Market research procedure
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If you decide to conduct market research on a specific topic, the process must be well thought out in advance in order to avoid possible mistakes. In order to provide you with a systematic approach, we have summarized the market research process in 5 points below:
1. Problem formulation and objective
Market research begins with an analysis of the initial conditions and the objective. What data do I need to eliminate my problem or achieve my goal? What marketing question do I have?
2. Choice of the research design
Here, it is a matter of precisely defining the information requirements and developing a suitable design for obtaining the data. Important points here include the definition/selection of the target persons to be interviewed, the choice of data collection and evaluation method, and the determination of the time schedule.
3. Data collection
Once the data collection method has been determined, the data is collected. This can be done in various ways, for example, in writing, in person, by telephone or Internet-based.
4. Data analysis and data interpretation
Data collection is followed by data analysis and interpretation. Here, the data is first processed and then put into context for the company. This results in the consequences for upcoming decisions.
5. Communication of results
After the data has been analyzed and interpreted, it is finally prepared, for example in the form of a report or presentation, and communicated to decision-makers and users of this research.
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