The market research process, explained by our marketing consultancy in Sydney
If a business creates what it perceives to be a profitable product, but if there are hardly any customers, then the business needs to do market research to find out why the consumers are not buying. Our marketing consultancy in Sydney have detailed below how companies hold their market research information and what components are involved.
Firstly, market research involves five major components. Our marketing consultants for small business in Sydney have detailed them below:
- defining the research problem (profit or sales related clause)
- designing the research methodology (design)
- collecting data
- analysing data and drawing conclusions
- presenting the results and making recommendations
As the research project proceeds, our small business marketing consultants in Sydney understand that the research problem may need to be redefined. A market research brief should be prepared to guide the project, in which the brief will specify the research problem, the info required, the time frame and the budget. Once the results are achieved, they are usually placed into a marketing information system, which contains all of the company’s marketing information.
For more information regarding the market research process, please contact our marketing consultancy in Sydney today.