Conducting Market Research

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Table of Contents

Introduction
Marketing research process
Conclusion

Introduction

A process essay is a presentation that aims at describing, to an audience, how a subject is achieved. It outlines the procedure of doing a subject matter. This paper seeks to present a process essay for conducting market research. The paper is based on personal research through interviewing an executive of one of the locally successful companies.

Marketing research process

Marketing research is a defined process of investigating and collecting information about consumers and other factors in a market such as competitors and barriers into a market. A successful market research is done in a defined and outlined process. It also involves qualified personnel to induce sufficient expertise.

This is because market research deals with social factors such as consumers’ needs, preferences, and attitudes that must be factored by a marketing research team. The process normally begins with sufficient planning followed by fieldwork and a final analytical review that may involve professional statistical applications.

The first step in market research is problem definition. This stage involves expression of understanding of the objectives of the market research. It defines the problem to be solved such as; ‘how can we best expand our geographical market?’ or ‘why do our competitors seem to have an advantage over our enterprise?’ The stage also defines the people to be involved in the market research. Once the problem is defined, a suitable approach is developed for the entire process.

At this stage, the aims of the research are outline and the scope established. Possible factors that might influence the research process are identified and remedies outlined. The stage calls for sufficient experience in market research. Research questions and hypothesis statements are also outlined at this step.

After developing the approach for a research, the necessary procedures for achieving the set objectives are established. Formulating research procedure outlines the exact measures that should be undertaken in order to answer the research questions and achieve the research objectives.

The methods to be adopted for collecting information are also outlined at this step. Further, this step describes the data that is to be collected, how it is to be collected, and the number of participants to be used and how the information should be analyzed.

Once the research procedure is outlined, fieldwork for data collection is adopted. A suitable data collection method that could involve use of questionnaires, interviews, or observation is then adopted. Data can also be collected from secondary sources such as governmental information centers and specialized research bodies.

After collecting the necessary and relevant data for a particular market research, a professional stage that involves data analysis is undertaken. This stage involves specialized academic background that applies statistical tools. The outlined hypothesis for the research is tested and relationships investigated.

Based on the assumptions made in the research, this stage answers the research questions and takes a position on the research hypothesis. The final stage in market research is the communication of the findings. This stage is based on the analysis conducted and involves graphical and tabular presentations for clarity.

Conclusion

Market research is a very important step towards strategic management in businesses. It involves problem definition, establishment of an approach, design for the research and a subsequent data collection. These are then followed by data analysis and a final presentation of the findings. Process essay outlines a procedure for a particular process. It is therefore important in familiarizing people with knowledge of processes.

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Conducting Market Research

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