Businesses need to complete different research if they are to implement their business models efficiently. Kotler and Keller (2016) define market research as the process of collecting, reporting, and analyzing data that is applicable to a given marketing situation. This initiative remains critical in both large and small organizations since it supports the delivery of the intended goals. Companies can implement the marketing research strategy by following six unique stages. The first one entails the identification, definition, and description of the identified problem and the intended research objectives. Kotler and Keller (2016) advise managers to avoid the habit of describing the targeted concern too narrowly or broadly. The best strategy is for the involved professionals to focus on the most important aspects of the market objective or issue.
The second step of the research process is the development of the intended plan. During this phase, the researcher’s first role is to identify primary and secondary data (Kotler & Keller, 2016). Some of the common tactics experts employ to acquire much-needed information entail the use of surveys, focus groups, experiments, and behavioral data (Kotler & Keller, 2016). Questionnaires, qualitative measures, and mechanical devices play a significant role during the process. Involved professionals will rely on an effective strategy to contact and liaise with the identified respondents, such as the use of mail, telephone interviews, or face-to-face interactions.
The third crucial stage for marketing research is the collection of high-quality information based on the targeted business aim. During this phase, researchers should ensure that the gathered data and ideas are applicable to the selected scenario. The interviewer needs to acknowledge that some of the respondents might give biased, inaccurate, or dishonest insights during the process (Kotler & Keller, 2016). Additionally, the adoption of computer and information technology (IT) systems is an evidence-based approach that can streamline the process.
The fourth step outlined in the studied text is that of information analysis. The professional will use this phase to extract the needed data, tabulate, and develop the relevant frequency distributions. The individual will go further to compute measures of dispersion and averages for the recorded variables (Kotler & Keller, 2016). Modern statistical models and techniques are useful for unearthing new findings (Kotler & Keller, 2016). The fifth step of the process is the presentation of the gathered information to the company’s top management. During this stage, it is the researcher’s role to consider the most appropriate or relevant statistics that resonate with the identified problem. This strategy will make it possible for the involved business leaders to formulate the best decisions and consider how they can formulate a practical action plan.
The final step of the marketing process is the formulation of the most appropriate decision. The manager who commissioned the specific study will complete the stage by examining and weighing the presented evidence (Kotler & Keller, 2016). According to Kotler and Keller (2016), the use of Marketing Decision Support Systems (MDSS) could guide marketing leaders to make informed decisions. They arrive at such conclusions by analyzing the presented data using the best software in the industry (Kotler & Keller, 2016). Such systems have the potential to interpret the collected information from the business environment and support the formulation of evidence-based decisions. The involved decision-makers at the company will eventually formulate the best plan and influence marketing actions.
Reference
Kotler, P., & Keller, K. L. (2016). Marketing management (16th ed.). Pearson Education.