Market Research is the technique of gathering information to help you to see whether there is a business opportunity for your proposed item or administration. The data gathered and processed after market research helps business to make informed decision choices.
Steps in Market Research
The most important aspect of market research therefore is to formulate the question/Objective for the research. The objective provides the vision/direction for the market research.
Predominantly market research designs can be of three types :
- Exploratory
- Descriptive
- Causal
The image below describes the objective of these research designs, the characterstics, methods and when they should be used in detail.
Causal Research determines cause and effect of a relationship. There are certain conditions that must be kept in mind while chosing this research design method. They are :-
1. correlation/concomitant variation :- It is the extent to which a cause,X, and an effect,Y, occur together or vary together in a way predicted by the hypothesis under consideration.
2. temporal sequence :- It states that causing event must proceed the effect , it cannot occur afterwards.
3. Nonspurious association :- Everything else should be kept constant and we assume that the factor or variable being investigated should be the only possible causal explanation.
2. temporal sequence :- It states that causing event must proceed the effect , it cannot occur afterwards.
3. Nonspurious association :- Everything else should be kept constant and we assume that the factor or variable being investigated should be the only possible causal explanation.
HAND WRITTEN NOTES
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