In Operations terms, Marketing Research is termed as the objective process of collecting information; analyzing and comparing the results and communicating the findings and their implications in terms of marketing actions. It is also coined as a systematic collection and analysis of information that is ultimately used in evolving some marketing decisions. All stages of a research study must be carried out in a logical manner. For example, the logical start should be with a concise statement of the issues to be investigated; indicate the information required to study those select problems; define the methods to be adopted to collect those data; specify the relevant technique to be employed for analyzing the data; and finally state the research findings and their specific implications for marketing decisions making.
Marketing Research vs. Market Research
Research is broadly divided into two categories: Market Research, a formal analysis of quantitative demand, access and recognition for classes of products or services And Marketing Research, a formal analysis of the qualitative demand, access and recognitionresulting from the activities of supply, distribution and promotion. Essentially, they representtwo sides of the same coin.
Because of the direct relationship between both categories of research, both are equallyimportant to the corporate decision maker. Market research provides you with an externalperspective of your business and industry and marketing research provides an internal orfocused perspective.
The Marketing Research Process
- Diagnose the problem and specifying specific research objectives
- Client stated or presented problem
- Researcher diagnosed problem
- Underlying factor
- Relationship between problems
- Preparing a list of the needed information
- What is the information which is already present?
- What is the missing information?
- How can the information be transformed into decision making?
- What quality/precision of information is required?
- What is the cost of making “wrong decisions”
- Designing the data collection project
- Qualitative/Quantitative/Mixed Approach
- Selecting a sample size
- Determining the sample size
- Produce a research brief
- Draft a research proposal
- Analyzing the collected data and reporting
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