Diagrams 1 and two above illustrate a specific methodology involved in the market research process, along with an example of the six-step process, respectively:
- 01 Defining Goals and the ProblemThis stage is when you must figure out what the core question is that market research can help you answer. Usually, it’s a business opportunity or problem that requires action and helps keep research heading in the right direction.
- 02 Figuring Out a Research DesignEnables businesses to plan the market research method, which might be a focus group or survey. Also includes selecting your sample of research customers and the research method like mail, in person, or the internet. It’s based on what type of data needs to be collected:
- Exploratory ResearchPerfect for when the topic isn’t well defined or understood, and the knowledge base is limited.
- Descriptive ResearchProduces detailed information through quantitative research, with the objective of evaluating targeted topics.
- Causal ResearchTest or experimental research phase that helps identify the relationship between different variables, such as a possible connection between sales and store ambiance.
- 03 Creating the Research ToolStarts with preparing a questionnaire, aligning a focus group, or gathering materials for a moderator, all dependent on the tools determined in step 2.
- 04 Data CollectionAll the insights gathered and recorded in this step are vital in the conclusions that you’ll draw.
- 05 Data AnalyzationTurns raw data into actionable insights, summaries, and reports that help define trends and inform decision making.
- 06 Data Visualization and CommunicationTransforms insights into a meaningful way of interpreting market research, and includes showing answers, recommendations, and insights in a way that helps support decision makers.
