Literature Review Of Marketing Research Procedure

The significance of decision making of market strategy and marketing depends on the conclusions derived from market research. The procedure of market research varies from company to company but it has a series of steps to be followed. The standard market research procedure helps in the avoidance of errors, miss understanding and risk of uncertainty.

Marketing Research Procedure can be defined as

“The scientific systematically procedure that includes the steps of problem definition, data collection, analysis and reporting of data and findings about certain issue if problem face by that organization” Kotler, et al (2007)

Literature Review:

Overview of Marketing Research Procedure:-

Marketing Research procedure involves step by step loom where each step is meant to answer scrupulous question. Kotler et al, (2007)

Why there is need to carry out the research?

What research needs to carry out?

How research objectives can be achieved?

How research will be concluded?

Stages of Marketing Research Procedure:

Stage 1 Research Purpose:-

The first step in the procedure of market research is to define research purpose. Research purpose is usually not very well defined or fully understood. The procedure of fully and accurately defining and understanding research purpose always requires efforts. Malhotra, (2005)

The research purpose is typically developed as result of recognizing and understanding problem. This problem is usually generated by realization of fissure between expected out come and the outcome in reality. Charles,(2005)

It is also important to define reason of problem that where that problem occurred. The problem definition is the point on which the whole arrangement is formed.

Research purpose usually includes few activities with shared understanding of research team and management.

Problem or Opportunity analysis:-

Decision Alternative Analysis:-

Research Decision makers

Step 2 Research Objectives:-

Research objective is accurate report about required in sequence. It understands problem statement more accurately and in more understandable way. Research objectives are designed in such a way that chore of finding required information fully provide the research purpose.

Research objectives have three essential parts.

Research Question

The research question describes information required by organization accountable for decision making. Research question represents the in sequence needs to obtained accordingly to research purpose. Kotler et al, (2007)

Hypothesis

Hypothesis is researcher’s view of probable answer to a research question. The Researcher may produce possible outcome of research question in earlier stage and carry out research to answer that if hypothesis created at start of research was right or not. Kurtz et al, (2009)

Scope of Research

Hypothesis development aids keeping research procedure more accurate and well focused to serve research purpose. Another important issue of the research is indicating research boundaries or research limitations. Kotler, et al (2007)

Step 3:- Estimating the Value of Research information:-

After defining research purpose, objectives and scope it is also very significant to estimate value of information needed or the value of research problem that will possibly be replied in research question.

Step 4:- Research Design

Research design is in general structure or framework of research that is developed in order to conduct research.

Research design may includes following tasks (Malhotra, 2002)

Primary and Secondary Data analysis:-

There are two types of data analysis