MARKET RESEARCH Block III Unit II

Market Research Process

By: Piyush Daga

WHY MARKET RESEARCH

• Customer Insight

• Product Testing

• Customer Satisfaction

• Pricing

• Competitive forces

STEPS• Objective Setting

Project Objective Research Objective

• Analysis of Information

• Outcomes

• Research Reports and Presentations

• Findings Interpretation

• Direction For Management

OBJECTIVE SETTING

• Objective Setting should answer two questions:

1. Where do we want to be?2. When do we want to reach there?

• Objectives should be SMART.

S - Specific

M - Measurable

A - Attainable

R - Realistic

T - Timed

PROJECT OBJECTIVE

RESEARCH OBJECTIVE

PROJECT OBJECTIVE

• To help define the project objective, it is really important to think about the single most important question that the research must answer. Ultimately, the conclusions or recommendations reached must relate back to the project objective.

RESEARCH OBJECTIVE

• Research objectives need to:

Outline the information necessary to address the project objective.

Start with a verb (Eg. Measure, Describe, Compare)

Be easy to explain

ANALYSIS OF INFORMATION

• The analysis is the process of collating then breaking down and reviving the relevant information in order to gain a better understanding.

Outcomes

• Results should outline what was learnt from the analysis, while conclusions should answer the research objectives.

Research Reports And Presentations

• Executive Summary

• Scope of Research

• Research Objective

• Methodology

• Profile of Study Area and respondents

• Research details or analysis

• Main Findings

• Problems On the issue of research

• Emerging Recommendations

• Supporting statements

Findings Interpretation

Important Points for Interpretations

• Always start by reviewing goals and research objectives

• Attempt to put findings in a perspective Compare results to what was expected Original goals and deviations, if any

• Validate data from Multiple sources

• Do not blindly follow forecast or the findings

• Find out who has done the research for any conflicts of interest (in cases of secondary data analysis)

Direction for Management

• A narrow conception of Marketing Research.

• Uneven caliber of marketing Researchers.

• Intellectual Differences.

• Late and occasional erroneous findings by market research.