Marketing Research Process

Marketing research is a process that forms an integral part of every firm’s strategy to achieve their sales and growth targets. Marketing research process is explained in this article. Marketing are transfer of goods or services from the producer to ultimate consumer or users better still is seen as a business activities which stimulate the flow of goods from the producer to ultimate consumer.
Steps in Marketing Research Process: Marketing research helps management in effective decision-making. It is necessary that marketing research process is effective, systematical; logical/analytical and it should be in alignment with the objective of the project. Basic steps of marketing research process have been discussed further.

A Problem Well Stated is Half Solved: The very first step in a marketing research process is to define the problem. Once the problem is identified, the research question is formulated. More intense scrutiny of the problem may require several marketing research tools or marketing research methods. These methods will help you to define your problem in a better way. Data mining reports already available with the firm and through external sources like newspapers, TV, media, the exact problem can be presented in a very crystal clear manner. This paves the path for systematic action plan.
If You Fail to Plan, You Plan to Fail: Next in the pipeline after problem identification task has been done is to design a plan to achieve the task of eliminating the identified problem. Based on a comprehensive view of industry experts, higher management and of the marketing team, the firm zeros in on a particular plan. Several factors like financial resources, manpower available and marketing environment are taken into consideration before choosing a plan.
Not Only Plan, But Also Believe; Implement: Give your plan the final touch. By extensive customer feedback, qualitative/quantitative analysis let the plan shape into a concept. Strategies on the implementation of the marketing plan and the ways you will tackle any discrepancies must be well thought over.
Knowing is Not Enough, You Must Take Action: In this step of marketing research process, you’ve got to complete the tedious task of data collection and survey. This is the most crucial aspect of marketing research as all information regarding the product, survey campaigns, and outdoor reviews has to be collected by the marketing team. Through Internet, TV, group discussions, shopkeeper reviews – a huge database is maintained.
Culmination of All Action: In the second last step of marketing research process, you have to analyze all data. Preparing statistical graphs and presenting all the information collected in a systematic manner, for the final presentation is done in this part. The marketing team is done with its role and is ready to submit all research.
The Final Documentation of Efforts: All the tasks and hard work carried out by the marketing team would go waste if final results were ambiguous. Hence, to make the information analysis easier for the management, documentation and report preparation is very important. All research findings have to present adequately and clearly.