‘Market’ is simpler to pronounce but difficult to understand. It does not mean that understanding the market is impossible. Tougher it might be but absorbing all info about it can be no less than the magic. Market research companies have been disclosing all about the market. And it’s astounding that India’s market research companies have fixed their place at the top in the same process.
Rope in Market Research Process-why?
So..! How should start the market research? If you think that exploring market and its trend vaguely can disclose A to Z of these, then SORRY! You are at mistake. You have to take support of streamlined and organized market research process. The foremost step in this direction is to prepare a full fledge pattern of how to do it, its end to end steps, tools and techniques and eventually, don’t forget mentioning conclusion in the report.
Market Research Process:
a) Identify what are the business problems:
• Check out and make a list of all the problems causing trouble to your business.
• Collect all relevant information of the business.
• Look into ‘how’ that information affects taking decisions.
• Get clues about barriers by discussing with the organization.
• Note them down precisely.
• Be efficient during the pan process.
b) Define research objective:
• State clearly what the ultimate goals are.
• Express in quantitative and qualitative form
• Speculate the prospective findings (e.g. for sales and purchase)
c) Plan on the framework for research & the way it is to be studies:
• What to collect ( find out type of information)
• From where to collect (determine the future customers)
• How to collect (define methods, tools and techniques)
• Why to collect (declare action plan)
d) Planning the sample:
• Find out whom should be reached as target audience
• Observe the size of the population
• Discover the ways to find out the target audience.
e) Data Collection:
• Plan what method suits you the best
• Type of organization and its requisite information decide what is suitable method
• Primary methods, like surveys, one-on-one interviews, for getting accurate data
• Secondary methods, like articles, publications, for tracing pile of data
• Internal sources, for tracking firm’s internal data (like accounting details)
• External sources, for fetching additional info outside the firm
f) Process the data for analysis:
• Call adept analysts to edit, inspect the accuracy of the data
• Sort it out logically and meaningfully
• Record to data storage media
• Keep the data format simpler to understand
• Annex summary with details
• Analyze and mention in report
g) Formulating conclusion:
• Interpret the gist of the information
• Draw conclusion appropriately
• Report should be communicative, not typical and complicated
• Keep the report to the point and in pointers
• Suggest the prospective solutions