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Topic: Student Questions
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This question has been answered, and points have been awarded.
Explain The Importance Of Marketing Research
Posted by Anonymous on
7/9/2004 at 5:21 AM ET
explain the importance of marketing research and it's challenges in application
7/9/2004 at 5:36 AM
The importance of research is to find insights to problems and issues that can lead to action. Don't boil the ocean looking at everything, if you frame your problems and break them down this will make setting a market research strategy easier. Anyone should be able to look at your final research document and be able to understand it if it is completed in and organised and simple way.
That's the secret to fantastic research that give insights to action.
Checklist of an approach that has been successful:
1) Define your audience and their aims and goals for research
2) Agree on all outcomes from the start and agree on presentation and which formats your client(s) are expecting.
3) Define parameters of research
4) Start with research already completed, if previously conducted and is relevant.
5) Frame your problems, issues and sub-issues
6) Agree again with your clients 5
7) Establish initial hypothesis and use them to determine your MR strategy.
8) Make work plan
9) Gather data - secondary, field, primary, etc
10) Analyse your data
11) Interpret your data
12) Get client feedback of possible solutions and directions - to get buy-in from client
13) Finalise your findings and insights
14) Present in a organized and simple manner - start with your solution(s) first with supporting data therefater.
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