market research - conducting market research
Depending on the situation facing a business, particularly the resources allocated to marketing research, there are four main ways of carrying out market research:
(1) Do it yourself - personally
This is often the case in smaller businesses. Here, marketing staff do the research themselves. Sample sizes tend to be small - which may be appropriate if there are a relatively small number of customers.
(2) Do it yourself - using a marketing research department
By employing a marketing research manager, a business may benefit from specialist research skills.
(3) Do it yourself - using a fieldwork agency
Often the design of a piece of market research can be completed using internal resources - particularly if the business employs a marketing specialist with knowledge of research techniques. However, the scope of the research (for example, interviewing a large sample of consumers in various locations) may be beyond the resources of a business. In this case, the fieldwork can be carried out by a marketing research agency.
(4) Use the full services of a marketing research agency
Where resources permit a business can invest in the full range of skills offered by marketing research agencies. A complete service would include:
• Preparation of the market research proposal (survey
design, costs, timetable, method of feedback)
• Conduct exploratory research
• Design the research questionnaire
• Select the sample
• Choose the survey method (e.g. telephone, postal, face-to-face)#
• Conduct the interviewing
• Analyse and interpret the results
• Prepare a report
• Make a presentation
There are thousands of market research agencies in the UK alone who provide such services.
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