Market research process (continued)
Step 3: Collect your information
This is a difficult step because people are not always available, some people do not want to participate in a survey, or maybe they just don’t respond (if you are sending your research via email). No matter the method you decide to use in your research plan, when it comes to collecting the information, persistence is key.
Step 4: Analyse the information
Extract your data and, if you are using quantitative research, run some calculations to obtain some results from the research. Typical quantitative calculations are averages, measures of dispersion. The analysis is run in hope that you can identify findings that test assumptions and the strength of your conclusions from the research.
Step 5: Prepare your findings
Prepare a brief document or presentation to capture the key areas from your findings. If you are using the research to develop an understanding of your customer or consumer, prepare a persona - your visual representation of your ideal customer or consumer. More information about personas is presented in Week 4 of this course.
Step 6: Make your decision
Remember that the reason you undertook the research in the first instance was to uncover information in order to make a decision. Now's the time to make your decision based on your findings!
For more information on the marketing research process, take a look at the text An Introduction to Market Research in the See Also section.
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