What are the steps involved in market research?

What are the steps involved in market research?

William A. Cohen (Author & Founder, Institute of Leader Arts) gives expert video advice on: What are the steps involved in market research?; What are tips for designing a survey? and more...

The First thing is concentrate, be calm and sit down, and think what's the problem? I mean, what are you trying to do ? Look at the problem. "What am I trying to find out?" Look at the market and say, "OK, how can I best do this?" Because, remember, you've got all these different ways of researching. A telephone is very quick, for example. If I've got a list, I will start making these phone calls and maybe some people don't want to talk to me, whatever. But it's quick. Mail takes a lot longer. It's takes time to get it, and send it out to these people and so forth. Personal interviews are very expensive. If you have a long interview with someone that takes the time of the person involved and that's the most expensive way. Internet also, maybe you're interviewing the wrong people. I mean, one thing that you, if you interview on the Internet, they all have computers and maybe that means they're not something else. I mean, you want to make sure that it all fits together. So you want consider these other things. So these are the different methods that you would use to get the market research. And now, once you have decided that, then you start designing your survey form. As I mentioned, difficult questions toward the end, keep it short as you possibly can, and then implement it, analyze it, what does it all mean, and come to conclusions and make a decision what you're gonna do.