Toolkit: Plan, Launch, and Build

Marketing Research Basics

This document sets forth a step by step guide for a company’s market research plan. It includes descriptions for the basic requirement of collecting information to conduct market research, such as how to design a survey questionnaire and how to perform competitor profiling. This document includes a template and tools to evaluate a company’s market research results. This form should be used by companies or product managers seeking a plan and guide to perform market research.



Marketing Research Basics
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This document sets forth a step by step guide for a company’s market research plan. It
includes descriptions for the basic requirement of collecting information to conduct
market research, such as how to design a survey questionnaire and how to perform
competitor profiling. This document includes a template and tools to evaluate a
company’s market research results. This form should be used by companies or product
managers seeking a plan and guide to perform market research.
 Marketing Research Basics



Marketing
Research




 Basics
                                         Marketing Research Basics


Table of Contents
Why Do Market Research? ............................................................................................................. 1
To Hire or Not to Hire?.................................................................................................................... 1
Collecting Information .................................................................................................................... 2
Competition .................................................................................................................................... 2
Environmental Factors .................................................................................................................... 2
Secondary Sources .......................................................................................................................... 2
Developing the Structure for Your Survey Questions ..................................................................... 2
Designing Your Survey Questionnaire ............................................................................................ 3
   Setting the Criteria....................................................................................................................... 3
   Figure out what the ‘Must Have’ Information is ......................................................................... 4
Techniques for Planning your Marketing Research ........................................................................ 5
Kinds of Market Research ............................................................................................................... 7
   Buy Reports.................................................................................................................................. 7
   Run Surveys ................................................................................................................................. 7
   Competitor Analysis..................................................................................................................... 7
Competitor Profiling ....................................................................................................................... 8
   Developing Detailed Profiles on Each of Your Major Competitors ............................................. 8
Media Scanning ............................................................................................................................. 10
Evaluating the Results of Your Survey .......................................................................................... 10
Summary ....................................................................................................................................... 11
Marketing Research Basics

Why Do Market Research?
Starting your business without finding out if there is a market for the product or service you want
to offer and learning about the likes and dislikes of your customers is like opening a store with
no stock. Market research must be an ongoing process. It is an important part of sustaining your
business and helping it grow. Before you invest your time and funds into developing a new
product or service, you must find out more about what the consumers want, and more precisely
what they need. You must learn about their likes and dislikes as well as their needs and their
desires. Exactly what are their expectations are as far as product or service delivery goes? What
do they want to see happen, when do they want to see it happen, and how do they want it to
happen?

First you need to understand the difference between exploratory research and conclusive
research. Exploratory research will give you insight into and an understanding of an issue or
circumstance. It should describe tentative solutions, but with caution. Conclusive research gives
you insight that can be generalized to the entire population.

Many businesses fail because they don’t bother to do market research. They
don’t invest the time and research efforts to find out if

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