MARKET RESEARCH

wide and comprehensive scope

covers all aspects of marketing

systematic and scientific

follows structured methodologies

science and art

combines analytical rigor with creative insights

data-focused

collects and analyzes relevant information

continious and dynamic

ongoing process that adapts to changes

decision making tool

supports strategic business decisions

mutual benefit

helps both companies and consumers

MIS

Connected with Management Information Systems

step 1 formulating the research market problem

• Identify management problems (business challenges)

• Define research problems (information needed)

step 2 statement of research objectives

• Clearly define what the research aims to achieve

• Set measurable and specific goals

step 3 research design

Choose appropriate research approach

exploratory research

• Used when little is known about the problem

• Helps generate insights and ideas

descriptive research

• Describes characteristics of phenomena

• Answers "what," "where," "when," and "how" questions

causal research

• Determines cause-and-effect relationships

• Answers "why" questions

step 4 planning the sample

Select representative groups from the target population

step 5 data collection

types of data

secondary data

existing information from other sources

primary data

• new information collected specifically for the research

step 6 analysis and interpretation

• Process collected data using appropriate statistical methods

• Draw meaningful conclusions from the results

• Identify patterns, trends, and insights

the market research report

• Present findings in a clear, actionable format

• Include recommendations based on analysis

• Provide executive summary for decision-makers