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Marketing research. What it is, why and how it is carried out.

Everyone speaks about marketing research. But what it is, how it is carried out and why in general, not many people know. We have decided that it is high  time to clarify this topic. Naturally, in this article we will only touch on the most basic aspects, because marketing research is a whole science.

Marketing research is the analysis of a market segment. It is carried out to understand whether the idea will work or not; how to solve the problem; how to improve a business or product. It turns out that marketing research is the main tool for entrepreneurs’ work.

It helps to make effective management decisions, understand the current situation in the market segment, collect information about consumers and competitors.

Marketing research objectives:

  • analyzing consumers and their behavior,
  • collection of data about competitors,
  • solving a specific marketing problem,
  • study of demand,
  • market segment analysis,
  • forecasting trends and prospects,
  • etc.

It is clear that the objectives of the research depend on the problems the entrepreneur faces or the ideas that he tests.

The purpose of marketing research is some kind of global question, which is eventually answered. And tasks help to plan the sequence of actions and the course of the study.

Marketing research objectives:

  • assess the capacity of a market segment,
  • determine the level of customer loyalty,
  • analyze competitors,
  • identify brand awareness,
  • define what consumers need,
  • and much more.

A correctly set goal and correctly defined tasks give the entrepreneur the whole picture of what is happening in the segment. And only then he can  make  thought-over  decisions.

Marketers either assess the current market situation or predict the future.

Types of marketing research:

  • study research

Marketers don’t collect any new data, they work with what is already there. This is the analysis of various reports, documents, statistical data.

  • outside research

Marketers go  “outside” and start collecting data from consumers.
Field research can be qualitative or quantitative.

Qualitative research is carried out using focus groups, in-depth interviews, expert interviews. This method is good because the marketer can make a qualitative conclusion, observe the consumer. It turns out that the interviewee is less likely to lie, which means the data is “cleaner”. This method is much more expensive than the quantitative one and requires careful preparation and more time to analyze the results.

Quantitative research is carried out using questionnaires, surveys. Here, the marketer is not watching the consumer, but asking questions. This method gives error, but is cheaper in the organization. It is proved that consumers often “lie” in questionnaires about their attitude to the product, social status and income.The research is carried out in a special pre-created form, so it is easier for a marketer to process the data.

It is clear that research methods and types are selected based on goals, budget, time.

Marketing research of the market is carried out by the marketing department of the company or is outsourced to special agencies.

Stages of marketing research:

Determination of the research goal.

At the first stage, it is important to correctly define the goal. Otherwise, research will go down the wrong path, and money and time will be wasted. Such market research will not provide accurate information to draw correct conclusions.

Selection of research methods.

This is also an important stage and a lot depends on it. The marketer chooses the type of research to  organize the collection of data then. The expert selects sources of information that he will use in future work. Either it will be internal company reports, accounting documents and external statistical compilations, other studies, or it will be information received from respondents directly. The method of organizing the study, the price and the time that specialists will spend on its conduct depend on this stage.

Collection of information.

At this stage, marketers either work with documents or with people. Data is collected, recorded, combined into files, in order to  conduct an analysis based on the resulting database then. Collecting data usually takes a lot of time, effort, money and other resources. If primary data is collected, then it is necessary to prepare materials for working with respondents, formulate questions or simulate situations. If they collect secondary data, then the marketer must study a large amount of information, structure it, highlight the most important and not distort it.

Analysis of the results.

At the stage of processing the results, the marketer works with the resulting database. He studies and correlates data with the purpose and objectives of marketing research, draws conclusions and answers all the questions posed.

Providing a report.

At this stage, the marketer prepares a final document, which includes all conclusions, data in the form of diagrams, tables and graphs. Answers all questions in detail, indicates the purpose of the study, the sample and the principles of its selection, method, duration. Management decisions are made on the basis of this document.

Marketing research is a serious job that special analytical agencies are engaged in. Integrity does not conduct full-scale research. Before starting work on a project, we carefully study the request of each client; we analyze its competitors, target audience, interests, cases and build cooperation based on the results. So it turns out that for each customer we conduct market analysis individually.