Marketing research is a multi-stage process. First of all, the problem and the main goal of the study are determined. In the second, a clear plan for the collection of information using secondary and primary data is developed. In the third place, information is collected using laboratory and off-site studies. In the fourth step, all the data obtained is analyzed in order to derive some average indicator and identify certain relationships. And finally, at the last step, the final result is displayed, thanks to which specialists will be able to make decisions based on real research indicators, which will entail a larger percentage of correct decisions.
Marketing research is carried out using various research tools, such as questioning, observation, questionnaires and experiment. Also involved are methods of communication with people, such as mail, phone or personal conversation.
Primary marketing information is obtained through “field” actions, such as surveys, various observations and experimental studies. The data obtained as a result have a number of positive aspects: they are very reliable, competitors will not find out about them, they are monitored and have a clear idea of the method of collecting them. However, there is a negative side to this issue: its collection is too lengthy, the company by its own efforts can not always fully find it, and in the end it is an obvious high cost.
Secondary marketing information is obtained by various "desk" studies, which were collected much earlier for other purposes than the company has at the moment. This includes various reports, accounts, budgets, stocks, and more. For small and even medium-sized companies, these are the most pragmatic methods of collecting marketing information. Most often, it is the collection of secondary marketing information that comes first rather than primary. First of all, this information is obtained in a cheaper way than the primary one. In addition, again, comparing with the primary, the timing of obtaining secondary information is always ahead of the timing of the primary. But secondary marketing information also carries negative phenomena: the whole study may suffer from its certain incompleteness. In addition, such information cannot be confirmed in any way, what is one more of its minus. At times, the technique by which it is necessary to build methods for collecting marketing information is completely unknown.
The primary data is already for more serious work: familiarization with the situation in this industry, with the tendency of variability in the volume of profits and sales, with the latest achievements of technology and science.
It is very important to draw up the correct methods for collecting marketing information. Otherwise, all the information collected may become either partially or completely unnecessary. You need to know that for many vital studies it is important to collect primary information. For this, the best option to continue is a good clear plan for work for the future. He also determines which tools will be used next. The methods of collecting marketing information related to the primary have four main options: observation, imitation, experiment and survey.
Marketing research does not necessarily have to be expensive and incredibly complex. It is quite possible to achieve the planned goal, thanks to the analysis of your own data, various surveys of buyers and experts.
The cost of marketing research directly depends on the information you need to find, the amount of new data, the degree of formalization of research and the complexity of the analysis.