How to do business research

How to do business research

The Business research or market research is the basic tool used in marketing to know how it is structured and running the market. With this, we can know, for example, what factors influence consumer behavior or what are the best decisions that we can make when structuring the marketing mix. Therefore, knowing how to do a good business research is essential for anyone, in this article we will explain you in detail.

Steps to follow:

1. The first step to do an adequate commercial research is to design the content and the basic structure of the research, that is, from what problem or need for knowledge we start, and how far and how we want to go. The steps are:

  • Select what we want to investigate: for example, the influence of television at night on a certain type of consumer or what new modifications consumers need for a product.
  • Determine the objectives: what exactly we want to achieve with the study.
  • Hypothesis prior to the study: that is, our current theories of how the variable affects a certain situation we want to study.
  • Determine the variables that affect the study: take into account that, if we study the consumer, what variables affect their behavior or if we study a product, what modifications produce effects on it.

2. The second step is to obtain the information we need to carry out our study, and on which we will rely, so it is vitally important that it be as realistic and objective as possible.

It is made up of the following phases:

  • Choice of sources: determine where we will obtain the information.
  • Ways to obtain the information: what steps or what requirements will we need to obtain that information, since it is likely that not all of it is public or that we need to prepare them ourselves, for example through consumer surveys.
  • Selection of a representative sample under study.
  • Obtaining the results and the data.

3. Once we have all the data, it is time to treat it analytically. For this we will generally need computer resources. We will do it in the following way:

  • Edit and encode the data: in such a way that it is easily understandable and manageable for all those who use it.
  • Tabulation and statistical analysis: first we will have to tabulate and organize the data according to the variables that we have taken into account, and later we will subject them to statistical tests to better understand what we need: frequency of repetition of a variable, mean deviation, etc.

4. Finally, the time has come to interpret the results and present the conclusions of our study, with the aim, also, of being able to disseminate it if we wish to those who need it. Thus:

  • Interpretation of results: we will analyze the results obtained, and that previous hypothesis that we had made, to know if we were correct or if there is a large predictive error. It is advisable to analyze the ‘why’ of the success or failure.
  • Conclusions: it is convenient to draw conclusions from the study, as a summary of the results obtained.

Recommendations and actions to carry out: depending on the results and what we want to achieve.

Ralph Fixes

Just another guy obsessed with self-improvement, life, and business.

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