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Four Steps to Designing a Market Research

June 21st, 2013 11:30 pm

Put simply, market research is the act of finding a product or service to sell, determining who your buyers are, and learning about your competition. Its purpose is to help identify the key information that will help make your campaign a rousing money making success.

Marketing research is a four-step process consisting of defining the problem, developing a research plan, collecting information relevant to your product and writing up a final report or evaluation. There are marketing research process steps so are there international market research process steps.

Step One – Define the problem

First you will have to work out the size of the market where you intend doing your market research. Defining the problem is more or less taking your product and service and finding out how that product or service will fit into the current marketplace. Part of this process may be a test market of a new product to see if the targeted audience responds favorably or unfavorably to it.
Once you have defined your business objectives you can refer back to it throughout the market research process to ensure you stay focused.

Next, find out what information already exists that may answer some or all of the questions. For example, in the case of a satisfaction study, have a chat to your sales staff to see if they have had any feedback from customers that suggest they are unhappy.
In this way you will able to tell if you should move forward with sales of the item or not. One example of a test market would be selling a product in only one geographical area to see how well sells then expanding the product nationwide if the results are favorable.

Step Two – Develop a plan

A detailed action plan must be developed. Information can be collected that already exists and then secondary information needs to be established. The sampling method and design has to be decided on. It could be via the internet, email, phone or personal contact. This would depend on your situation. A sample should be drawn up.
In marketing concepts are those ideas that are formed about a product or service. For instance when a car company wants to see if a new car model will go over with consumers they develop and show off a concept car. This gives the consumer a basic idea of what the car is going to be like.

Step Three – Implement the plan

This is the entire data collection, the most expensive part of the project. It is also the part that can hold a lot of errors because of biased or dishonesty in answers. When collection data make sure you collect only the type of data needed to make rational marketing decision. The data you collect will come from two sources; the primary data and the secondary data.

The primary data is the new fact and figures that you have collected specifically for the purpose of helping you with your current marketing decisions. The secondary data is information that have had previously used or stored which is your internal data, or external data which is that data that can be found at other sources outside of your immediate resources.

Step Four – Interpret and reporting

The whole team will work together and will assess the project carefully overcoming problems and solutions and interpreting the outcome. The final report will give you the information you need to either move ahead with marketing your product or service or to say enough is enough and you realize that it just won’t work. Remember marketing research must be done whether you are an independent business person or a company making millions of dollars other wise you will be wasting a lot of time and money going nowhere.

About Financial for June 2012

June 21st, 2012 11:06 pm

Insurance and Banking Directory
About Financial for June 2012 talks about Insurance and Banking Directory. About Financial is a directory of financial resources & information providing websites relating to loans & financing, marketplace, insurance, debt services, banks & credit unions, payment solutions.

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Directory of Blog on Finance offers information related to financial planning, bookkeeping, exchange rate, accountant, credit card, mortgage, income tax, employment, in UK.