Methods in Market Research

Market research is a broad term and there are multiple methods of researching information. Methods in Market Research will demonstrate certain methods step by step along with tips and guidelines in conducting that research. This online training module is designed for an audience that is new to the field of market research or is interested in how to conduct Surveys, Focus Groups, Interviews, and Observations. This online module is non-linear so the user is able to go from one content to another, and the module does keep track of the overall percentage completed also allowing the user to take breaks.  As the user is going through the module there are a few questions to test the knowledge of what the reader has learned. 

Survey

Step 1: Identify Audience

Identifying the audience is the first step in conducting a survey for research. Having a specific audience in mind will give the researcher the results they aspire.

Step 2: Find Survey Provider

Surveys are a useful tool that can be relatively inexpensive, depending on what you want to accomplish and the provider you choose. 

Step 3: Conduct the Survey

When it comes to the length of the survey, short and simple is the best way to go. Exhausting every possible choice to the question you’re asking to get the most rewarding results. 

Step 4: Obtain Target Audience Panel

Ensure that the respondent sample size is representative of your total consumer base. Survey a mixture of current and potential consumers. You want to gather a range of consumer feedback.

Step 5: Analyze results

Analyze survey data with tables, charts, graphs, cross tabulations, and more advanced analysis functionality.

What are the steps to follow to conduct a Survey?

  • Identify Audience
  • Find Survey Provider
  • Conduct the Survey
  • Obtain Target Audience Panel
  • Analyze Results

What information is needed most in order to conduct a survey?

  • Target Audience
  • Service provider for the service

Fill in the blank

When it comes to the length of the survey, and  is what is recommended for the audience.

Focus Groups

Step 1: Define Objectives

What are you trying to find out? What decisions will be made from obtaining the information from the focus group? These are the questions to answer before getting started starting a focus group.

This has to be clear and specific. The more defined the objective is the easier the process will be for the research. 

Step 2: Identify Participants

  • Determine how many participants are needed and how many to invite. 
  • Develop a list of key attributes to seek in participants based on the purpose of the focus group. 
  • Then, secure names and contact information, finalize the list, and send invitations.

Step 3: Identify Location

Choose a setting which can accommodate the participants and where they would feel comfortable expressing their opinions.

Step 4: Select Facilitator

 A focus group facilitator should be able to deal tactfully with outspoken group members, keep the discussion on track, and make sure every participant is heard. The facilitator should be knowledgeable about the project.  He or she can be a staff member, volunteer, or member of a committee or task force.

Step 5: Analyze Results

Several different reporting options are available according to client needs

The group facilitator has to be

  • knowledgeable
  • outspoken

Fill in the blank

Develop a list of key attributes to seek in participant based on the  of the focus group 

Steps in Identifying the Participants

  • Determine how many participants are needed and how many to invite
  • Develop a list of key attributes to seek in participants based on the purpose of the focus group
  • Secure names and contact information
  • Send invites to the participants selected

Interviews

Step 1: Location

  • Avoid loud lights or noises
  • Ensure the interviewee is comfortable (you might ask them if they are)
  • Often, they may feel more comfortable at their own places of work or homes.

Step 2: Purpose of Interview

Thoroughly explain the purpose of the interview so interviewee can take it honestly and give feedback.

Step 3: Address terms of Confidentiality

  • Note any terms of confidentiality. (Be careful here. Rarely can you absolutely promise anything. Courts may get access to information, in certain circumstances.) 
  • Explain who will get access to their answers and how their answers will be analyzed. 
  • If their comments are to be used as quotes, get their written permission to do so

Step 4: Format of the Interview

Explain the type of interview you are conducting and its nature. If you want them to ask questions, specify if they're to do so as they have them or wait until the end of the interview.


Step 5: Information on Interview

  • Indicate how long the interview usually takes.
  • Tell interviewee how to get in touch with you later if they want to.
  • Ask them if they have any questions before you both get started with the interview.
  • Don't count on your memory to recall their answers. Ask for permission to record the interview or bring along someone to take notes.

True or False

  • Often, interviewees prefer crowded areas with loud music to do an interview
  • Ask for permission to record the interview or bring along someone to take notes.

What is something you have to be careful about when addressing terms of confidentiality?

  • Indicate how long the interview is going to take
  • What you promise

Fill in the blank

Explain the type of interview you are conducting and its 

Observation

Step 1: Formulate Problem

  • This problem needs to be understood, the cause diagnosed, and solutions developed.
  •  Once you approach the problem from a research angle, you can find a solution

Step 2: Method of Inquiry

  1. Formulate a problem
  2. Develop a hypothesis
  3. Make predictions based on the hypothesis
  4. Devise a test of the hypothesis
  5. Conduct the test
  6. Analyze the results

Step 3: Research Method

  • Experimental research gives you the advantage of controlling extraneous variables and manipulating one or more variables that influences the process being implemented
  • This problem needs to be understood, the cause diagnosed, and solutions developed

Step 4: Sample Design

In order to design your sample, you must find answers to these questions:

  1. From which base population is the sample to be selected?
  2. What is the method (process) for sample selection?
  3. What is the size of the sample?

Step 5: Data Collection

  • Personal (face-to-face) and telephone interviews may require you to use a data collection agency (field service).
  • Internet surveys require fewer personnel, are lower cost, and can be completed in days rather than weeks or months.
  • The data collection process introduces another essential element to your research project: the importance of clear and constant communication.

To formulate problems

  • This problem needs to be understood, the cause diagnosed, and solutions developed
  • This problem needs to be understood, the cause diagnosed, and solutions developed

True/False

  • Once you approach the problem from a research angle, you can find a solution
  • Internet surveys require fewer personnel, are lower cost, and can be completed in days rather than weeks or months.

Steps in methods of inquiry

  • Formulate a problem
  • Develop a hypothesis
  • Make predictions based on the hypothesis
  • Devise a test of the hypothesis
  • Conduct the test
  • Analyze the results