Market research is an important research that needs to be done to help a corporation understand consumers and competitors.
Therefore, it is important for Companies to be very careful in conducting a market research.
A wrong step in market research will affect the outcomes, which results in failure of developing a marketing strategy.
Market research Philippines is also one of the researches that need special attention.
This type of research uses systematic and objective methods.
It means that the market research is done within a few steps with logical order so the results of this market research can be accepted and understood by all parties involved.
4 Steps That are Usually Done During a Market Research
Deciding the Problem
Some things that need to be done by researchers in deciding the problems to be solved during a research are: getting client’s views on the current market condition, considering the sources and types of information needed by clients, and combining information or suggestions from clients with the researchers’ findings.
Designing the Research Process
The design of a market research, such as market research Philippines, will portray things that will be executed during the research. In this step, researchers need to design the procedures to be carried out.
The procedures should be able to collect all information needed to answer the problems and provide information needed by the client to make decisions.
The first method of research design is exploratory. In this method, the main goal of the research is to get a deep and overall view of problems faced by the company.
Therefore, the information collected is merely used to know the basic problems. The second one is the descriptive method, where the research is done to portray something.
Lastly, the causal method is used to prove connections between one thing and another, and how a variable affects another variable.
Collecting Primary and/or Secondary Data
Primary data is authentic data directly collected by researchers to answer problems in the research.
Ways to collect primary data are: interview, focus group discussion, survey, observation, and experiment.
Secondary data is those that are collected by others, not by the researchers themselves. Researchers can take note of, access, or ask for these data to other parties that have collected them in the field.
Analyzing Data and Drawing Conclusions
After all the data have been collected in market research Philippines, it is time to analyze them, draw conclusions, and decide what should be done in the development of the business.