Now marketing research is required at all the stages and the process is methodical and systematic. So systematic planning is in the procedures at each stage and need to be methodologically strong, well organized, and, and well planned in advance. Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses.the underlying principles and rules of organization of a philosophical system
Research is objective when used for marketing. Research attempts to provide accurate information that reflects a true state of affairs. It should be conducted honorably. While research is always influenced by the researcher’s research philosophy, it should be free from the personal or political biases of the researcher or the management. Research which is motivated by personal or political gain involves a breach of professional standards. The motto of every researcher should be, “Research it and tell the truth.” The objective nature of marketing research underscores the importance of ethical considerations.
This type of research involves the identification, collection, analysis, and circulation of information. Each phase of this process is important. You need to identify or define the marketing research problem or opportunity and then determine what information is needed. All of the information and recommendations are then provided in a format that allows the information to be used for management decision making and to be used directly to check the flow of your web site traffic. It should be emphasized that marketing research is conducted to assist management in decision making and is not: a means or an end in itself.
* Qualitative marketing research – generally used for exploratory purposes – examples include focus groups, in-depth interviews, and projective techniques * Quantitative marketing research – generally used to draw conclusions – tests uses random sampling techniques so as to infer from the sample to the population – examples include surveys and questionnaires. * Ethnographic studies -, the researcher observes social phenomena in their natural setting – examples include product-use analysis and computer cookie traces. * Experimental techniques -, the researcher creates a artificial environment as a control to try to control spurious factors, then manipulates at least one of the variables – examples include purchase laboratories and test markets
The first research design is often used more by researchers. You may start with research to get background information, then conduct a focus group. Also you could do a full nation-wide survey in order to retrieve specific information for your client. Marketing information is observing the environment of your location and the competitions location. Small scale surveys and focus groups are low cost ways to gather information from existing and potential customers. Most secondary data (statistics, demographics, etc.) is available to the public in libraries or on the internet and can be easily accessed by small business owners.
Next you need to provide primary and or secondary data (if necessary). Also analyze the Macro & Micro Economic data (e.g. Supply & Demand, Price change, growth, Sales by sector/industries,interest rate, number of investment/ divestment. Checking the marketing mix conceptions is next which are: Place, Price, Product,Promotion, People, Process, Physical Evidence and Political & social situations to analyze global market situation. Analyzing the market trends, growth, market size, market share, market competition, drivers of customers loyalty and satisfaction, brand perception, satisfaction levels, and current competitor-channel relationship analysis. Next you need to determine your market segment, target, forecast and market position.
Formulating the market strategy and investigating the possibility of partnership/ collaboration analysis of potential partners, evaluating business partnership. Combine the analysis with the SME’s business plan/ business model analysis, Business description, Business process, Business strategy, Revenue model, Business expansion, Return of Investment, Financial analysis Company History, Financial assumption, Cost/Benefit Analysis, Projected profit & Loss, Cashflow, Balance sheet & business Ratio,etc in order to get the right information for your business.
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