Marketing research is the function that links the consumer, customer, and public to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyses, and communicates the findings and their implications.’
Marketing Research Process
American Marketing Association Official definition of Marketing Research. ‘Marketing research is about researching the whole of a company’s marketing processes’, Palmer (2000). Marketing research is not just an activity but a whole process. More so it is not a one-time buy but a continuous process. The steps in the marketing research process are:
- Defining Problem
- Data Collection
- Selecting a Sampling
- Analysis of Data
- Decide Upon a Budget
- Check for Errors
Market research should, first of all, have an objective. For example, the objective for market research of a company such as HUL could be ‘understanding the effect of advertisements on customers.
Here the firm decides the process by which data would be processed. Market research is done by analyzing both secondary and primary data. Primary data however calls for constant interaction with the consumer.
Selecting a Sampling
There are many types of sample selection (here customer selection) ways in market research. These include random sampling, stratified sampling, convenience sampling, cluster sampling, etc.
It is crucial for a firm to choose only the target segment customer. It should not be that for a Mercedes car sale determination, you should be interviewing a salaried middle-class consumer.
Analysis of Data
It is by far the most important step in market research. Here the data collected is converted into useful and relevant information. The accuracy, and software statistical techniques all form a part of the market research.
Decide Upon a Budget
It is necessary for a company to make a budget for market research and stick to it.
Check for Errors
It is crucial to check for any common errors while doing research on the customers. This error should be rectified or else it would cost the firm more than the market research itself.
The decisions on the final report have to be made and presented to the top management. This helps in taking decisions on various aspects such as advertising, product launch, sales figures, etc. based on the key results of the research.
FAQs Section about Marketing Research Process
What is the marketing research process?
The following are the steps of the marketing research process:
1. Defining the Problem
2. Data Collection
3. Selecting a Sampling
4. Analysis of Data
5. Decide Upon a Budget
6. Check for Errors.