All of the following are included in the market research process except…
- Prepare Report
- Determining Method
- Taking Sampling
In that question, the answer is D. Promoting
Why is that? To understand it, please see the discussion of the following market research process.
Definition of Market Research
Market research is one of a series of marketing activities. Conducting market research should be at the beginning of marketing activities. Because in determining the marketing strategy, the company really needs the results of the market research.
Doing market research is to research and understand the target market. By looking at existing opportunities and threats, understanding consumer trends and expectations.
Then make a number of problem formulations, collect data, analyze and report the results of the research to be a guide for management to design a marketing strategy for a product.
Market Research Process
There are several stages that companies must do systematically during the market research process, namely:
Making a Problem Formulation
Systematically, the first place in the market research process is to formulate a problem.
Problem formulation is a number of problems that the company wants to solve or find answers from market research results. In the sense of the word finding answers to the formulation of the problem is the company’s goal of doing research.
The answers that companies collect in the form of data from market research results must be true and reliable information. So the results can be used by companies to make marketing decisions in the future.
An example of the marketing research process at this stage is, the company wants to know about how much budget they need to carry out a number of promotional activities on their products.
To find out, the company must formulate a problem statement about how much budget they need for the advertisement. And the answer they will get must be in the form of nominal estimate data.
Making Research Designs
Companies need to conduct research designs, which are a number of detailed research strategy steps on how to collect data, test hypotheses and create questionnaires.
Making a research design must be based on the test indicators selected in producing an analysis.
Determining Data Collection Method
There are 2 types of data that need to be collected from the market research process. Namely primary and secondary data.
Primary data is data that companies get or collect by going directly to the field. While secondary data is data obtained by companies from various references such as books, the internet and so on.
What the company has to do is consider how to obtain the two data which then becomes a data base, that is what we know as the data collection method.
Taking Samples and Data
The sample is a few objects that represent the entire group studied. So the company does not need to research its target market as a whole, because the sample is considered to have represented the entire market.
From the results of the sampling, the company will obtain data that will be useful for the marketing process in the future.
Analyze and Read Data
Companies will then analyze and read the data they have collected, which will then form a research conclusion.
Prepare Research Report
Every type of marketing research that the company does, the company will eventually put it in the form of a research report.
The research report that the company makes will greatly assist management in understanding market behavior, and help determine the decisions they will take in their next marketing activity.
This later will be a measuring tool or indicator in the success of a market research.
So, from the question: All of the following are included in the market research process except D. Promoting. Because doing promotions are not included in the market research process. That’s all for this discussion, thank you.