Processes Followed in Marketing Research (7 Processes)
1. Define The Problem:
The researcher should clearly understand the nature and scope of the problem being undertaken by him. If he clearly defines and understands the problem, it will make his task easier.
For example, there may be a problem relating to decline in sales. The researcher should define the problem by taking into consideration the effect of price changes, advertisement, role of competition, effectiveness of selling methods, tastes and preferences of consumers etc.
2. Establishing the Specific Objectives:
After understanding the problem, the next step is to develop certain objectives to be achieved by the researcher by conducting the research. The objectives to be laid down should be self explanatory and clearly understandable.
3. Formulation of Research Plan:
After the determination of objectives overall planning of research project is of utmost necessity. It relates to determination of plan pertaining to research. Planning may be in relation to (a) problems regarding questionnaire and other forms (b) selection and training of staff conducting research, (c) designing and selection of proper sample for research, (d) determining cost estimates and preparation of budget for research.
4. Collection of Data:
Now the researcher can proceed with the process of collecting information from various sources. The source may be either primary or secondary. The primary sources may relate to original data collected by the researchers through interviews, questionnaire and survey etc.
The information may be directly collected by interviewing customers, marketing intermediaries and dealers etc. The secondary sources of information include Govt, publications, publications of private institutions like trade associations and chambers of commerce etc.
5. Analysing The Information Collected:
After collecting the information, it should be analysed and processed properly. Data processing equipment of the analysis may be applied. After analysis it is tabulated and arranged in orderly form. The researcher clearly understands the meaning of data by undertaking the process of analysis.
6. Drawing conclusions and making recommendations:
After analysing and interpreting the data, various conclusions and end results are derived and recommendations are made to management to take necessary steps.
7. Preparation of Report:
A written report containing findings and recommendations of study should be presented to the management. The report should be precise and written in simple language. The report should highlight the alternative solutions to the marketing problems under study.
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