Market Research (FAR Part 10) is conducted to determine the availability of commercial products and services and to identify and evaluate market practices. It’s a continuous process of finding viable sources of goods and services to meet government
requirements and is mandated for all acquisition programs. It’s conducted by key members of a program’s Integrated Product Team (IPT) with the goal of pulling together the necessary market information to be analyzed so an informed decision can be achieved on how to satisfy a need. The results of market research and future plans for market research are included in a program’s Acquisition Strategy. Definition – “Market research is a continuous process for gathering data on product characteristics, suppliers’ capabilities, and the business practices/trends that surround them — plus the analysis of that data to make smart acquisition decisions.” (FAR 2.1) Federal Acquisition Regulations (FAR) for Market Research
5 Steps on the Marketing Research ProcessThere are five steps in the market research process that will enable you to gather and understand the information that is needed to determine how best to meet your needs. Step 1 – Locating and Defining Issues or ProblemsThis step focuses on uncovering the nature and boundaries of a situation or question related to marketing strategy or implementation. In defining the issues or problems, the researcher should take into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making. Step 2 – Designing the Market Research ProjectThis step is focused on creating a market research plan or overall approach on how you are going to solve the issue or problem identified. A research plan or approach is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making. The research design involves the following steps: [2]
Step 3 – Collecting DataThis step revolved around obtaining the information that you will need to solve the issue or problem identified. Data collection involves a field force or staff that operates either in the field, as in the case of personal interviewing (in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computer-assisted telephone interviewing), or through the mail (traditional mail and mail panel surveys with recruited households). Step 4 – Interpreting Research DataThis step is focused on examining the data and coming up with a conclusion that solves the problem. Step 5 – Report Research FindingsThe final step is to report the market research findings to those who need the data to make decisions. The findings should be presented in a comprehensible format so that they can be readily used in the decision-making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact. Research Reporting Formats:
AcqNotes TutorialAcqTips:
AcqNotes TutorialAcqLinks and References:
Updated: 3/5/2021 What are the 7 steps in marketing research?7 Steps to a Marketing Research Process That Works. Define the Question. Before you can research anything, you have to know what you want to know. ... . Set the Objective. ... . Collect Data to Inform Your Research Process. ... . Clarify Your Sample. ... . Do Your Fieldwork. ... . Data Analysis. ... . Report Your Results.. What are the 5 steps in marketing research process?The 5 Step Marketing Research Process. Define the Problem or Opportunity. The most important part of the marketing research process is defining the problem. ... . Develop Your Marketing Research Plan. ... . Collect Relevant Data and Information. ... . Analyze Data and Report Findings. ... . Put Your Research into Action.. What are the four steps in the marketing research process quizlet?The market research process involves four steps: defining the problem and research objectives, developing the plan, implementing the plan, and interpreting and reporting the findings.
What is the fourth step of the five step marketing research process quizlet?The fourth step is to develop findings from the marketing research data collected. This involves analyzing the data and presenting the findings of the research.
|