BAM 222- Market Research

SY 2023-2024 2nd Semester

Lesson 4: The Market Research Process

Fig 1. The Market Research Process (2024)

1. Identify the Problem

• Look for marketing challenges or opportunities. Maybe your brand awareness

could use a boost, you’ve noticed declining customer loyalty, or you’re considering
opportunities in emerging markets.
• Frame it as a question. Why is customer loyalty decreasing? How can we enter the
market for luxury hotels? What does our customer’s typical path-to-purchase look
like?
• Determine what type of problem you have. In market research, a problem can be
ambiguous, clearly defined, or somewhere in the middle. Do you know the variables
and factors influencing what you want to measure? This is important as it will
influence your overall research design, which is up next.

2. Develop your research plan

The initial phase of this planning focuses on choosing your data sources – where you
will get the information and insights you are looking for. At the core of this effort is
effectively identifying your target audience. This is essential because you want to be
sure that the feedback and data you gather comes from the people who are most
 BAM 222- Market Research
SY 2023-2024 2nd Semester

relevant to what you are researching. (Marketing Research Process: Complete Guide |
SurveyMonkey, n.d.)

You would either decide if you will have:

1. Primary Research
2. Secondary Research

If you conduct primary research, you will choose between

1. Quantitative
2. Qualitative data
3. Both

You may also want to conduct secondary research that collects data from existing
sources. This research is valuable and keeps you from spending extra time and money
on information that is readily available. (Marketing Research Process: Complete Guide
| SurveyMonkey, n.d.)

Next, select your marketing research methods. Depending on your research problem,
you’ll need to conduct different research methods. (Marketing Research Process:
Complete Guide | SurveyMonkey, n.d.)

Here are several to consider:

• Does your objective entails understanding experiences or thoughts? Use

qualitative methods such as FGDs, interviews, etc.
• Does your objective required numerical data to understand average or patterns?
Use quantitative methods such as survey, experiments, observations, etc. :
• Time: Will you collect data at one point in time, or a longitudinal study that
takes place over a longer time period?
• Sampling: How large does your sample size need to be to be relevant to your
study?
• Contact methods: How will you contact research participants? In their homes,
and office, or virtual interviews?

3. Collect your information

Now it is time to execute your research plan.

It’s time to conduct your study through data collection - or, fieldwork.

• Quantitative research predominantly conducted online via various channels

such as email, text, social media, or websites.
 BAM 222- Market Research
SY 2023-2024 2nd Semester

• Postal and face-to-face interviews still exist but are less common, suitable for
groups without internet or smartphone access.
• Companies gather quantitative data through own contacts, social
media/website traffic, or panel providers targeting desired sample groups.
• Qualitative research involves focus groups, depth interviews, or ethnographic
research.
• Online qualitative fieldwork, including video surveys, is gaining popularity.

Keynote: It is important to be vigilant about any potential researcher biases that

may exist. If you and your team have preconceived notions about how research
participants will react to your questions, you will have to put them aside to
ensure your data is collected according to your research plan. (Marketing Research
Process: Complete Guide | SurveyMonkey, n.d.)

The data collection process can be challenging and time-consuming. You may
encounter some difficulties or limitations along the way, such as:

• Low response rate or participation rate

• Missing or incomplete data
• Inaccurate or unreliable data
• Biased or unrepresentative data
• Ethical or legal issues

To overcome these challenges and ensure the quality and validity of your data, you
should follow some best practices during the data collection process, such as: (G,
2023)
• Designing clear and relevant questions
• Choosing appropriate and valid instruments
• Testing and piloting your instruments
• Training and supervising your data collectors
• Obtaining informed consent from your participants
• Protecting the privacy and confidentiality of your participants
• Checking and cleaning your data

4. Analyze the Data

The fourth step in the marketing research process is analyzing the data. This means
processing, organizing, and interpreting the information that you have collected from
your sources and methods.

Depending on your research plan, you may analyze quantitative data or qualitative
data or both. You may use different techniques and tools to analyze your data, such as
descriptive statistics, inferential statistics, content analysis, discourse analysis, or
software.
 BAM 222- Market Research
SY 2023-2024 2nd Semester

The data analysis process can be complex and technical. You may need to apply some
skills or knowledge during the process, such as:
• Data coding and categorizing
• Data tabulation and visualization
• Data summarization and description
• Data testing and inference
• Data interpretation and explanation

To perform the data analysis process effectively and efficiently, you should follow
some best practices during the process, such as:
• Reviewing your research objectives and questions
• Choosing appropriate and valid techniques
• Applying consistent and accurate calculations
• Reporting clear and precise results
• Explaining meaningful and relevant findings

5. Present and Report the Findings

The fifth step in the marketing research process is presenting and reporting the
findings. This means communicating the results of your data analysis to your audience
in a clear, concise, and compelling way.

Depending on your audience, purpose, and format, you may present and report your
findings in different ways, such as:

• Oral presentation (such as a speech, lecture, or webinar)

• Written report (such as a paper, article, or book)
• Visual presentation (such as a slide show, poster, or infographic)
• Interactive presentation (such as a website, dashboard, or app)

The presentation and reporting process can be creative and persuasive. You may need
to use some strategies or techniques during the process, such as:

• Structuring your presentation or report logically

• Using headings, subheadings, and bullet points to organize your content
• Using charts, graphs, tables, or images to illustrate your results
• Using colors, fonts, or animations to enhance your design
• Using stories, examples, or quotes to engage your audience
• Using facts, figures, or citations to support your arguments

6. Take Action Based on the Results

The sixth and final step in the marketing research process is taking action based on the
results. This means using the findings of your presentation or report to make decisions
and implement changes in your marketing strategies.
 BAM 222- Market Research
SY 2023-2024 2nd Semester

Depending on your research objectives and results, you may take different actions
based on the results, such as:

• Launching a new product or service

• Entering a new market or segment
• Increasing customer satisfaction or loyalty
• Improving brand awareness or reputation
• Reducing costs or increasing profits

Whatever your action is, you should make sure that it is aligned with your research
findings and recommendations. You should also monitor and evaluate the impact and
effectiveness of your action and adjust it as needed.

References:

• G, B. (2023, September 11). 6 Steps in Marketing Research Process: A Complete Guide.

Medium. https://medium.com/@saber.dzbba34/6-steps-in-marketing-research-process-

a-complete-guide-922a717d92d5

• Q. (2024, February 12). Market Research Process: Six Steps to Follow.

https://www.quantilope.com/resources/glossary-market-research-six-steps-to-follow

• Marketing Research Process: Complete Guide | SurveyMonkey. (n.d.). SurveyMonkey.

https://www.surveymonkey.com/market-research/resources/marketing-research-

process-guide/

• S. (2024, February 21). Introduction to Market Research and the Research Process at

UGA. Georgia Center - UGA. https://www.georgiacenter.uga.edu/courses/market-

research/intro-market-research-process

• Hague, P. (2021, November 3). Market Research in Practice. Kogan Page Publishers.

http://books.google.ie/books?id=P3RJEAAAQBAJ&printsec=frontcover&dq=Practical+Gu

ide+to+Market+Research+by+Paul+Hague&hl=&cd=3&source=gbs_api