Marketing research is a process used by businesses to collect, analyze, and interpret information used to make sound business decisions and successfully manage the business. In other words, it links the consumer to the marketer by providing information that can be used in making marketing decisions (i.e. B2C or B2B). This can not be implemented without the use of a MIS (Marketing Research System) to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
Here are the steps to implementing a marketing research process.
1. Ask yourself if there is a real need for marketing research. It 's not only the first step to take but a very critical one as well! Research takes a lot of time due to the overload of secondary information available on the Internet. It 's ideal to think that it takes months or even a year to completely finalize a marketing research agenda. The other factor you will need to consider is the cost of doing it, especially if you hire an agency to do it for you. What you want to compare is the value of the information vs the cost of the information. If the value of the information is worth the cost and time of doing it, then by all means, go for it buddy!
If you 're still unsure, here 's a few quick guides to go by to determine that marketing research is not needed:
a) The information is already available
b) The timing is wrong to conduct marketing research
c) Funds are not available for marketing research
d) Costs outweigh the value of marketing research
2. Define the problem. This is the most important step (assuming you 've decided to do marketing research). If the problem is incorrectly d...
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...e sample size gives you accuracy!
Here 's a small but important task to take to prevent or minimize nonsampling errors from occurring: validate your participants by re-contacting!
7. Analyze and report the data. It 's always good to go back and run tests on the information you have to screen out errors that may occur. Once you have all that you need for the research (pie charts, bar graphs, statistics, survey, etc), you want to be sure to create a report of it. Carefully present the research report in a way that communicates the results clearly, yet accurately to the client.
Remember marketing research is all about connecting the dots. The more information you know about your consumers, the more you bridge together with your consumers. The more closer you bridge together with your consumers, the more miles you create for long-term customer relationships. Go for it!
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