How to Do Basic Market Research in 6 Steps?

Why: Market research is intensive; therefore, we need steps to follow.

Step 1. Formulate the Problem

Set questions that need to be answered and resources that can be used. See this How to Formulate Marketing Objectives With SMART

Step 2. Determine Research Design

1. Exploratory research: Liturature research, Experience survey, Participant Observation, Focus group discussion, Personal in-depth interview.
   • Eliminate unpractical ideas
   • Refine problem
   • Establish priorities for further research
   • Clarify concept
   • Increase familiarity with problems
   • Generate hypothesis
   • Learn more about this: How to Efficiently Explore Marketing Insights Like a Pro
2. Descriptive research: Survey, Developmental research over time, Caual-comparative at the same time, Correlational research, Qualitative research, Actions of customers
   • Statement of problem
   • Identification of information
   • Selection/development of data gathering instruments
   • Identification of target population & samples
   • Design of information collection procedure
   • Collection of information
   • Analysis of information
   • Generalization and/or predictions
   • Learn more about this: How To Find Out What Is Going On In The Market: Descriptive Research
3. Causal research: Experiment
   • Measures the affects of treatments on certain outcomes
   • Learn more about this: How To Be Sure That Customers Really Need Your Product – Causal Research

Step 3. Design Data and Collection Method and Forms

1. observation, survey
2. open-ended, close-ended

Step 4. Design Samples and Data Collection

• Who: Representative
• How: Reliability
• How many: Validity

Step 5. Analyze and Interpret Data

• Basic Analysis
• Advanced Analysis

Step 6. Reporting

• Summarize research results
• Make conclusion

Reading material: Market research and consumer behavior course here.