The market research is the process through which certain
information is collected from the market, this information is analyzed and,
based on that analysis, decisions are made or designed strategies.
Depth market research and the need for this may be diverse and can
range from a somewhat informal research that allows us to better meet our
customers through small surveys, to a formal investigation, costly and several
months life that allows us to market test a hypothesis.
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| Market research |
how to do market research
Whatever the case, is usually thought to conduct a market research
is a complex task that is why we should hire the services of a specialized that
do for us now (which typically charge several hundred and even thousands of
dollars); however, the truth is that making a market research is something that
any of us can do if we have the will and know the steps.
Let's look at what are the steps to do market research, along with
a simple example that will help us gain a better understanding:
1. Determine the need for research
The first step is to determine the need for research; that is, the
reason why it is necessary to perform it.
Generally, the need for market research arises from a problem or
opportunity that has been presented.
If a problem arises, there may be the need for an investigation to
find the cause and the solution of it, and should there be an opportunity,
there could be a need for an investigation to determine if this really is an
opportunity, and find out how you can take full advantage.
Example: We have identified the opportunity to launch a new product
to market, which is a new brand of men's shirts, so there is the need for
market research that allows us to determine the feasibility of launching or
introducing the product to the market.
2. Establish research objectives
Once you have determined the need for market research, the next
step is to set goals that will have the same.
The objectives of market research should arise from the need for
research.
If the need arose from a problem, the objectives may be related to
find the cause and solution of the problem, and if the need arose from an
opportunity, the targets could be related to determine the feasibility of the
idea, knowing how to take full advantage.
Example: Once you have determined the need for market research that
allows us to determine the feasibility of launching a new brand of men's shirts
to the market, we set the following objectives:
meet potential consumer reaction that forms the target before the
introduction of a new brand of shirts to the market.
know the tastes, preferences, customs and habits that make up the
target with respect to the purchase or use of the garment shirt.
determine the possible sale price could have every one of the
shirts.
3. Identify the information to be collected
Once you have determined the need for and objectives of the
research, the next step is to identify the information we need and therefore
collect.
The information to be collected should be to allow us, once
analyzed, and the need to meet the objectives of the investigation.
Example: to assess the feasibility of launching a new brand of
shirts to the market and achieve the objectives, we determined that the
information we need and collect is as follows:
acceptance of a new brand of shirts by consumers making up the
target audience.
the first in which it is fixed when buying a shirt.
its models and favorite colors.
places generally buy their shirts.
the average amount usually paid for a shirt.
4. Identify sources of information
Once we have identified the information that we collect for
research, the next step is to determine the sources from which we will obtain
such information.
The sources of information are usually classified into primary and
secondary sources:
Primary sources are sources that provide information "first
hand" to the current investigation. Examples of primary sources include
consumers, competition, workers of the company, records of the company, etc.
Secondary sources are sources that provide information that has
been collected and used for purposes of current research. Examples of secondary
sources include databases, enterprise, government agencies, books, newspapers,
magazines, etc.
Example: Once you have determined the information we collect in
order to achieve the objectives of our research, we determined that the sources
of information that we will use will be shaped by consumers who make up our
target audience.
5. Select and develop techniques for collecting information
Once you have determined what the information we collect, and where
we're going to get, the next step is to determine how we will get; ie select
and develop the techniques and data collection methods that we use.
Among the main techniques or methods of gathering information used
in market research are the survey , interviewing, observation , the market test
, the focus groups and polling.
Example: to gather the information we need will be made using the
technique of the survey, which was conducted on a representative sample of the
target audience. Some of the questions included in the questionnaire of this
survey are:
Are you willing to try a new brand of shirts?
What is the first thing that you set when deciding to buy a shirt?
What are your favorite models?
What are your favorite colors?
Where do you usually buy your shirts?
How much it is what usually pay for a shirt?
6. Collect information
Once you have determined the information we collect, the sources
where we will get, and the techniques or methods for collecting information
that we use, the next step is to effectively collect the information.
To do this, previously we named those responsible or liable for the
collection of information, the train if necessary, and determine the place or
places where it was made, the date when it will start and how long it will
last.
Example: once we have determined that we will make use of the
survey and have designed our questionnaire, we turn to appoint personnel to
make the target audience polls, and make it effective.
7. Analyze information
Once you have collected the required information, the next step is
having counted (count data), processing (sorting data, tabulate, encode),
interpret, analyze and draw our conclusions.
Example: Once the information collected through the surveys, the
data is tabulated, they analyzed and the following conclusions were obtained:
launch a new brand of men's shirts to the market is feasible, as
there is enough demand and consumers that make up the target audience is
willing to try a new brand of shirts and always when it is of good quality.
the first thing a consumer that makes up the target audience when
deciding is set to buy a shirt is the model and the quality of the fabric.
There is a preference for bold patterns and bright colors.
the consumer that makes up the target audience usually buy their
shirts in department stores.
the average price you usually pay for a shirt is $ 25.
8. Making decisions and design strategies
Finally, once you have analyzed the information collected and
obtained our findings, the next step is to make decisions or design strategies
based on the analysis and conclusions.
Example: Once you have analyzed the information gathered and
concluded primarily to launch a new brand of shirts to the market is feasible,
we make the following decisions or design the following strategies:
the decision to introduce the new brand of shirts to the market is
taken.
we proceed with the design and manufacture of shirts, paying
special attention to the quality of the fabric and design of flashy models
based on light colors.
we proceed to make contact with various intermediaries that serve
as outlets, giving more importance to the department stores.
the decision that the sale price of each shirt will be US $ 20 is
taken.
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