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In general Market Research process consists of 7 major steps.
Step1
Write down the business problem/opportunity as a question
Step2
Define the research objectives
Step3
Determine the research design: The research design could be Exploratory, Descriptive or Causal, it could also be a combination
Step4
Design and prepare the Research Instrument: For exploratory design a discussion guide is normally used as the research instrument as exploratory research as the names suggests needs to be addressed through open ended questions, for the later two research design a questionnaire with a combination of open ended and closed end questions can be used
Step5
Collect the data: The data collection methodology could be qualitative, quantitative or a combination of both
Step6
Analyze the data: The data collected through Quantitative research will be analyzed using statistical methods, content analysis is conducted on qualitative data
Step7
Visualze the data and communicate the results: Since year, companies have started to give more emphasis on data visualization and simplicity, due to a drastic reduction in our attention span
