Question

explain market research process:

1- Identifying the problem

2- Planing market research

3- Collecting data

4- Qualitative data

5- Quantitative data

6- Data analysis

7- processing data into usable information

8- Presenting data and making decisions

Answer 1

Market Research: Market research helps to gather information about the target market and customers. It is an important component of business strategy. It helps in evaluating the feasibility of a product or service.

Market research process:

1) Identifying the problem: identifying the problem is the first step in marketing research. The research starts with a problem that the management is facing. Identifying problems help to fix the research objectives and for determining the problem you need to identify what information you needed and how to get it. Converting the problem into a research angle makes it is easy to find solutions.

2) Planning market research: market research plan is an important document that contains a detailed plan of the research. After examining all potential cause of the problem the researcher should form a plan which includes a method to find solutions.

3) Collection of data: once the plan has been completed, the researcher has to execute the plan and collect information from the subject. Data can be collected quantitatively or qualitatively and the researcher should assure that the data is valid and unbiased.

4) Qualitative data: qualitative data provides a deeper understanding of customer emotion and behavior. This method of data collection is used for revealing aspects such us how customers regard a brand, why they like certain marketing messages etc.

5) Quantitative data: quantitative data is used for collecting standardized facts and statistics to guide key business decisions. This data is structured data which are usually collected by surveys and experiments.

6) Data analysis: data analysis helps to analyze the collected data. It helps to generate useful information from the collected data. The researcher analyzes the collected data and summarizes and presents it to the management for making important marketing decisions.

7) Processing data into useful information: analyzing the data collected by marketing research involves transforming the data into useful information. Research analysis begins with formatting, cleaning, and editing the data. The researcher applies analytical techniques to analyze data.

8) Presenting data and making decisions: the final report reflects the quality of research. The final report contains research questioners, design, data collection, procedures, and also major findings in the research. The research can be presented with charts, diagrams, visual aids, etc. once the research is complete, the analysis process is present, it’s the responsibility of management to implement the right plans for solving marketing issues.