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.