Steps for Conducting Market Research

This document provides a brief description of the five steps involved in conducting market research. It explains the importance of market research in increasing market share and provides an overview of the methods used to collect primary and secondary data. The document also discusses the analysis of qualitative and quantitative data and the role of sampling in market research. Additionally, it covers the purpose of having a hypothesis and the general rules of professional behavior for market researchers.

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QUESTION 1
Briefly describe the steps for conducting market research.
The five steps of marketing research include the following
 Defining the problem or opportunity - marketers of company are always looking for
grabbing opportunity for increasing market share.
 Market research plan - after the analysis of market opportunity, a research plan is
developed in order to analyse needs and demands of customers
 Collect relevant data and information - this process states that data related to who needs
of customers is analysed properly
 Analyse data and report findings - this step is related with managing the data of market
properly and preparing reports
 Putting research into action - in this step, the research of market it is evaluated properly
and it an action plan is executed.
QUESTION 2
Why would your research data need to be processed? Describe four methods you can process
your data.
It is very important to process the data which is used for research as it will help in in managing
the data and information properly and evaluating the system properly. Different steps of data
process include the following - interviews, Focus Group, observation, surveys. Direct interview
can be taken the respondent in order to analyse the customer's demand. In Focus Group, there is
discussion about the research topic. In case of observation, the researcher analyse and evaluate
demands of customers. Surveys are conducted for analysing the needs of customers for managing
the research work.

QUESTION 3
What is primary data? Describe four techniques of collecting primary data and determine if those
collection techniques are qualitative or quantitative.
Primary data is defined as the data which is first hand information taken from the respondent.
The four techniques of collecting primary data are direct personal interview, telephonic
interview, mailed questionnaire method, indirect oral investigation. After taking data from these
primary methods, quantitative as well as qualitative results are obtained. From questionnaire
method, it is is concluded that quantitative analysis can be done. By using personal interview and
oral investigation, qualitative data can be processed.

QUESTION 4
What is secondary data? Describe the two main methods of collecting secondary market research
data.
Secondary data is defined as the information which is collected from already existing data. There
are different ways of obtaining the secondary data which includes published data and personal
records. The published data is known as secondary source of information which is used for data
collection. This can be obtained from newspapers, magazines, journals. On the other hand, the
personal records consists of the data which is unavailable in published form.
QUESTION 5
Describe the most common methods of analysing qualitative and quantitative data.

Different sources of quantitative data includes observations, surveys and secondary data. The
qualitative data is collected from interviews, focus groups, observations. It is important for the
investigator to analyse what type of data will be helpful in completing the research in proper
manner.
QUESTION 6
Discuss why qualitative and quantitative data both play an important role in research.
The qualitative and quantitative data are both important for managing the research. In context of
quantitative data, there is analysis of data that is showed by using graph and statistics. In case of
qualitative research, there is involvement of in depth analysis and evaluation of data that is
helpful in managing the research work.

QUESTION 7
What is the rationale for sampling in market research?
Sampling is the process of selecting units (e.g., people, organizations) from a population of
interest. There is need of managing the sampling properly so that work is done in proper manner.
There is need of having proper sampling because it helps in conducting the market research
effectively.
QUESTION 8
In two to three paragraphs discuss sample design in market research.

Sampling design is a mathematical function that gives you the probability of any given sample
being drawn. There are different sampling methods used by the researcher for managing the
research. The sampling methods are mentioned below -
Systematic sample: all members of a population are listed in order and samples are chosen at
defined intervals
Stratified sample: the population is first divided into strata and then samples are randomly
selected from the strata
Cluster strata: a population is divided into clusters and first clusters are randomly selected, then
random members of the selected clusters are sampled.
QUESTION 9
What is the purpose of having a hypothesis? Discuss the principles a market researcher would
need to apply to develop a strong hypothesis.

A hypothesis is used in an experiment to define the relationship between two variables. The
main purpose of a hypothesis is to find proper answer to the research question. There is
formalised hypothesis which is helpful for managing the experiment properly. The first variable
is called the independent variable and second in dependent variable.
QUESTION 10
In your own words, describe the aims of the Privacy (Market and Social Research) Code 2014?
How has the Code come about and who complies with the Code?
The Association of Market and Social Research Organisations (AMSRO) is defined as the
national industry body. The main aim of this is to promote and protect market and social research
for managing the research work properly. The long-term success of market and social research
depends upon the willing cooperation of the public and business community.

QUESTION 11
In your own words summarise the general rules of professional behaviour that a market
researcher should observe under the Australian Social and Market Research Society Code of
Professional Behaviour.
Market Research is related with the dependence of managing and cooperating the business and
public community in effective manner. It is very important to manage the business and market
research. The main aim of market research is to carry out honest and loyal researches. Another
objective is to directly sell or promote goods or services and influence opinions of respondents.
QUESTION 12
The Spam Act 2003 regulates unsolicited commercial electronic messages in Australia. What are
the three things that an electronic message cannot be sent without under the Act?

From the Spam Act 2003, the consent of the relevant electronic account-holder may not be
inferred from the mere fact that the relevant electronic address has been published. The
electronic messages are given to public or a section of the public, to send electronic messages to
a particular employee, particular director or officer of an organisation and particular partner in
a partnership.
QUESTION 13
Discuss what the difference is between questionnaires and interviews. What is the advantage and
disadvantage of using one method over the other?
A questionnaire is defined as list of questions which respondents have to fill for managing the
research. On the other hand, interview is defined as the method for collecting data for research. It
is convenient to use questionnaire as they take less time and making interpretations. This is very
important for the investigator to manage the research work.
QUESTION 14
Briefly discuss the use of cross-sectional and longitudinal surveys.

Cross sectional studies are accessed one point in time. On the other hand, longitudinal are several
points in time. The cross sectional are collected from different samples and same sample is done
for longitudinal surveys.
QUESTION 15
Conduct your own research to find out how a research report should be formatted. Briefly outline
your findings to include the headings that might be used, the order of your data and the style
and tone you would you.
The structure of report includes Title of Report Table of Contents, Abstract/Synopsis, Body of
report, Introduction, Literature review, Methodology, Results, Discussion, Conclusion
Recommendations, Supplementary material References or Bibliography Appendices. The
headings must be Heading 1 and font can be Arial /Times new roman.
QUESTION 16
Outline the information that an organisation might define in a style guide in relation to writing
and communicating research data and reports. Why is a style guide important?

A style guide is a reference point that sets standards for writing documents within
your organization. The focus of the style guide is not usually a matter of 'correct' or 'incorrect'
grammar or style but, rather, it provides guidance for instances when many possibilities exist. It
is important to use the style guide while preparing the information of organisation.