Market research is gathering, analysing, and interpreting information about a market, a product or service to be offered for sale in that market, and about the past, present, and potential customers for the product or service. It is a crucial component of business strategy and helps companies make informed decisions about developing and promoting their products or services.
How to set research objectives, timescales, budget and resource requirements and success criteria
SMART objectives are specific, measurable, achievable, relevant, and time-bound goals that a market research project aims to achieve. Using the SMART framework can help ensure that research objectives are clear, attainable, and aligned with the project’s overall purpose.
- Objectives linked to purpose and desired outcomes: It is important to align the research objectives with the project’s overall purpose and desired outcomes. This helps ensure that the research focuses on answering the key questions or addressing the issues at hand.
- Stakeholder requirements: It is also important to consider stakeholders’ requirements when setting research objectives. This may include identifying the needs and expectations of key stakeholders, such as customers, employees, or shareholders, and ensuring that the research objectives are aligned with these needs and expectations.
An example of a SMART research objective that is linked to the purpose and desired outcomes of the project and takes into account stakeholder requirements might be: “To understand the attitudes and behaviours of our target market towards environmentally-friendly products, to inform the development of new line of sustainable products that meets the needs and expectations of our customers and aligns with our company’s commitment to sustainability, within the next six months.”
To set timescales for a market research project, it is important to consider the following factors:
- The scope of the research: The timescale should be determined based on the complexity and size of the project, as well as the number of tasks that need to be completed.
- The research objectives: The timescale should allow enough time to achieve the research objectives and should be aligned with any deadlines or milestones associated with the project.
- The resources and budget available: The timescale should be realistic and consider the resources and budget that are available for the project.
- The need for contingency time: It is important to build contingency time to allow for any unexpected delays or challenges that may arise during the research process.
- Liaison with internal stakeholders: It is essential to communicate with internal stakeholders, such as managers or decision-makers, to understand when the research results are needed. This can help to ensure that the timescale is aligned with the organisation’s needs and allows enough time to present the findings and make decisions based on the research.
To divide and allocate time to different stages of the research, it is helpful to create a detailed project plan that outlines the specific tasks that need to be completed and the timeline for each task. This can help to ensure that the research is completed efficiently and effectively.
The resources needed for a market research project will depend on the scope and complexity of the project, as well as the research methods that will be used. Some common resources that may be needed include:
- Financial resources: Financial resources may be needed to cover the cost of hiring research staff, purchasing data or software, and any travel or other expenses.
- Staff resources: Staff resources may include research staff to conduct the research, as well as management and support staff to oversee the project.
- Outside agencies: Depending on the project’s needs, it may be necessary to work with outside agencies or consultants to provide specialised expertise or access to certain data or research tools.
Other resources that may be needed include equipment, such as computers and software, and facilities, such as a research lab or focus group facility. It is important to carefully consider the resources required to ensure that the research project is completed successfully.
Success criteria are the specific measures that will be used to determine whether the research objectives have been met. To set success criteria in terms of research objectives, it is important to consider the following factors:
- The research objectives: The success criteria should be directly linked to the research objectives and used to measure progress towards achieving those objectives.
- The quantity and quality of data collected: The success criteria may include measures of the quantity and quality of the data collected, such as the number of respondents, the response rate, and the accuracy of the data.
- The clarity of conclusions drawn: The success criteria may also include measures of the clarity and coherence of the conclusions drawn from the data, such as whether the findings are clearly stated and supported by the data.
Other success criteria may include measures of customer satisfaction, the impact of the research on business decisions, and the project’s overall success in achieving its goals. It is important to carefully consider the success criteria at the beginning of the project to ensure that the research is focused on achieving the desired outcomes.
How to specify the characteristics and size of the sample
The sample is the people or organisations studied as part of a market research project. To specify the characteristics and size of the sample, it is important to consider the following factors:
- The research aims and objectives: The sample should be chosen in a way that allows the research aims and objectives to be achieved. For example, if the research aims to understand the purchasing habits of a particular demographic group, the sample should include a representative number of people from that group.
- The sampling method: The sampling method is the process by which the sample is selected from the larger population. Several different sampling methods can be used, including random, stratified, and cluster. The appropriate method will depend on the research aims and objectives, as well as the resources and time available.
- The sample size: The sample size is the number of people or organisations included in the sample. The appropriate sample size will depend on the research aims and objectives, as well as the resources and time available. Generally, a larger sample size is more representative of the population and is more likely to yield reliable results. Still, it may also be more expensive and time-consuming to gather data from a larger sample.
It is important to carefully consider the characteristics and size of the sample to ensure that the research is focused on the right group of people or organisations and that the results are reliable and representative of the larger population.
