Marketing Research Insights

Marketing research is very essential in every business. As defined, it is the systematic, objective and exhaustive search for and study of the facts relevant to any problem in the field of marketing. Mostly, it tends to stress the gathering of historical data to solve current problems.

A marketing research investigation requires a systematic procedure. Its essence will depend on how it is conducted and how relevant the data will be derived. It starts by defining the objective. In doing a marketing research, the researcher must have a clear picture of what he is trying to accomplish in a research project. That is simply, establishing what is the real goal of the project.

Usually the goals pertains to the objective of solving the problem but there are also cases wherein the main purpose of a research study is to define the problem or to determine whether the company even has a problem. Once the main or general problem is identified, it will be broken-down to causes which will represent the sub-problems or specific problems. With these tentative problem statements, a deeper situation analysis and observation is required. It is tentative because it still needs to be proven by the researcher.

A situation analysis pertains to the analysis of the company, its market, competitors and even the industry in general. To do an analysis, library and online research, interview and observation of the business environment is necessary. Hypothesis will be developed to clear the definition of the problem and it should be subject to further testing. Proving and disapproving hypothesis will lead you to the solution of the problem.

Marketing research investigation can be done by formal and informal method. In formal investigation, gathering of primary and secondary data are necessary. The data gathered directly from the people working within the company and from original files are considered the primary data. While data gathered from other sources not directly related to the firm like libraries, government, trade, professional and business associations, private business firms, advertising agency, media and school research are considered as the secondary data. These kinds of data can be collected by means of surveys, observation and experimentation.

Informal investigation will covers activities such as acquiring company background, historical sales data and even related cases in other companies. Other data relevant to the case coming from outside sources like suppliers, customers, middlemen and competitors can also be used. In most cases, informal investigation will prove that the problem is researchable and economically feasible.

After data analysis, where all information gathered will be tabulated and presented in a report. A conclusion and recommendation will be made. A follow-up on the part of the researcher is advisable to make sure that the results of the marketing research were used by the company. In most cases, this is usually omitted and that causes failure on the side of the company.

Always remember that a marketing research will be essential to the company if done well. And the company will benefit from its results if these will be used strategically.