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28 AUGUST 2019

Market Research Process and Techniques

Market research is the process of gathering relevant information to the market and analyzing that information to make a business decision. The following information is collected in the market research.

Those are

• Total size of current market
• Total size of the potential market
• Growth rate
• Consumer demographics
• Consumer taste & preferences
• Consumer satisfaction
• Consumer expectations
• Consumer buying behavior
• Price sensitivity analysis
• Internal and external marketing environment
• Market Demand

Why we do Market Research

• To increase the existing products market share
• To analyze the consumer tastes and preferences
• To reduce marketing activities cost
• To improve product quality
• To forecast the future demand for products
• To determine the competitor’s strategy
• To study the internal and external marketing environment

Market Research Types

• Market / Customer Research
• Product, Price, Promotion Research
• Channel Research
• Sales Research
• Advertising Research
• Policy Research

Market Research Techniques

For market research, two techniques are used. Those are Primary methods and secondary method.

In the primary market research method, some data are used. Those are surveys, interview, questionnaire, observation, experiments, and schedules, etc.

In the secondary market research method, some data are used. Those are government publications, public records, internal records, historical documents, biographies, etc.

Market Research Process

Following steps are followed to conduct market research

• Identification and definition of Research Problem
• Conducting situational analysis and informal investigation
• Planning and conducting a formal investigation
• Analyzing and Interpreting data
• Summarizing the findings and preparing a research report

Identification and Definition of Research Problem

• First you have to identify the research problem
• Then you have to know the objective of the study
• After that you have to determine the extent of information required

Conducting Situational Analysis and Informal Investigation

After identifying the research problem you have to do situational analysis and information investigation. For situational analysis, you have to collect the following information.

• Business environment
• Market situation
• Competitions
• Industry surrounding a problem

For the informal investigation, you have to investigate the following people

• Suppliers
• Wholesalers
• Consumers
• Advertising agencies

Based on this investigation process you can determine whether the detailed study is feasible or not.

Planning and Conducting Formal Investigation

• After the informal investigation, you have to plan for a formal investigation
• For the formal investigation, you have to prepare a research design
• After that you have to choose any one of the sources (primary source or secondary source)
• Based on the information source you have to collect the data.

Analyzing and Interpreting Data

To make recommendations and conclusion you can use statistical techniques

Summarizing the Findings and Preparing A Research Report

Finally, you have to prepare a written report. Based on this report you can make an effective decision.

This is the process of market research. Furthermore, details you can research our market research team. Feel free to call us on (+91) 98412 41981, 86100 59151. Please email us on athesh@arrowpointindia.com

Are you looking out for best Market Research Companies in India? Please visit us on https://www.arrowpointindia.com/ Also feel free to call us on (+91) 98412 41981 , 86100 59151.
Please email us on athesh@arrowpointindia.com

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