The factors to be taken into account when selecting research instruments
There are several factors to consider when selecting research instruments that are fit for purpose:
- The research aims and objectives: The research instrument should be chosen in a way that allows the research aims and objectives to be achieved. For example, a structured interview or focus group might be the most appropriate research instrument if the research aims to gather detailed, open-ended responses.
- The target population: The research instrument should be appropriate for the target population, considering factors such as age, education level, and language.
- The resources and time available: The research instrument should be feasible given the resources and time available for the project.
- The data collection method: The research instrument should be compatible with the data collection method, such as online surveys, face-to-face interviews, or focus groups.
- The cost: The research instrument should be cost-effective and fit within the project’s budget.
- The reliability and validity of the research instrument: The research instrument should be reliable, producing consistent results, and valid, meaning that it measures what it is intended to measure.
Considering these factors makes it possible to choose research instruments that are fit for purpose and will help ensure that the research is focused and effective.
How to ensure the suitability of methods chosen to conduct research
There are several ways to ensure the suitability of methods chosen to conduct research:
- Piloting of research instruments: Piloting is the process of testing a research instrument, such as a survey or interview guide, on a small group of people to identify any problems or issues before it is used with the full sample. Piloting can help to ensure that the research instrument is clear, easy to understand, and produces reliable and valid results.
- Testing for lack of bias: It is important to ensure that the research methods and instruments are free from bias, which is the tendency to favour certain outcomes or groups of people over others. To test for bias, it is helpful to review the research instrument and methods carefully and ask a diverse group of people to review them.
Other ways to ensure the suitability of research methods include selecting methods appropriate for the research aims and objectives, aligning the methods with the target population and data collection method, and considering the resources and time available for the project. By taking these steps, it is possible to choose suitable research methods that will help ensure that the research is focused and effective.
The strengths and limitations of quantitative and qualitative research
Quantitative research is a type of research that involves collecting and analysing numerical data.
Some of the strengths of quantitative research include the following:
- Gives data on what happens and factual data: Quantitative research provides data that can be measured and analysed, which can help to understand what is happening and why.
- Tends to be reliable: Quantitative research is often considered more reliable than qualitative research because it is based on hard data that can be objectively measured and analysed.
- Can be very cost-effective: Quantitative research can be very cost-effective, especially when large sample sizes are used. This allows for collecting a large amount of data at a relatively low cost.
- Can be easier to process: Quantitative data is often easier to process and analyse than qualitative data because it is numerical and can be analysed using statistical techniques.
Quantitative research is a powerful tool for understanding and measuring the characteristics of a population and can provide valuable insights into a variety of research questions.
Some of the limitations of quantitative research include the following:
- Does not readily yield behavioural factors: Quantitative research is focused on collecting and analysing numerical data, which may not capture important behavioural or subjective factors.
- Often excludes real-life factors: Quantitative research often excludes real-life factors such as context, culture, and emotions, which can limit the validity of the findings.
- Tends to be less valid: Because it often excludes real-life factors, quantitative research may be less valid than qualitative research, which is more focused on understanding the experiences and perspectives of individuals.
Overall, while quantitative research is a powerful tool for understanding and measuring the characteristics of a population, it is important to consider its limitations and use a combination of qualitative and quantitative research methods to understand a research problem better.
Qualitative research is a type of research that involves collecting and analysing non-numerical data, such as words, images, and sounds. Some of the strengths of qualitative research include the following:
- Can give “richer” data than quantitative research: Qualitative research is often considered to provide “richer” data than quantitative research because it is more focused on understanding the experiences and perspectives of individuals. This can help to provide a more nuanced and in-depth understanding of a research problem.
- Reflects reality better: Because it is more focused on understanding the experiences and perspectives of individuals, qualitative research may be more representative of reality than quantitative research.
- Suited to capturing information about opinions: Qualitative research is well-suited to capturing information about opinions, attitudes, and beliefs because it allows for expressing subjective experiences and perspectives.
Qualitative research is a powerful tool for understanding the experiences and perspectives of individuals and can provide valuable insights into various research questions.
Some of the limitations of qualitative research include the following:
- Tends to be less reliable: Qualitative research is often considered less reliable than quantitative research because it is based on subjective data that can be more difficult to measure and analyse objectively.
- Tends to cost more to gather: Qualitative research can be more expensive than quantitative research because it often involves more labour-intensive data collection methods, such as in-depth interviews or focus groups.
- It is more difficult to process: Qualitative data is often more difficult to process and analyse than quantitative data because it requires subjective judgment to interpret the data.
While qualitative research is a powerful tool for understanding the experiences and perspectives of individuals, it is important to consider its limitations and use a combination of qualitative and quantitative research methods to understand a research problem better.
