This week I started “Marketing Research Kit for Dummies” by Michael Hyman and Jeremy Sierra. The authors provide the frame work for a market research study. They emphasize the importance of having the right reasons to conduct a study. It is all about “problem identifying and problem solving.” Market research studies can provide both for the small business owner. As I am reading the first two chapters, I am wondering how many small business owners actually use market research data to help them dial in on problems in the market they may face. This would be a great market research study! The authors also discuss the stages of the marketing research process. It is important to follow all of the stages in order to know that your findings are accurate and can ultimately increase sales and profits.
The following are the stages of the marketing research process according to Michael Hyman and Jeremy Sierra.
- Identify the Problem
- Designing the Study
- Selecting the Sample
- Gathering the Data
- Analyzing the Results
- Communicating the findings and their implications
Future chapters will discuss quantifying results. Putting subjective results into data is intriguing to me because I see a market research study as being random answers to questions posed by the researcher. I know there are methods to quantify what seems to be unquantifiable such as customer satisfaction. Market research is the method to achieve that information.
It is almost like a scientific study. There is a hypothesis and then you test the hypotheses to see if it is correct. Understanding your market and customers is imperative to making an informed business decision. Many people guide their decisions based on experience and “gut feelings.” Wouldn’t it be better to know rather than feel? Even the most experienced professional might be surprised by what they learn.
Hyman, M. and Sierra, J. (2010), Marketing Research Kit form Dummies, Wiley Publish Inc., Hoboken, NJ
Magretta, J., (2012), Understanding Michael Porter, Harvard Business Review Press, Boston, MA, ISBN 978-1-4221-6059-6
Master of Entrepreneurship Website for Mike Weimar 