Introduction
One of the critical activities when designing a market research experiment is the development of a reasonable hypothesis. Ideally, it can be defined as speculation pivoted on secondary data sources, such as the internet of enlisting possible research findings will be. It provides possible but unconfirmed answers to a given research topic. A breakdown of how to develop and test a market hypothesis and a justification of the testing methods form the basis of discussion for this paper.
Steps for Developing an Effective Hypothesis Statement
The first step involves identifying the research question addressed during the market experiment. Secondly, the researcher should list the expected results with each speculation beginning with ‘if’ and containing two elements namely the dependent and independent variables. Lastly, the prober should document a second hypothesis that opposes any correlation between the two parameters (Dhir & Gupta, 2021). For instance, if local authorities build more stalls, the number of customers served in the market will not be affected. The hypothesis above can be tested to establish its efficacy, as discussed below.
Testing of Hypothesis
Upon formulation, the hypothesis is evaluated based on the S.M.A.R.T. technique. This implies that a reasonable assumption should be specific, measurable, achievable, realistic, and adhere to the time limits. In a nutshell, the hypothesis should contain all variables on the targeted market group to be studied and a recap of the expected results from the experiment. The section below validates the reason for the adoption of this technique.
The Rationale for the Adoption of the S.M.A.R.T. Method
The S.M.A.R.T. theoretical rubric enables the researcher to determine the exact parameters to be explored during the experiment and identify links between study variables. Therefore, it is easier for probers to identify important elements while eliminating those that could be irrelevant. In addition, the hypothesis ensures that the question meets the criteria of clarity and appropriateness and falls within the confines of the study.
Conclusion
A reasonable hypothesis serves as a template guiding researchers towards the better realization of study objectives. It bridges the gap between experimental assumptions and actual results. In that regard, probers need to do extensive research on study topics before formulating hypothesis statements for any given market experiment. Analyzing preexisting data sources can help researchers to develop objective and testable postulations regarding the study’s actual findings.
Reference
Dhir, S. K., & Gupta, P. (2021). Formulation of Research Question and Composing Study Outcomes and Objectives.Indian Pediatrics, 58(6), 584-588.