Planning Stage

Planning Stage in Market Research

Defining the Problem

  • At the start of the planning stage, the first step is to define the problem or the question that needs answering.
  • It’s crucial to clarify your business objectives, whether they are to increase sales, target a new audience or expand a product line.
  • Precise definition of the problem helps in designing an accurate and efficient research plan.

Establishing Research Objectives

  • Research objectives outline what the market research aims to accomplish.
  • They give direction to the research and ensure it remains focused on obtaining the necessary data.
  • It’s important to make these objectives specific, measurable, achievable, relevant and time-bound (SMART).

Identifying Research Methods

  • Once the problem and the objectives are outlined, you need to choose the most suitable research methods.
  • The choice should largely depend on your objectives and the resources available.
  • Common methods include, but are not limited to, surveys, focus groups, interviews, and observational research.

Sampling

  • Sampling involves defining your sample group, which is a portion of your target population you will study.
  • Deciding who should be in your sample group depends on your research objectives and the characteristics of your target market.
  • Random sampling, stratified sampling, and cluster sampling are some popular sampling methods.

Formulating a Research Design

  • Research design outlines the overall approach to collecting and analysing data.
  • This should include details about the sampling method, the research methods to be used, and the statistical techniques for data analysis.
  • Formulating a research design provides a structured plan to guide the market research process, reducing potential errors.

Planning the Budget and Timeframe

  • It’s important to plan the budget and allocate sufficient funds for every stage of the research.
  • Determine the costs for recruiting participants, the personnel required, as well as the equipment and software needs.
  • Besides the budget, planning a realistic timeframe is crucial to carry out the research effectively and obtain results in a timely manner.

Ethical Considerations

  • When conducting market research, ethical considerations should be taken into account.
  • Ensure participant information is kept confidential and used only for the intended purpose.
  • Obtain informed consent from the participants, and make sure they are aware of their rights to withdraw at any stage.