4 Primary Steps in the Market Research Process
Market research process basically refers to an undertaking of those processes or steps to gain knowledge about an identified target market with a sole aim to promote a product or service. A market researcher may engage in the use of various tools and resources which he thinks is essential for the conduct of research and analysis about the targeted market.
Many 4 Primary Steps in the Market Research Process and big enterprises are known to have their own Research and development department for the purpose of conduct of market research. Certain leading, specialized and reputed market research companies offer market research services to many small, medium and large-sized business houses for an efficient conduct of business at cost-effective prices.
Market Research Services being highly expensive makes it difficult for many companies both small and medium-sized enterprises to undertake the same owing to their limited budget. Hence when leading market research companies offer the market research services at a nominal price, they come as a boon for those companies who want it but find it difficult to undertake the same.
Steps in the Market Research Process
Though there are many steps involved in the market research process, some processes hold greater relevance than others. Let us discuss the four main market research processes that every market researcher should consider seriously:
Identification of problem as well as having a clear goal about the purpose of undertaking of research
First and foremost should have a clear understanding about the problem as well the reason for which the research is undertaken. The senior most level of management along with the middle level management should engage and work together to find the problem and work on the same. They also need to agree on the aim of undertaking the research.
Design an appropriate market research plan
In this step, the team of market of marketers and researchers work together to decide upon the exact details they need by developing a fool-proof plan to secure it in shortest possible time and in the best possible way such as interviewing of the focus group, drafting the perfect market research questionnaire or by determining a sample research plan. A good market research plan or service should encompass the problem faced by the management, the research aims along with the essential information needed for collecting crucial data.
This is the most crucial among all stages of market research services. Chances of commitment of mistakes at this stage cannot be ruled out. Say for instance, in a survey method of research of data collection, if the respondents are not available, then it becomes difficult to record the data. This might lead to further problems as the decisions would be taken on the basis of the collected data. Moreover, the cost of data collection is also expensive making it all the more difficult to collect the same.
Implementation of the market research plan
Once assimilation of data takes place, the market research department gets down to the work of analyzing and studying the data collected. On the basis of the findings, the next stage of implementation of information gathered takes place. This is the last but most important stage of all stages because if the management fails to meet the desired results then the need to revise the process of the market research would arise.
Unaware of how much does it cost for market research?