Market Research Process:
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1 IDENTIFY WHAT ARE THE BUSINESS PROBLEMS:
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Check Out and make a list Of all the problems causing trouble to your business.
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Collect all relevant information of the business.
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Look into \'how\' that information affects taking decisions.
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Get clues about barriers by discussing with the organization.
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Note them down precisely.
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Be efficient during the pan process.
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2 DEFINE RESEARCH OBJECTIVE:
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State clearly what the ultimate goals are.
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Express in quantitative and qualitative form
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Speculate the prospective findings (e.g. for sales and purchase)
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3 PLAN ON THE FRAMEWORK FOR RESEARCH & THE WAY IT IS TO BE STUDIES:
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What to collect ( find out type Of information)
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From where to collect (determine the future customers)
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How to collect (define methods, tools and techniques)
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Why to collect (declare action plan)
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4 PLANNING THE SAMPLE:
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Find out whom should be reached as target audience
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Observe the size of the population
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Discover the ways to find out the target audience.
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5 DATA COLLECTION:
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Plan what method suits you the best
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Type Of organization and its requisite information decide what is suitable method
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Primary methods, like surveys, one-on-one interviews, for getting accurate data
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Secondary methods, like articles, publications, for tracing pile of data
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Internal sources, for tracking firm\'s internal data (like accounting details)
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External sources, for fetching additional info outside the firm
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6 SLEEP ANALYSIS
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Call adept analysts to edit, inspect the accuracy Of the data
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Sort it out logically and meaningfully
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Record to data storage media
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Keep the data format simpler to understand
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Annex summary with details
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Analyze and mention in report
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7 FORMULATING CONCLUSION:
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Interpret the gist Of the information
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Draw conclusion appropriately
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Report should be communicative, not typical and complicated
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Keep the report to the point and in pointers
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Suggest the prospective solutions