• MARKET RESEARCH IS THE PROCESS OF DETERMINING THE VIABILITY OF A NEW SERVICE OR

PRODUCT THROUGH RESEARCH CONDUCTED DIRECTLY WITH POTENTIAL CUSTOMERS. MARKET

RESEARCH ALLOWS A COMPANY TO DISCOVER THE TARGET MARKET AND GET OPINIONS AND OTHER
FEEDBACK FROM CONSUMERS ABOUT THEIR INTEREST IN THE PRODUCT OR SERVICE.

• MARKETING RESEARCH IS A USEFUL AND NECESSARY TOOL FOR HELPING MARKETERS AND
AN ORGANIZATION’S EXECUTIVE LEADERSHIP MAKE WISE DECISIONS. CARRYING OUT MARKETING
RESEARCH CAN INVOLVE HIGHLY SPECIALIZED SKILLS THAT GO DEEPER THAN THE INFORMATION
OUTLINED IN THIS MODULE. HOWEVER, IT IS IMPORTANT FOR ANY MARKETER TO BE FAMILIAR WITH
THE BASIC PROCEDURES AND TECHNIQUES OF MARKETING RESEARCH.
THE MARKETING RESEARCH PROCESS INVOLVES SIX STEPS:
1. PROBLEM DEFINITION

2. DEVELOPMENT OF AN APPROACH TO THE PROBLEM

3. RESEARCH DESIGN FORMULATION

4. DATA COLLECTION

5. DATA PREPARATION AND ANALYSIS AND

6. REPORT PREPARATION AND PRESENTATION.

1. PROBLEM DEFINITION
DEFINE THE PROBLEM AND RESEARCH OBJECTIVES. THE FIRST STEP IN ANY MARKETING RESEARCH
STUDY IS TO DEFINE THE PROBLEM, WHILE TAKING INTO ACCOUNT THE PURPOSE OF THE STUDY, THE
RELEVANT BACKGROUND INFORMATION, WHAT INFORMATION IS NEEDED, AND HOW IT WILL BE USED IN
DECISION MAKING.

2. DEVELOPMENT OF AN APPROACH TO THE PROBLEM

STEP TWO INCLUDES FORMULATING AN OBJECTIVE OR THEORETICAL FRAMEWORK, ANALYTICAL
MODELS, RESEARCH QUESTIONS, HYPOTHESES, AND IDENTIFYING CHARACTERISTICS OR FACTORS THAT
CAN INFLUENCE THE RESEARCH DESIGN. THIS PROCESS IS GUIDED BY DISCUSSIONS WITH MANAGEMENT
AND INDUSTRY EXPERTS, CASE STUDIES AND SIMULATIONS, ANALYSIS OF SECONDARY DATA, QUALITATIVE
RESEARCH, AND PRAGMATIC CONSIDERATIONS.

3. RESEARCH DESIGN FORMULATION

A RESEARCH DESIGN IS A FRAMEWORK OR BLUEPRINT FOR CONDUCTING THE MARKETING RESEARCH PROJECT. IT
DETAILS THE PROCEDURES NECESSARY FOR OBTAINING THE REQUIRED INFORMATION, AND ITS PURPOSE IS TO
DESIGN A STUDY THAT WILL TEST THE HYPOTHESES OF INTEREST, DETERMINE POSSIBLE ANSWERS TO THE
RESEARCH QUESTIONS, AND PROVIDE THE INFORMATION NEEDED FOR DECISION MAKING
4. DATA COLLECTION
DATA COLLECTION IS A CRUCIAL STEP IN THE RESEARCH PROCESS BECAUSE IT ENABLES THE
GENERATION OF INSIGHTS THAT WILL INFLUENCE THE MARKETING STRATEGY.

5. DATA PREPARATION AND ANALYSIS

FIELD WORK, OR DATA COLLECTION, INVOLVES A FIELD FORCE OR STAFF THAT OPERATES EITHER IN THE
FIELD, AS IN THE CASE OF PERSONAL INTERVIEWING (FOCUS GROUP, IN-HOME, MALL INTERCEPT, OR
COMPUTER-ASSISTED PERSONAL INTERVIEWING), FROM AN OFFICE BY TELEPHONE (TELEPHONE OR
COMPUTER-ASSISTED TELEPHONE INTERVIEWING/CATI), OR THROUGH MAIL (TRADITIONAL MAIL AND
MAIL PANEL SURVEYS WITH PRE-RECRUITED HOUSEHOLDS).

6.REPORT PREPARATION AND PRESENTATION.

DATA ANALYSIS IS AN IMPORTANT STEP IN THE MARKETING RESEARCH PROCESS WHERE DATA IS
ORGANIZED, REVIEWED, VERIFIED, AND INTERPRETED.