Marketing research plays a crucial role in business strategy, allowing companies to delve into consumer needs, understand the market, and plan effective marketing actions. The marketing research process consists of several key stages, involving diverse methods, quantitative and qualitative data analysis, and concludes with a report providing essential insights. In this article, we will take a closer look at various aspects of this fascinating process.
Stages of marketing research
1. Defining the problem and research objectives
The first stage of the marketing research process is precisely defining the problem that the research aims to solve and establishing objectives. It is crucial to specify what exactly one wants to achieve through the research.
2. Research design
At this stage, researchers decide on the research methodology, select the research sample, and develop questionnaires or interview scripts. The choice of an appropriate methodology is crucial for the subsequent effectiveness and value of research results. The research technique is also chosen at this stage to effectively achieve goals while adjusting research costs.
3. Data collection
The data collection phase involves gathering data, depending on the chosen research technique – conducting interviews, online or telephone surveys, or collecting information through other research methods. The collected data will then be used for analysis.
4. Data analysis
The obtained data undergoes analysis to extract valuable information. Various statistical techniques and data analysis tools are employed at this stage.
5. Conclusions and recommendations
Based on data analysis, conclusions are formulated, and specific recommendations for the company are derived. These conclusions form the basis for further marketing actions.
- The ideal solution is to create a statistical analysis plan already at the survey design stage. Then we can be sure that the results of the survey will provide us with data that will be suitable for statisticians and thus enable us to answer the research questions and achieve the goal of the entire survey - explains Dr Monika Jaremków - R&D Director at Biostat Research and Development Centre.
Marketing research methodology
The methodology of marketing research encompasses the entire plan and organization of the research process. The choice of appropriate methods is closely related to the type of research problem and objectives.
1. Analytical methods
Analytical methods involve analyzing data from existing sources, such as industry reports, competition analysis, or market data. This approach allows for quickly gaining an overall market context.
2. Quantitative research
Quantitative research is based on collecting numerical data that can be subjected to statistical analysis. Online surveys, telephone surveys, or transaction data analysis are examples of quantitative methods.
3. Qualitative research
Qualitative research focuses on a deeper understanding of respondents' motivations and opinions. In-depth interviews (individual or group), focus groups, or content analysis are examples of methods used in qualitative research.
4. Mixed methods
The combination of quantitative and qualitative methods, known as mixed methods, is becoming increasingly popular. This allows for a more comprehensive understanding of the researched issue.
Analysis of quantitative and qualitative data
1. Analysis of quantitative data
Quantitative data analysis is based on numbers and statistics, utilizing tools such as tables, charts, and descriptive statistics. Regression analysis and statistical tests help draw more advanced conclusions.
2. Analysis of qualitative data
Qualitative data analysis requires a different research involvement and is based on understanding content. Texts, opinions, or statements are categorized and then interpreted. Methods such as content analysis or grounded theory are often applied.
See here: Understanding marketing research
Report
The final stage of the marketing research process involves preparing a report that summarizes all activities and obtained results.
1. Presentation of Results
The report presents collected data, analysis results, and formulated conclusions. The presentation should be clear and understandable for the audience, often including visualizations such as charts or infographics.
2. Recommendations
The report concludes with recommendations for the company. This is a specific list of actions that can be taken based on the obtained results, aiming to improve the marketing strategy.
3. Summary
The last part of the report includes a summary of the entire research process, usually containing reflections on the methodology, challenges encountered during the research, and possible suggestions for the future.
In summary, the marketing research process is a complex and multi-stage process that helps companies understand the market, tailor their offerings to consumer expectations, and make effective business decisions.
