Steps in Marketing Research
Oleh : Angeline Theodora – 2301851465
What is marketing research? But first we need to know, there were two term about it, there are market research vs marketing research. Well, market research is about the important information to identify and analyze the market need, market size, and competition. Whether marketing research is the systematic collection, analysis, and interpretation of data pertaining to the marketing conditions.
Here were definitions from experts, “The systematic gathering, recording and analysis of data about problems relating to the marketing of goods and services” —The American Marketing Association.
“The systematic objective and exhaustive research for and study of the facts relevant to any problem in the field of marketing.” —Richard Crisp, Professor of Psychology at Durham University.
Now we could see the difference, our topic that we’re going to discuss is marketing research. Why we need marketing research? How is marketing research work? What is the result from marketing research?
Marketing research can become a tool to link us to customer. The reason is to find out the change in the consumer behaviour due to the change in the elements of the marketing mix (product, price, place, promotion). Also, is a tool to compete with our competitors that can provide our value or differentiation.
Marketing research can be done by following some steps, the process might little complicated but here some explanation of them.
Step 1 Define the problem
- Find out the problem for which the research is to be conducted
Step 2 Develop the research plan
- Gathering the information relevant to the research objective (Data Sources, Research Approaches, Sampling plan, Contact plan)
Step 3 Collect the information
- The researcher may through difficulty to collect all the information
Step 4 Analyze the information
- Once collected, organize and do analysis with some techniques measurement
Step 5 Present the findings
- After achieve the anlyzes, present to the top level management (CEO, director, etc)
Step 6 Make the decision
- The decision is up to the top’s hand
After through all the process, it wasn’t wasting time if the result was disappointing, either the top management deny the analyses. It affects from objective points
- Reduce marketing cost
As the consideration to manage the cost for advertise, selling, etc.
- Find out new markets for the product
Such an amazing opportunity for the company, the example is increase the income.
- Know the market competition
Make the more values and was positive to triggered the company to level up.
- Study external forces and their impact
External forces may include conditions developing in foreign markets, government, policies and regulations.
This marketing research gives impact to all industry, such as decision to manage the company system, their path to running the business, and level up the company value. The discussion still stick about how we do the business with the important techniques. Helps many business worker to start their own business. And nowadays, we could see business start in millennials generation.