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Steps of Market Research Process

  • Step 1

    Identification and Defining the Problem or Opportunity

    After defining the problem or opportunity and deciding the objectives, the research design must be developed. A research design is a master plan specifying the methodology, methods, approaches and techniques for collecting and processing data, geographical territory in which the study to be conducted and sampling. Sampling involves procedures that use a small number of items or parts of the Universe (total items) to make conclusion regarding the Universe. Important questions in this regard are: who is to be sampled as a rightly representative lot? Which is the target Sample? Which criteria to use to be in a position to identify the relevant Sample? What should be the Sample size—how large or how small? How to select the various units to make up the Sample? What would be structure and geographical spread of the Sample? At this stage, the researcher should also determine the timing and costs of the research. The objectives of the study are to be well-considered in the research design to ensure relevancy of the design to the objectives.
  • Step 2

    Statement of Research Objective

    After defining the problem or opportunity and deciding the objectives, the research design must be developed. A research design is a master plan specifying the methodology, methods, approaches and techniques for collecting and processing data, geographical territory in which the study to be conducted and sampling. Sampling involves procedures that use a small number of items or parts of the Universe (total items) to make conclusion regarding the Universe. Important questions in this regard are: who is to be sampled as a rightly representative lot? Which is the target Sample? Which criteria to use to be in a position to identify the relevant Sample? What should be the Sample size—how large or how small? How to select the various units to make up the Sample? What would be structure and geographical spread of the Sample? At this stage, the researcher should also determine the timing and costs of the research. The objectives of the study are to be well-considered in the research design to ensure relevancy of the design to the objectives.
  • Step 3

    Determining the Research Design

    After defining the problem or opportunity and deciding the objectives, the research design must be developed. A research design is a master plan specifying the methodology, methods, approaches and techniques for collecting and processing data, geographical territory in which the study to be conducted and sampling. Sampling involves procedures that use a small number of items or parts of the Universe (total items) to make conclusion regarding the Universe. Important questions in this regard are: who is to be sampled as a rightly representative lot? Which is the target Sample? Which criteria to use to be in a position to identify the relevant Sample? What should be the Sample size—how large or how small? How to select the various units to make up the Sample? What would be structure and geographical spread of the Sample? At this stage, the researcher should also determine the timing and costs of the research. The objectives of the study are to be well-considered in the research design to ensure relevancy of the design to the objectives.
  • Step 4

    Preparing Research Instruments

    After defining the problem or opportunity and deciding the objectives, the research design must be developed. A research design is a master plan specifying the methodology, methods, approaches and techniques for collecting and processing data, geographical territory in which the study to be conducted and sampling. Sampling involves procedures that use a small number of items or parts of the Universe (total items) to make conclusion regarding the Universe. Important questions in this regard are: who is to be sampled as a rightly representative lot? Which is the target Sample? Which criteria to use to be in a position to identify the relevant Sample? What should be the Sample size—how large or how small? How to select the various units to make up the Sample? What would be structure and geographical spread of the Sample? At this stage, the researcher should also determine the timing and costs of the research. The objectives of the study are to be well-considered in the research design to ensure relevancy of the design to the objectives.
  • Step 5

    Collecting Data

    After defining the problem or opportunity and deciding the objectives, the research design must be developed. A research design is a master plan specifying the methodology, methods, approaches and techniques for collecting and processing data, geographical territory in which the study to be conducted and sampling. Sampling involves procedures that use a small number of items or parts of the Universe (total items) to make conclusion regarding the Universe. Important questions in this regard are: who is to be sampled as a rightly representative lot? Which is the target Sample? Which criteria to use to be in a position to identify the relevant Sample? What should be the Sample size—how large or how small? How to select the various units to make up the Sample? What would be structure and geographical spread of the Sample? At this stage, the researcher should also determine the timing and costs of the research. The objectives of the study are to be well-considered in the research design to ensure relevancy of the design to the objectives.
  • Step 6

    Processing and Analyzing Data

    After defining the problem or opportunity and deciding the objectives, the research design must be developed. A research design is a master plan specifying the methodology, methods, approaches and techniques for collecting and processing data, geographical territory in which the study to be conducted and sampling. Sampling involves procedures that use a small number of items or parts of the Universe (total items) to make conclusion regarding the Universe. Important questions in this regard are: who is to be sampled as a rightly representative lot? Which is the target Sample? Which criteria to use to be in a position to identify the relevant Sample? What should be the Sample size—how large or how small? How to select the various units to make up the Sample? What would be structure and geographical spread of the Sample? At this stage, the researcher should also determine the timing and costs of the research. The objectives of the study are to be well-considered in the research design to ensure relevancy of the design to the objectives.
  • Step 7

    Visualizing the Results

    After defining the problem or opportunity and deciding the objectives, the research design must be developed. A research design is a master plan specifying the methodology, methods, approaches and techniques for collecting and processing data, geographical territory in which the study to be conducted and sampling. Sampling involves procedures that use a small number of items or parts of the Universe (total items) to make conclusion regarding the Universe. Important questions in this regard are: who is to be sampled as a rightly representative lot? Which is the target Sample? Which criteria to use to be in a position to identify the relevant Sample? What should be the Sample size—how large or how small? How to select the various units to make up the Sample? What would be structure and geographical spread of the Sample? At this stage, the researcher should also determine the timing and costs of the research. The objectives of the study are to be well-considered in the research design to ensure relevancy of the design to the objectives.
  • Step 8

    Put Research Into Action

    After defining the problem or opportunity and deciding the objectives, the research design must be developed. A research design is a master plan specifying the methodology, methods, approaches and techniques for collecting and processing data, geographical territory in which the study to be conducted and sampling. Sampling involves procedures that use a small number of items or parts of the Universe (total items) to make conclusion regarding the Universe. Important questions in this regard are: who is to be sampled as a rightly representative lot? Which is the target Sample? Which criteria to use to be in a position to identify the relevant Sample? What should be the Sample size—how large or how small? How to select the various units to make up the Sample? What would be structure and geographical spread of the Sample? At this stage, the researcher should also determine the timing and costs of the research. The objectives of the study are to be well-considered in the research design to ensure relevancy of the design to the objectives.