How risks inherent in the market research may be addressed
There are several risks inherent in market research that may need to be addressed:
- Data accuracy: There is a risk that the data collected during the research process may be inaccurate or incomplete, which can affect the validity of the research findings. It is important to address this risk using reliable research methods and instruments, carefully review the data for accuracy, and use multiple data sources whenever possible.
- Respondent bias: There is a risk that respondents may not be representative of the larger population or may not accurately report their attitudes or behaviours. To address this risk, it is important to use appropriate sampling methods and carefully consider the sample’s characteristics.
- Confidentiality: There is a risk that sensitive or confidential information may be revealed during the research process, which can negatively affect the respondents and the organisation. To address this risk, it is important to protect the respondents’ confidentiality and use appropriate data security measures.
- Ethical issues: There is a risk that ethical issues may arise during the research process, such as using deceptive techniques or exploiting vulnerable populations. To address this risk, it is important to follow ethical guidelines and seek the appropriate approval and consent from the participants.
By addressing these risks, it is possible to conduct market research that is reliable, valid, and ethical.
How to ensure that the research data collected is valid and reliable
To ensure that research data is valid and reliable, it is important to consider the following factors:
- Research design: The research design should be carefully planned to ensure that the research is focused and will yield reliable and valid results. This may include choosing appropriate research methods and instruments, selecting a representative sample, and controlling for extraneous variables.
- Data collection: The data collection process should be carefully planned and executed to ensure the accuracy and completeness of the data. This may include using trained research staff, using standardised procedures, and regularly reviewing the data for accuracy.
- Data analysis: The data analysis process should be carefully planned and carried out to ensure that the data is analysed reliably and validly. This may include using appropriate statistical techniques and software, verifying the accuracy of the analysis, and checking for any biases or errors in the data.
- Data reporting: The data should be reported clearly and accurately, including any limitations or potential sources of bias.
Triangulation is the use of multiple methods or sources of data in a research study. Some of the benefits of triangulation include the following:
- Improved validity: Triangulation can improve the validity of research findings by providing multiple perspectives or data sources, which can help confirm or enrich the findings.
- Enhanced reliability: Triangulation can enhance the reliability of research findings by using multiple methods or data sources, which can help reduce the risk of errors or biases.
- Increased objectivity: Triangulation can increase the objectivity of research findings by using multiple methods or data sources, which can help reduce the risk of subjective interpretation of the data.
- Greater depth of understanding: Triangulation can provide a deeper understanding of a research problem by providing multiple perspectives or data sources, which can help shed light on different aspects of the issue.
Overall, triangulation is a useful approach for improving the validity, reliability, objectivity, and depth of understanding of research findings.
The uses of the research outputs
The research outputs are the results of a research study, including the findings, conclusions, and recommendations. The research outputs can be used for a variety of purposes, including:
- Making decisions: The research outputs can inform decisions related to business strategy, product development, marketing, and other areas.
- Solving problems: The research outputs can be used to identify and understand problems and develop solutions to address those problems.
- Developing policies: The research outputs can inform the development of organisational policies and procedures.
- Enhancing understanding: The research outputs can increase understanding of a particular issue or topic, which can be useful for researchers, practitioners, and the general public.
- Supporting communication: The research outputs can support communication and collaboration within and between organisations.
The research outputs are a valuable resource that can inform decision-making, solve problems, develop policies, enhance understanding, and support communication.
How to obtain approval for the proposed research
Obtaining approval to conduct research can involve several steps, depending on the organisation’s or research institution’s specific requirements. Some common steps to obtain approval to conduct research may include:
- Identifying the appropriate review board or committee: Depending on the nature of the research, it may be necessary to obtain approval from a specific review board or committee, such as an institutional review board (IRB) or ethics committee. Identifying the appropriate review board or committee and understanding their requirements and processes is essential.
- Submitting a research proposal: A research proposal is a detailed plan for the research study, including the research question, hypotheses, methods, and timeline. The proposal should be prepared carefully and clearly describe the research aims, objectives, and expected outcomes.
- Obtaining approvals or consent: Depending on the nature of the research, it may be necessary to obtain approvals or consent from various stakeholders, such as participants, funding agencies, or other organisations. It is important to follow the appropriate procedures and to ensure that all necessary approvals or consent are obtained.
- Complying with any legal or ethical requirements: Research may be subject to various legal and ethical requirements, such as confidentiality, data protection, and informed consent. It is important to ensure that the research complies with all relevant requirements.
By following these steps, it is possible to obtain approval to conduct research in a manner that is ethical and compliant with relevant regulations.