Marketing Research Every people want to continuous their business what ever it has, but every business face different market research problems in his life. So I want to share my experience that what Market Research is? types, essential benefits of Market Research, and what are the 10 ten Marketing Research mistakes. The marketing research process includes the systematic identification, collection, analysis and distribution of information for the purpose of knowledge development and decision making. Identifying and defining your problem: you have already identified a problem and an information need. This step is always the start of the marketing research process. At this point, the problem will have been recognized by at least one level of management, and internal discussions will have taken place. Developing your approach: in this step you can develop your approach by Project Analysis, Skill Analysis, and Budget Analysis. Research Design: Research design includes secondary information analysis, qualitative research, methodology selection, question measurement & scale selection, questionnaire design, sample design & size and determining data analysis to be used. Elements of Research Design Include: The Questionnaire Design Process Measuring & Scaling Sample Size Calculator Basic Statistical Testing Survey Questionnaire. Collecting the data:Often called data collection or survey fielding, this is the point at which the finalized questionnaire (survey instrument) is used in gathering information among the chosen sample segments. There are a variety of data collection methodologies to consider like internet surveys, mail surveys, Internet panel, mail panel. Performing data analysis: Any questionnaire data analysis will depend on how the questionnaire was constructed. Less complex questionnaire data analysis can be handled with any of a number of office suite tools, while more complex questionnaire data analysis requires dedicated market research analysis programs and finally Reporting and presentation: Market research reporting and presentation is easily the second most important step, if not the first. Any business critical information and knowledge that comes from your market research investment will be limited by how it is presented to decision makers. So these are the six steps of Market Research. Now there are two types of Marketing Research. Descriptive research: Marketing research to better describe marketing problems, situations, or markets. Causal research: marketing research to test hypotheses about cause-and-effect relationships between variables of interest. Elements of Effective Market Research: Marketing Research is a very important step in the evolution of your business. Without research, you have no basis on which to answer even the most basic questions; questions that you must answer if you truly desire to successfully market your product or service. The questions should base on your price, your market and your competition. Six Essential Benefits of Market Research: 1. Increases overall competency and understanding of critical research concepts and provides an enhanced ability to make well-informed decisions 2. Provides a cost-effective opportunity to supplement a company's internal training (Discounts for group enrollments are available!) 3. Facilitates a common knowledge bridge with all parties involved in the research process. 4. Provides a specific starting point for people entering the profession. 5. Gives company an objective tool to help develop and promote employees. 6. Assists researchers in understanding and differentiating between good research practices and those which undermine objective and impartial research. Top 10 Market Research Mistakes: Here are some of the most common mistakes businesses make in conducting market research and tips for avoiding them. • Overspending • Not knowing what you are looking for. • Poor choice of reference materials. • Not thoroughly researching the competition. • Not researching price information. • Researching the wrong group. • Not honing a good research instrument. • Not being aggressive enough in your research efforts. • Relying on one set of data. • Ignoring your market research. So these are the Common mistakes done by the companies. So try to follow the plan of Marketing Research. So you all carry the business with out any hesitation. I am Rizwan Saleem, the student of Muhammad Ali Jinnah University doing MBA.
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