Market Research

Market research (or marketing research) is any set of

techniques used to gather information. Businesses use
this information to design better products, improve
experience and develop a marketing strategies that
attracts prospects.
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.

Ref. https://www.hotjar.com/blog/market-research/#what-is-market-research
https://www.investopedia.com/terms/m/market-research.asp
NEED FOR MARKETING RESEARCH

• To undertake marketing effectively

• Changes in technology
• Changes in consumer tastes & Preferences
• Market demand
• Changes in the product ranges of competitors
• Changes in economic conditions
• Distribution channels
 Steps in the marketing research
process

1. Identification and Defining the Problem

2. Statement of Research Objectives
3. Planning the Research Design
4. Data Collection
5. Data Processing and Analysis
6. Formulating Conclusion, Preparing and
Presenting the Report
 1. Identification and Defining the
Problem
• The market research process begins with the
identification “of a problem or opportunity
faced by the company, 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. Statement of Research Objectives

• After identifying and defining the problem, the

researcher must take a formal statement of
research objectives. When specifying research
objectives, development of hypotheses, might be
very helpful. Objectives provide the necessary
information to solve the problem.
 3. Planning the Research Design
• A research design is a framework or blueprint for
conducting the marketing research. It gives details of
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.
• Activities like Questionnaire design, Sampling, primary
and secondary data collection etc are prominent.
Ref. https://courses.lumenlearning.com/boundless-marketing/chapter/the-market-research-process/
 4. Determine the Methods and
Collection of Data
The collection of data relates to the gathering of facts to be
used in solving the problem. Data can be primary, i.e.,
collected from the original base through empirical
research by means of various tools.
Like Telephone surveys, Mail surveys, Door-to-door
interviews And secondary, i.e., collected from
concerned reports, magazines and other periodicals,
especially written articles, government publications,
company publications, books, company reports etc.

Ref. https://www.yourarticlelibrary.com/marketing/7-stages-or-steps-involved-in-marketing-research-process/27953
 5. Data Processing and Analysis
• Data Analysis is an important step in the Marketing
Research process where data is organized, reviewed,
verified, and interpreted. And may be presented by
building tables and graphs, segmenting the results by
groups like age, gender, etc.
 6. Formulating Conclusion,
Preparing and Presenting the Report

• During the Report Preparation & Presentation

step, the entire project should be documented
in a written report that addresses the specific
research questions identified; describes the
approach, the research design, data collection,
and data analysis procedures adopted; and
presents the results and the major findings.
• Ref. https://courses.lumenlearning.com/boundless-marketing/chapter/the-market-research-process/