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After defining the research problem and deciding the objectives, the
research design must be developed. A research design is a master
plan specifying the procedure for collecting and analysing the
needed information. It represents a framework for the research plan
of action.
The objectives of the study are included in the research design to
ensure that data collected are relevant to the objectives. At this
stage, the researcher should also determine the type of sources of
information needed, the data collection method (e.g., survey or
interview), the sampling, methodology, and the timing and possible
costs of research.
4. Planning the Sample:
Sampling involves procedures that use a small number of items or
parts of the population (total items) to make conclusion regarding
the population. Important questions in this regard are who is to
be sampled as a rightly representative lot? Which is the target
population? What should be the sample sizehow large or how
small? How to select the various units to make up the sample?
5. Data Collection:
The collection of data relates to the gathering of facts to be used in
solving the problem. Hence, methods of market research are
essentially methods of data collection. Data can be secondary, i.e.,
collected from concerned reports, magazines and other periodicals,
especially written articles, government publications, company
publications, books, etc.
Data can be primary, i.e., collected from the original base through
empirical research by means of various tools.
Causal Research The most specific type of research is causal research, which usually
comes in the form of a field test or experiment. In this case, you are trying to determine
a causal relationship between variables. For example, does the music I play in my
restaurant increase dessert sales (i.e. is there a causal relationship between music and
sales?).
Step 3. Design & Prepare Your Research Instrument
In this step of the market research process, its time to design your research tool. If a
survey is the most appropriate tool (as determined in step 2), youll begin by writing your
questions and designing your questionnaire. If a focus group is your instrument of
choice, youll start preparing questions and materials for the moderator. You get the
idea. This is the part of the process where you start executing your plan.
By the way, step 3.5 should be to test your survey instrument with a small group prior to
broad deployment. Take your sample data and get it into a spreadsheet; are there any
issues with the data structure? This will allow you to catch potential problems early, and
there are always problems.
Step 4. Collect Your Data
This is the meat and potatoes of your project; the time when you are administering your
survey, running your focus groups, conducting your interviews, implementing your field
test, etc. The answers, choices, and observations are all being collected and recorded,
usually in spreadsheet form. Each nugget of information is precious and will be part of
the masterful conclusions you will soon draw.
Step 5. Analyze Your Data
Step 4 (data collection) has drawn to a close and you have heaps of raw data sitting in
your lap. If its on scraps of paper, youll probably need to get it in spreadsheet form for
further analysis. If its already in spreadsheet form, its time to make sure youve got it
structured properly. Once thats all done, the fun begins. Run summaries with the tools
provided in your software package (typically Excel, SPSS, Minitab, etc.), build tables and
graphs, segment your results by groups that make sense (i.e. age, gender, etc.), and look
for the major trends in your data. Start to formulate the story you will tell.
Step 6. Visualize Your Data and Communicate Results
Youve spent hours pouring through your raw data, building useful summary
tables, charts and graphs. Now is the time to compile the most meaningful take-aways
into a digestible report or presentation. A great way to present the data is to start with
the research objectives and business problem that were identified in step 1. Restate
those business questions, and then present your recommendations based on the data, to
address those issues.
When it comes time to presenting your results, remember to
present insights, answers andrecommendations, not just charts and tables. If you put a
chart in the report, ask yourself what does this mean and what are the implications?
Adding this additional critical thinking to your final report will make your research more
actionable and meaningful and will set you apart from other researchers.
While it is important to answer the original question, remember that market research is
one input to a business decision (usually a strong input), but not the only factor.
So, thats the market research process. The figure below walks through an example of
this process in action, starting with a business problem of how should we price this new
widget?