What are the five steps involved in conducting market research?

The five steps involved in market research are definition of the problem, initial research, developing framework, data collection and analysis of results. Good market research can help in developing an elaborate business strategy that will lead to success, according to Forbes.

Carrying out an elaborate market research is key to designing a good marketing strategy and reaching the most suitable customers, notes Mtab company. Below are the five steps to follow when conducting market research.

1. Define the problem

To get the most accurate data, the problem must first be defined. Explore possible causes of the problem and carry out extensive research on how the problem can be dealt with.

2. Carry out initial research

At this stage collect any information that may help in creating the objectives of the market research. Existing statistics and perceptions are among some things to consider.

3. Develop a framework

At this stage, decide on the method of contacting respondents and who is to be questioned. Developing a list of questions to be asked is one of the most commonly used techniques.

4. Carry out fieldwork

At this stage respondents should be contacted and their responses recorded. Contact can be done through telephone calls, face to face interviews and online surveys.

5. Analyze data

After completing the four previous stages, it is important to analyze the data collected and compare to initial research findings. The data collected should be used to determine the best way forward.