Main steps involved in marketing research process are:
Step 1 Identifying and Defining a Marketing Problem: The first step in the marketing research procedure is to identify the marketing problem which needs to be solved. The problem may be related to product, price, market competition, sales promotion, etc. The research process can start only when the researcher had identified and defined the problem clearly.
Step 2 Specifying the Information Requirement: In this stage, the researcher has to decide the type of information or data required for his/her study purpose. For collecting the information, the researcher can either use primary or secondary data or both. The secondary data is the data which already exists in a published form. The primary data is collected for the research product in hand through telephonic or mail survey, personal interviews, etc.
Step 3 Developing the Research Design and Research Produce: Research design is the plan for the conduct of actual research investigation. This design provides guidelines for the researcher and helps him/ her to know that he/ she is moving in the right direction regarding data collection.
The research design contains answers to the following questions:
- What is the nature and purpose of study?
- What type of data is required?
- How to collect required data?
- What is the technique of data collection?
- How much funds will be required?
- How much time will be needed for completion of research project?
Step 4 Select the Research Instrument, Sample Type and Size to be Used: In this stage, the researcher has to plan the sampling unit, procedure and size. It is not possible to interview each and every person. Therefore, the researcher must define the target population from which sample has to be drawn. A sample design should be adequately representative in character. It must represent the total population under study
Step 5 Analysing and Interpreting the Information: The value of research is determined by its results. Thus, the data collected has to be analysed and interpreted. For this purpose, the researcher tabulates the data and uses various statistical tools like averages and measures of dispersion to facilitate the analysis and interpretation of data.
Step 6 Summarise the Findings: After the process of analysing and interpretation is completed, the next step is to draw conclusions and summarise the findings in a compact and concise 10994 manner, so that more is conveyed through less.
Step 7 Preparing Research Report: Aster drawing conclusions, the researcher can make appropriate suggestions/ recommendations for solving the marketing problem in a satisfactory manner.
A researcher also prepares a document giving details of the research problem, data collected, conclusions drawn and the recommendations made. Such document is called the research report which is the final outcome of the lengthy research process. The report is prepared in a suitable format and acts as a self-explanatory document.
Since, marketing research provides information which helps in taking strategic decisions, therefore this process should be carried as diligently as possible.