later on in the module.  According to the manual there are:

1. Define the research problem
2. Estimate the value of the information to be provided by theresearch
3. Select the data collection method(s)
4. Select the measurement technique
5. Select the sample
6. Select the analytical approach
7. Evaluate the ethics of the research
8. Specify the time and financial cost
9. Prepare the research proposal

The first stage-defining the problem is the most critical stage of the

market research process.  it is essential that the actual problem is

identified and not just the symptoms of the problem  The next stage

is to identify the amount of money that will be required to conduct

the research.  This should include the costs of 

secondary information, the cost of designing questionnaires,

conducting focus groups and one to one interviews, cost of

analysing the data etc.

The third phase will look at the data collection methods available to

the company.  If the company is  choosing to use secondary

data methods it is essential that they can trust the source of

information and how it was inputted etc.  The primary data

collection methods are mainly,  surveys, interviews/focus

groups, observation and experiments.  In some cases the company

will use a combination of methods to gather as much information as

possible. 

If the researcher is going to use primary data then the next steps are

critical.  The next step will look at how you plan to measure peoples

attitudes, opinions and  values especially when

conducting primary research.  Once this is determined the

researcher has to decide on their sample. A  sample can be drawn from  for example,

the company's database, by buying a database or from a telephone   directory. Once

the sample has been determined then  the researcher will conduct the research and

then have to analyse the results.  Ethical issues will need to be

taken  into consideration before releasing the results of the survey/focus group etc. 

Finally the research will be printed and presented to management for review.