Marketing research process.
One of the most important things in the market research process
is to identify the problem. When you do any research and collect data you need
to know what you are learning from the research you just did. Defining the
problem you will solve, will determine what kind of information you need and
how you can get to that information. This helps the organization to clarify what
the problem can be. Then you know how to address the loss of market share or
how to launch a new product.
Develop the research plan.
When you have examined potential reasons for the problem and
know exactly what you are trying to figure out or solve, it’s time for the
research plan. The research plan can maybe be a little overwhelming because it
can include the method that can help answer the research problem.
Here are some things the organization can do to develop the
research plan.
· - Take
an interview whit the customer.
· - Run
user test.
· - Conduct
a survey.
Conduct research.
Most of the data you will collect during the market research
will be quantitative vs qualitative. Which are observational and descriptive. You
will then get a mix of the two types of data. You can run an A/B test on one
website to see after the new pricing tier can bring in some more business. You
can also interview some of the customers about how the new pricing sounds to
them. This way you receive qualitative data that can provide more color and insight.
When organizations are collecting data, they need to make sure it is valid and
unbiased.
Analyze data and report findings.
When you have gathered all the information you need it’s time
for analyzing the data. It’s important to look for things like trends and the opposite
of specific pieces of information. When you are analyzing the data you have gathered,
don’t look for patterns based on your assumptions before collecting data.
Take action
Now that your research is completed it is time to show your
findings and act. It’s time to start developing the inbound marketing strategy
and the campaigns. Put the findings to the test and get going. The takeaway
here is that now that this round of research is finished, it`s not over.
The business environment and the trends are changing all the
time. That means that the research you did is never over. Therefore, you should
analyze your data regularly, and look for what to improve.
Reference list
Tomasetti, B.
(2019). The 5 Step Marketing Research
Process. [online] Available at:
https://www.smartbugmedia.com/blog/the-5-step-marketing-research-process.
Picture: Anon, (n.d.). [online] Available at: https://www.dreamstime.com/market-research-marketing-strategy-business-technology-internet-concept-market-research-marketing-strategy-business-technology-image118756840.
Hi Jacob. That's a great blog. I liked how you clearly explained each stage in the process as well as giving examples of how a company could go about these stages such as conducting a survey.
SvarSlettFirst of all great blog it covers everything in detail especially the research plan. your section shows the best ways to solve problems. i also like that you mentioned once the data is gathered you need to analysis it as some people just show the data but don't say why its good or bad or even if its useful.
SvarSlettThis was really an informativ blog about the Marketing Research Process. Step by step information that's easy to understand and relate to. I liked the part about "Take Action" - This stated the importance of conducting this process regulary.
SvarSlettHi Jacob this is an interesting blog as you have structured your information like its a plan which i like so when i was reading i could imagine Myself completing the steps in order which was very helpful to read along and your information n about taking action after conducting the research was well written.
SvarSlettWow, excellent post, Jacob! You definitely know a lot about marketing strategies. I like how concrete and clean the post is and your list about how to develop your research plan. Looking forward to read next blog post
SvarSlett