What are the 5 Steps in Market Research?

All steps are important, however not fixed! Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is a very important component of business strategy and a major factor in maintaining competitiveness.

Market research can help you to understand and make informed decisions about the marketing of your business. This video aim's to shed a small light on the "how" to research.

Note: Videos have been made with international students in mind, as such if your finding the speed of speech slow, please increase playback speed to 1.25 in YouTube. I hope the video takes you beyond the definition & helps to make the learning process a little more tangible.

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Video Content

0:00 - Introduction to the steps in Market Research
0:31 - Step 1 Defining the Marketing Problem (aka Problem Definition)

1:10 - Step 2 Planning the Research Design
- Data vs Information

1:38 - What is Primary and Secondary Data?
- Advantage and Disadvantage of Primary and Secondary Data

2:29 - Step 3 Sampling
- Probability and Non-probability Sampling

3:12 - Step 4 Collecting and Analysing Data
- Internal and External data source
- Impact of the Internet on Market Research
- Gamification in Market Research
- Biometric measurement in Market Research

7:25 - Step 5 Reporting and Recommending

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Came across a great saying:
Research is formalized curiosity. It is poking and prying with a purpose. - Zora Neale Hurston

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Additional Reading:
The 5 Step Marketing Research Process

Market research process

5 Steps in the Marketing Research Process

The 5 Step Marketing Research Process

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School of Learning
Arnav Dutta