All the stages of the processes of market research needs to be methodical and systematic. Which means the planning of the procedures at each stage need to have a strong method, well organized, and well planned in advance. Marketing research uses a scientific method to collect the data and analyzed to test your prior notions. The underlying principles and rules are of organization of a philosophical system.
Marketing research has to be objective. It also needs to provide accurate information that reflects a true state of affairs, and be done honestly. This will always be influenced by the researcher’s philosophy, it should not be free from the personal or political biases of the researcher or the management. Research which is motivated by personal or political is not good professional standards. The motto of every researcher should be, “say the truth.” The objective nature of marketing research does at times underscore the importance of ethical considerations.
This type of research involves the identifying who, collecting, analysis, and distribution of the information. Ever step of this process is very important. The need to identify or define the marketing research problem or opportunity is the first part and then determine what information is needed. The information and recommendations that are provided will allow you the management the knowledge to make the right decision so the information can be used directly to check the flow of your web site traffic. It’s emphasized by many marketer’s that marketing research is conducted to help you in decision making and is not: a means or an end in itself.
The qualitative part of marketing research is the general use of your exploratory skills – which can include focus groups, in-depth interviews, and projective techniques. This was generally used to draw conclusions – test random sampling techniques to the sample to the population – which would include surveys and questionnaires. The ethnographic studies are when the researcher will observe social phenomena in the natural setting and include product-use analysis and computer cookie traces. If using experimental techniques the researcher will create a artificial environment for a control, then change at least one of the variables – examples include purchase laboratories and test markets
Some research designs are often used more then others it is up to you to find the right one for you. You may start with research to get some background information, or maybe conduct a focus group. You are able to do a full nation-wide survey in order to retrieve specific information for your website. Marketing information is observing the environment of your location and the competitions location. Small scale surveys and focus groups are an easy way to gather information from potential customers. Some secondary data (statistics, demographics, etc.) is available to the public in libraries or on the internet and can be easily accessed by business owners.
Needing to provide primary and or secondary data (if necessary). Also analyze all the data (e.g. Supply & Demand, Price change, growth, Sales by sector/industries,interest rate, number of investment/ divestment. Check the marketing conceptions which are: Place, Price, Product,Promotion, People, Process, Physical Evidence and Political & social situations to analyze global market situation. Analyzing market trends, growth, market size, market share, market competition, drivers of customers loyalty and satisfaction, brand perception, satisfaction levels, and current competitor-channel relationship analysis. Next you need to determine your market segment, target, forecast and market position.
The formulation of your market strategy and investigating system to analyze the potential clientele, also can be used for evaluating business partnership. Combine the analysis with your SME’s business plan/ business model analysis, Business description, Business process, Business strategy, Revenue model, Business expansion, Return of Investment, Financial analysis Company History, Financial assumption, Cost/Benefit Analysis, Projected profit & Loss, Cashflow, Balance sheet & business Ratio,etc in order to get the right information for your business.