Marketing Management - Research Process

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Marketing Management - Research Process

After establishing marketing requirements, we need to establish the research process. Most marketing research projects include the following steps −

Define the problem
Determine research design
Identify data types and sources
Design data collection forms and questionnaires
Determine sample plan and size
Collect the data
Analyze and interpret the data
Prepare the research report
Let us take a look at all these steps one by one.

Problem Definition
The decision-making problem faced by management must be transformed into a market research problem in the form of questions that state the information required to make the decision and shows how that information can be obtained. For example, there could be a decision problem on whether to cast a new product. The corresponding research problem might be to appraise whether the market would accept the new product.

The objective of research should be stated clearly. To ensure that the true decision problem is addressed, it is useful for the researcher to outline possible outcomes of the research results and then for the decision maker to formulate plans of action under each scenario. The use of such outcomes can assure that the purpose of the research is agreed upon before it commences.

Research Design
After defining the issue in marketing research, we need to determine the research design. Marketing research can further be categorized into three following categories −

Exploratory research
This has the goal of formulating problems more specifically, clarifying concepts, and collecting explanations, gaining insight, removing impractical ideas, and forming hypotheses.

Descriptive research
This is firmer than exploratory research and seeks to specify in brief uses of a product, determine the proportion of the population that uses a product, or predict future demand for a product.

Causal research
This explores to search for cause and effect relationships between variables. It completes this goal through laboratory and field experiments.

Any one of the above types of research can be used to determine the best research design for the marketing research.

Data Types and Sources
Data types can be described as the different attributes on the basis of which a given data is classified into different categories or types. The data types and sources to be used can be divided as secondary data or primary data. Let us take a look at these data types.

Secondary Data
Secondary data means the data that have been collected previously for other purposes but that can be used in the immediate study. Secondary data may be internal to the company like sales invoices and warranty cards or may be external to the company like published data or commercially available data. The government census is an important of secondary data.

Secondary data offers the benefit of saving time and minimizing data gathering costs.

The main disadvantage of this data type is that the data may not fit the issue perfectly and that the accuracy may be more difficult to check for secondary data than for primary data.

Primary Data
Often, secondary data must be supported by primary data originated specifically for the study at hand. Some common types of primary data are demographic and socioeconomic features, psychological and lifestyle features etc.

Primary data can be obtained by interaction or by observation. Communication includes questioning respondents either verbally or in writing. This method is versatile, as one requires questioning for the information. However, the response may not be accurate or up to the mark.

Personal interviews have an interviewer partiality that mail-in questionnaires do not have. For example, in a personal interview the respondent's imagination of the interviewer may affect the responses.

Questionnaire Design
The questionnaire is an essential tool for collecting primary data. Poorly constructed questions can result in large mistakes and invalidate the research data, so considerable effort should be put into the questionnaire design.



Source: https://www.tutorialspoint.com/marketing_management/marketing_management_research_process.htm