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Steps for Conducting Market Research

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Added on  2023-01-11

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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.

Steps for Conducting Market Research

   Added on 2023-01-11

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Steps for Conducting Market Research_1
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.
Steps for Conducting Market Research_2
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.
Steps for Conducting Market Research_3
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.
Steps for Conducting Market Research_4

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