Market Research Process | Steps in Market Research (Marketing Video 17)

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Market Research Process determines the sustainability of a product through direct research with potential customers.

Market Research Process helps an organization to find target markets and get valuable feedback from the customers about their interest in a specific product or a service.

Step 1 - Define the Problem and Research Objectives

Understand the problem and define it explicitly so that it becomes possible to draw exact conclusions. This step will also avoid unnecessary wastage of resources

Step 2 - Developing Research Plan

This step includes collecting information to develop a viable research plan. It includes

Data Sources

Primary Source or a first-hand data.
Secondary Source or second-hand information through reports, journal etc.

Research Approaches to get Primary data includes

Observational Research
Ethnographic Research
Focus Group Research
Survey Research
Behavioral Data
Experimental Research
Sampling Plan

Step 3 Information Collection

The researcher in this step has to adopt methods and select techniques to collect information. He has to record the results appropriately for further use

Step 4 - Analyzing Information

The next step is to organize the available information so that it can be analyzed appropriately. Apply statistical techniques and advanced decision models to perform computing averages and analyze data respectively.

Step 5 – Presenting the Findings

In this step, the research and its findings are shown to the top-level management that includes the CEO, managing director and Board of directors, who are the decision-makers.

Step 6 – Decision Making

This is the step where the management has evaluated all the findings and now have to make important decisions based on the facts gathered. The management can either accept the findings as correct or discard them as unsuitable.

Market Research – Fact Check

Top research companies in the world are

1. Nielsen
2. IQVIA
3. Kantar

Market Research Process - Examples

1. Cocoa Cola
2. Lego

This video is on the Market Research Process and has the following sub-topics.

Time Stamps

0:00 What is Market Research Process?
00:44 Developing Research Plan
03:04 Information Collection & Analysing Information
03:38 Present the finding & Decision making
04:05 Market Research Fact Check
04:32 Example: Coca Cola
05:05 Example: Lego [Ethnographic Research]