What Process is Followed to Do Market Research ?

Research is a way, it is process in which the individuals are involved to extract the information which is needed according to the requirement of a person, the reason of the research is to acquire solutions to the problems.

When you need to investigate something you do research of that particular element by following a systematic way with the material and sources available at the spot and with those materials and sources people come into some new facts and effective conclusion.

Identification of the Problem

The process of research starts with the identification of the problem, people have to come across with a problem for which they are going to do a research, they need to find a topic or statement rely on that topic they go through the ground and do investigation regarding that problem aim is to obtain new facts and have an effective conclusion.

Situation Analysis

The next step is to analysis the situation regarding that particular problem that why that problem occurs, in situation analysis the experts use to collect the methods in which they analyze organization’s internal and external environment in which they decide about the capabilities, customers and business environment.

Research Design

In the process of research design the time-frame and cost of the research is going to be discussed that for how long it will take to complete the research, the cost which is going to be budgeted separately for the research how much funds should be allocated to researcher and the type of the research is discussed either it should be descriptive research, experiential, or correlation research (these are the different types of the research there are some other types as well but just to quote an example we have taken few types).

Collection of Data

In this step a research collects the data with two types the primary research and the secondary research (Primary Research includes the personal findings, own work when you do research personally going to the locations and asking for the facts is known as primary research whereas on the other hand secondary data is a kind of research in which people rely on the research work of others which is already been done by other researchers they do collect that information from the reviewing of literature, they use search engines on the internet, newspapers, both types of media etc is used in secondary type of research).

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