It’s easy to dismiss the importance of marketing research. After all, when you first think of a business idea, spending hours on market research is the last thing on your mind. Most of us would rather start making and selling products right away than think about the value of marketing research.
But for any type of business, there's a real need for market research. This is especially the case for small businesses, where the first few months can prove to be precarious. New businesses need sales and customers as soon as possible, and market research can ensure that those sales and customers don’t stop coming.
Define the Problem or Opportunity
examine the expectations
Formulating a problem is the first step in the research process. In many ways, research starts with a problem that management is facing. This problem needs to be understood, the cause diagnosed, and solutions developed. However, most management problems are not always easy to research. A management problem must first be translated into a research problem. Once you approach the problem from a research angle, you can find a solution.
Method of Inquiry
The research design is a plan or framework for conducting the study and collecting data. It is defined as the specific methods and procedures you use to acquire the information you need.
VALID & unbiased
This is the meat and potatoes of the project; the time when we are administering our survey, running our focus groups, conducting our interviews, implementing our field test, etc. The answers, choices, and observations are all being collected and recorded, usually in spreadsheet form. Each nugget of information is precious and will be part of the masterful conclusions we will soon draw.
In order for data to be useful, we must analyze it. Analysis techniques vary and their effectiveness depends on the types of information we are collecting, and the type of measurements we are using.
PRESENTING OUR FINDINGS
This report will include all of our information, including an accurate description of our research process, the results, conclusions, and recommended courses of action. The report provides all the information the decision maker needs to understand the project.