How to Conduct Marketing Research

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The most popular methods of marketing research of the market and consumers are focus groups, in-depth interviews and surveys.
Tools for analyzing research results
There are many models in marketing that make it easier to analyze data during research. Here are the most popular ones:

CustDev . An approach used to create new products and services. Including if they do not yet exist and it is necessary to test whether the product will be in demand, whether there is demand on the market.
Jobs to be done . A marketing data analysis method that determines the usefulness of a product—what jobs it does for users.
SWOT analysis . The model summarizes the strengths and weaknesses of the enterprise, as well as information about its external threats and opportunities.
PEST analysis . This is a study of external business factors - political, economic, social and technological.
Porter's Five Forces. Another type of analysis of market data and the company's external environment. Researchers consider the so-called "forces" - these are buyers, suppliers, existing and new competitors, substitute goods.
BCG matrix . A tool for analyzing a company's product portfolio and its market share. It allows you to identify the most promising areas for business development.
CJM . Customer journey map is a method that helps to identify shortcomings in the company's work at each stage of interaction between users and the business.
The choice of a data analysis tool depends on the goals and objectives of the company. The models you will use in your work should always be thought out before starting the study. Then you will be able to include the necessary questions in the guide in advance.

There are five main stages in conducting marketing research:

1. Defining the goal
At this stage, you need to formulate what problem the research will solve and what results you want to obtain.

2. Selecting the type of research
Depending on the goal, you need to select the methods that you will venezuela phone number list use. For example, a general market analysis can sometimes be done using desk research. But if the company operates in a narrow innovation niche, then you will have to conduct a field study - qualitative or quantitative.

3. Audience Description
It is necessary to define the requirements for the participants of the marketing research. For example, what should be the gender, age, income of the respondents and other parameters, if they need to be taken into account.

For a quantitative study, calculate the minimum sample size. This can be done using a calculator .

4. Preparation of tools
The effectiveness of the research largely depends on how correctly the questionnaire or guide is composed.

Important recommendations: questions should be formulated simply and clearly, in a language accessible to people. They should be arranged in a logical order - moving from the general to the specific.