High-Quality Marketing Research: Main Stages

Operation of each company requires accurate and high-quality research of market behaviour type. Detailed marketing analysis makes it possible to understand the clients’ wishes, to determine the most efficient share on the market, to calculate the company competitiveness level, and to select target segment.

So, how to start analysis of the market and not to be misled by huge amounts of marketing information and applicable methods?

The first thing to be done is to determine main tasks and objectives of your research. What is of particular interest for you? Market structure or company’s product analysis, target segment determination, research of consumers, prices, competitors or search of the free segment. The level of clear establishment of the objectives determines research quality, optimum selection of research methods and professional selection of the research tools.

The next stage is development of marketing research plan.

General plan which is suitable for any enterprise consists of several main stages:

1.     Start from research of market potential, dynamics and capacity.

2.     Explore market segments and conjuncture.

3.     Determine main competitors and main market operators.

4.     Analyze pricing policy

5.     Investigate product distribution principles

6.     Think in advance about advertising and product promotion channels

7.     Determine the maximum demand, main needs and particularities of clients’ behaviour on this market.

8.     Determine main market and consumer trends.

Such analysis is the complex assessment of sales market. If it is performed well, accumulated information will be useful during 2-3 years of your company’s operation.

At the next stage we have to understand, where market information may be taken from?

There are several key methods to analyze and research situation on the market. More detailed information about them is given below.

Primary and Secondary Product Market Researches

There are only two types of information: primary and secondary. Primary information consists of the data collected by company in process of direct market research. Secondary information consists of the data already collected, analyzed and structured by any third party. 

It is better to start any market analysis from the search of secondary information about this market. Use of information readily available from Internet ensures significant saving of time and costs.

Quantitative and Qualitative Research Methods

2 research methods, i.e. quantitative and qualitative research, may be used for collection of information about the market of your interest. Quantitative methods ensure understanding of statistically processed information, forecasting of sales and assessment of market capacity, basing on the values received. Qualitative methods are efficient for development of hypotheses, opinions or ideas which may be statistically or subjectively assessed.

In addition, there are 5 main market research methods: inquiries, focus groups, profound interviews, field researches and surveys. Each of them is selected depending on available budget and time limit. Their essence is demonstrated on the figure below.