Question

Outline the various steps in the marketing research process. Evaluate and discuss the various means of acquiring data.

Answer 1

The first stage in marketing research process is defining the problem. Here it is necessary for the person who is doing the research to take into consideration the need for the study, the information and data available and to utilise this information in decision making.The second step is development of approach to the problem. Here it is necessary to form objective and construct models to the problem,develop hypothesis and research questions,and find factors that have impact on the research design.The third step is formulation of research design.This is the blueprint for the project.It gives a detailed description of gathering information and designs the research work.Designing involves steps like collecting data through survey,designing questionnaire,qualitative research, sample size etc.The fourth is data collection which involves field operation by staff as well as personal interviewing. .The fifth step is analysis of the data through processes like editing,coding etc.The last step is report preparation and presentation.The research report is written down and presented.

There are quantitative and qualitative data collection methods.The quantitative data collection depend on random sampling.It includes experiments,conducting surveys with face to face and telephone interviews ,Questionnaires etc; gathering data from information system of management ;resorting to observation and making records of certain well defined events.

Qualitative methods are used to improvise the quality of data collected through surveys in the quantitative method by generating the hypothesis of the evaluation; improve the survey questionnaire,and try to expand and give clarity to the quantitative evaluation survey.The qualitative method depends on multiple data collection from different sources,interviewing the respondent several times, and changing the strategy of data collection. Thus data collection takes a lot of time here. Here it is necessary for the researcher to verify the data collected accurately with the help of certain means like photographs ,notes collected in fields,sketches etc.