6 Steps in Conducting Marketing Research that You Must Know
Marketing research is a research activity in the field of marketing whose results will be used as consideration in solving problems or in making certain decisions. With this research, the company’s management can find out what needs to be improved and know which marketing strategies are still relevant to run based on accurate information.
Marketing research must be carried out systematically, starting from the formulation of the problem, the formulation of objectives, data collection, data processing, data analysis, to compiling reports on the final results of the research. For more details, see the discussion below.
1. Formulate the Problem
The first thing to do is to formulate a problem. The process of formulating this problem plays a very important role so that later you can understand well what goals will be achieved. As we know, research is the process of producing accurate information as a basis for taking steps or overcoming certain problems in a business.
For example, suppose your problem is wanting to determine how much it will cost for promotion or advertising. So, your problem statement is how to find out the amount of costs required. While the results of your research must produce the most ideal range of advertising or promotional costs.
2. Determine Research Design
Research design is a procedure on how to collect data, how to test hypotheses, and the possibility to collect questionnaires through various methods needed. The determination of research design usually depends on the parameters that determine the outcome of a research.
3. Designing Data Collection Methods
Sources of data used in research are primary data and secondary data. The primary data that you need, and usually taken directly from the field. While secondary data is supporting data that is usually taken from books or other references.
4. Take Samples and Collect Data
Some data collection methods that you can use for example interviews, field observations, questionnaires, or studies of other similar research documents. The results of the data collection then need to be compiled into a database.
5. Conduct Data Analysis and Interpretation
The data that you have collected will then need to be analyzed and interpreted to conclude. Start from editing, coding, tabulation, statistical analysis, and data interpretation. The results of the analysis and interpretation of this data will be the basis for you in preparing your research report.
6. Prepare Research Reports
The research report is the result of the research process that you do. This research report can be in the form of research results, conclusions, or research recommendations. Later, the research report will be used as consideration in making decisions or solving certain problems.
Marketing research has three main functions, namely:
- Evaluating: This function is used to evaluate marketing programs that have been done before. Through this function, you will find out what has worked effectively and what hasn’t. An evaluation function is also needed when the company wants to do a review related to brand positioning compared to competing products.
- Understanding: This function aims to better understand the needs and desires of consumers. To carry out this function, research is usually conducted regarding consumer behavior and habits, as well as expectations and complaints about your product.
- Predicting: This function aims to predict future market conditions or prepare preventive measures for a particular condition.
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