The first eleven steps of the market research process are industry standards. The problems that I have seen with market research, particularly for small and medium-sized businesses are either (1) it never happens in the first place; this is the driving factor for the three-year 80 percent business failure rate or, (2) the research is carried out but no one knows how to implement the new information.
Up to moving to Calgary (from Lethbridge and prior to that, Vancouver) and having worked in market and marketing research for three years, at both the corporate and academic level, I quickly noticed that, and connected to point two above, the researcher generally has little to no practical business experience and the business having the research conducted does not fully understand the research process. The problem then is that there is no bridge to connect the purpose of the research to the strategic guidance the research should provide.
The 12 Steps of Market Research
Step 1: Establish the need for market research:
Step 2: Define the problem:
Step 3: Establish research objectives:
Step 4: Determine research design:
Step 5: Identify information types and sources:
Step 6: Determine the methods of accessing data:
Step 7: Design data collection forms:
Step 8: Determine sample plan and size:
Step 9: Collect data: Step
Step 10: Analyze data:
Step 11: Prepare and present the final research report:
Step 12: Carry out the recommendations of the research (should they prove feasible).
Not only can we help with all areas of market research we can also work with you to implement the recommendations of the research. Please, don't hesitate to call: 403-991-8863.