Market Research Project - Top 5 Steps to success

KEY HIGHLIGHTS

The market research process involves five steps:

1: Problem definition, 2: Research design formulation, 3: Data collection, 4: Data analysis, and 5: Report preparation and taking action.

Would you like to know why, how, and when to launch your product/service? Do you want to discover why your audience are not buying/investing in your products? Are you interested in launching a new product or a service, but you’re not sure which location would be the best and what exactly your consumers want?

You’ll need your customers’ help to answer the above questions. But how will you collect that data? In this case, market research is the best way to get the solution you need. This ultimate guide will showcase five important steps to market research.

What is Market research?

To define, market research is the process of estimating the feasibility of a product or service through thorough research conducted directly with potential consumers. This technique helps organisations or businesses in several ways, including identify their target market, and make up-to-date decisions. Organisations can conduct market research on their own. Also, they can hire a market research firm like Stratview Research which have expertise in this process.

With continuous change being the norm in any business, one thing remains constant: the need for market research. Did you know that the market research process has six key steps?

- Identify and define the problem. Before you start any research, you should know what issues you are going to solve. A well-defined subject is needed for a proper questionnaire so that the audience can answer those questions in a way that it can help solving the concerned issue. Researchers can perform tests with a small group to see if the questions seem to be understandable and sufficient for obtaining insightful results.

- Research design. Designing a survey or questionnaire is considered the most important step in any survey process. Designing research takes a lot of time and opinions. Just like, "If you put garbage in, you'll get garbage out”. If the questionnaire is improper, the data will be useless as well. During the research design, you must keep in mind sampling methods and data analysis factors you intend to use.

- Collect the data. Data collection is a crucial step in the research process as the data gathered plays a vital role in the strategy planning. Thankfully, with the help of research firms, this step is relatively painless. While research is always influenced by the researcher’s philosophy, it should be free from the personal biases. Hence, it is preferrable that the data collection process is conducted by 3rd party.

- Analyze the data. Analysis of data is a step where the user inspects, transforms, and exhibits the data with the goal of highlighting useful information. This database can be used to extract appropriate info that identifies customer patterns, features and behaviors.

- Report, Present, Take Action. The final step in the market research process is to present the research findings and draw conclusions. When your research is complete, it’s time to present your findings and take action. Now you can put the findings to the test.

Business environment, and trends are constantly changing, which means that your research is never over. The more you know about your customers, and industry, the more successful your marketing efforts and company will be. Connect with a well-known market research firm like Stratview Research and get going. Over time, global market research firms like Stratview Research have been conducting researches at the right time, and are providing unbiased and balanced results.

Reach the team Stratview at +1-313-307-4176 or mail your requirements or queries to sales@stratviewresearch.com.