Market Research

GDG 564

Lecture by
Assoc Prof Dr Azahar Harun
Contents

What is Market Research?

Why is Market Research necessary?
Understanding consumers behaviour.
4 Steps in Market research.
What is market research?

It is the process of gathering data to help entrepreneurs

find out if there is a market for your proposed product or
service.
Why is market research important?

Market research is important for entrepreneurs to

understand the need and wants of consumers and also
learn how well their competitors perform.

In this sense, they can sell or position their products/

services better.
Understanding consumers behaviour

Consumer behavior is the study of how people make

decisions about what they buy, want, need or act in
regards to a product, service or company. Consumers
have more options than ever, with more companies
competing for their attention and money.
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4 Steps in Market Research

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4 Steps in Market Research
Formulating Problem

In this first phase of the process, you need to establish your research
objectives. Developing questions that will help you clearly define your
problem is very beneficial during this phase.
4 Steps in Market Research
Data Collection

This is the most crucial among all stages of market research services.
Chances of commitment of mistakes at this stage cannot be ruled out. Say
for instance, in a survey method of research of data collection, if the
respondents are not available, then it becomes difficult to record the data.
This might lead to further problems as the decisions would be taken on the
basis of the collected data. Moreover, the cost of data collection is also
expensive making it all the more difficult to collect the same

● Interview prospects and customers.

● Conduct a survey
4 Steps in Market Research
Research Plan

In this step, the team of market of marketers and researchers work

together to decide upon the exact details they need by developing a
fool-proof plan to secure it in shortest possible time and in the best
possible way such as interviewing of the focus group, drafting the perfect
market research questionnaire or by determining a sample research plan.
A good market research plan or service should encompass the problem
faced by the management, the research aims along with the essential
information needed for collecting crucial data.
4 Steps in Market Research
Implementation

Once assimilation of data takes place, the market research department

gets down to the work of analyzing and studying the data collected. On the
basis of the findings, the next stage of implementation of information
gathered takes place. This is the last but most important stage of all
stages because if the management fails to meet the desired results then
the need to revise the process of the market research would arise.