Market Research

Question 1

The Market research process (5 steps)

Answer 1

1) Define the problem and research objective
2) Develop the research plan
3) Collect the information
4) Analyse the information
5) Present Findings

Question 2

Formulating a research problem

Answer 2

• Specify the research objectives
• Environment or context of problem
• Nature of the problem
• Alternative courses of action
• Consequences of alternative action
• Degrees of uncertainty

Question 3

Stage 2 Develop the research plan: Data Sources

Answer 3

Primary- interview, focus groups

Secondary- research online, academic journals, industry publications

Question 4

Primary is used to fill the holes

Answer 4

secondary research leaves.

e.g. if 2nd is out of date, doesn’t answer specifics

Question 5

stage 3: Data Collection is the most expensive and

Answer 5

most prone to error stage of the Market Research process

Question 6

Stage 4: Analysis

Answer 6

-Type and level of detail will vary dramatically by project
-Different fundamental approaches required for Qualitative vs Quantitative data
-Vital to retain focus on the core problem definition (stage 1)
Don’t solve what is not asked

Question 7

Stage 5: Present Findings

Answer 7

• Tailor presentation to your audience
• Consider format of presentation
• Define the problem clearly
• Predict personality clashes and sensitivities
• Honesty re limitations and accuracy of findings