Market
research is the regular design, collection and analysis of data and findings that relate to a marketing situation
facing an
organization. Proper
research can save much time and money, as well as open the way for new products and services that can prove profitable for the organization.
When market research is carried out, it has to meet certain requirements of cost, accuracy, time and security. Furthermore, there is a five-step procedure that any research project should follow:
Identify the area of research
Select a suitable method of carrying out the research. Such methods include surveys, face-to-face interviews, questionnaires, focus groups, observations, etc. The method to be used is related to the type of data needed (quantitative data or qualitative data).
Collect the required information (data). During this step, both primary research data and secondary research data is collected.
Analyze the data and turn them into meaningful information. Upon completion of this step you will have a summary of the research findings that need to be presented.
Report the data in an appropriate format. The key rule is “keep it simple”. Charts, graphs, details, etc should be used modestly and in relation to the people who will use them.
Market research is especially important to customer-driven organizations, as it reveals the customer needs and therefore the organization can respond with a product or service to cover such needs.