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Market research is a study for an exact project in the market & we can do it through the following steps:-
1- understand the technicality of the products.
2- know prices of the competitor.
3- know the strength & weak points of the market.
4- know the best suitable prices we need to enter the market by it.
5- found the best quality to be unique in the market.
6- adjust the unique payment terms & conditions to penetrate the market.
Quantitative research is about asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you. To get reliable statistical results, it's important to survey people in fairly large numbers and to make sure they are a representative sample of your target market.
Quantitative marketing research is the application of quantitative research techniques to the field of marketing. It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the "four Ps" of marketing: Product, Price, Place (location) and Promotion.
As a social research method, it typically involves the construction of questionnaires and scales People who respond (respondents) are asked to complete the survey. Marketers use the information to obtain and understand the needs of individuals in the marketplace, and to create strategies and marketing plans.
Simply put, there are five major and important steps involved in the research process:
1. Defining the problem.
2. Research Design
3. Data Collection
4. Data Analysis
5. Report writing & Presentation
A brief discussion on these steps is:
1. Problem audit and problem definition - What is the problem? What are the various aspects of the problem? What information is needed?
2. Conceptualization and operationalization - How exactly do we define the concepts involved? How do we translate these concepts into observable and measurable behaviors?
3. Hypothesis specification - What claim(s) do we want to test?
4. Research design specification - What type of methodology to use? - examples: questionnaire, survey
5. Question Specification - What questions to ask? In what order?
6. Scale Specification - How will preferences be rated?
7. Sampling design specification - What is the total population? What sample size is necessary for this population? What sampling method to use?- examples: Probability Sampling:- (cluster sampling, stratified sampling, simple random sampling, multistage sampling, systematic sampling) & Nonprobability sampling:- (Convenience Sampling, Judgment Sampling, Purposive Sampling, Quota Sampling, Snowball Sampling, etc. )
8. Data collection - Use mail, telephone, internet, mall intercepts
9. Codification and re-specification - Make adjustments to the raw data so it is compatible with statistical techniques and with the objectives of the research - examples: assigning numbers, consistency checks, substitutions, deletions, weighting, dummy variables, scale transformations, scale standardization
10. Statistical analysis - Perform various descriptive and inferential techniques (see below) on the raw data. Make inferences from the sample to the whole population. Test the results for statistical significance.
11. Interpret and integrate findings - What do the results mean? What conclusions can be drawn? How do these findings relate to similar research?
12. Write the research report - Report usually has headings such as: 1) executive summary; 2) objectives; 3) methodology; 4) main findings; 5) detailed charts and diagrams. Present the report to the client in a 10-minute presentation. Be prepared for questions.
The design step may involve a pilot study in order to discover any hidden issues. The codification and analysis steps are typically performed by computer, using statistical software. The data collection steps, can in some instances be automated, but often require significant manpower to undertake. Interpretation is a skill mastered only by experience.
Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary market research which is collected direct from a respondent.
Quantitative market research typically includes customer surveys and questionnaires. These can be conducted face-to-face with a clipboard and pen, over the telephone, via post or email, online or via your website. Survey questions have to be carefully considered so that the results will provide meaningful data.
Quantitative research — including surveys and customer questionnaires — can help small firms to improve their products and services by enabling them to make informed decisions
When you let numbers tell you facts (given than human behavior is predictable). This includes surveys, customer question ares & focus groups to ensure that the data is current and appropriate.
Quantitative marketing research is the application of quantitative research techniques to the field of marketing. It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the "four Ps" of marketing: Product, Price, Place (location) and Promotion
the application of quantitative research techniques to the field of marketing.
Qualitative Market Research "deals in words, images and the subjective." An example of quantitative market research is the survey questionnaire. Examples of qualitative market research includes focus groups, in-depth interviews, in-situe (or spot) interviews, and observing techniques such as the mystery shopper.
