Process of Market Research

MARKET RESEARCH The action or activity of gathering information about consumers' needs and preferences. Define the Objective e Your Determine Your "Research Design" "Problem" Defining the goals of the project. Understanding the key business problem. Example: "how should we price this new widget?" or "Which features should we priorities?" *First, Exploratory Research to determine what competitors are doing(secondary research) *Second, Descriptive Research (survey) to measure targe customer's attitudes, expectations: Determine target population, Sampling Strategy,Incentive and recruiting plan Design & Prepare Your "Research Instrument" Design your Research Tool. * For survey:writing your questions and designing your questionnaire. * For Focus Group:preparing questions and materials for the moderator. Collect Your Data The answers, choices, and observations are all being collected and recorded, usually in spreadsheet form. Analyze Your Data Structured your collected data properly in spreadsheet form for further analysis. Create summaries: build tables, graphs, segments your results by groups that make Visualize Your Data and Communicate Results Answer the original business problem according to market research. $. sense. brought to you by : You can follow us: Discuss.l@ You Tube