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Data Collection Process- This process includes field work and desk work for collecting all
relevant data and information. Field work includes interviewing the personals by interacting
them face to face by visiting them in home or offices or arranging group meetings at any
preferred place. Desk work includes contacting personals over telephone or via series of emails
and web meetings. This could take comparatively more time as compared to the field work.
Involving experienced and trained executive for this helps in reducing data collection errors.
Data Preparation, tabulation and analysis of results- After the data collecting stage the
collected data is edited, corrected if required and validated. This process is the most important
process in the research as the results are generated on the basis of data preparation. So it is
required for an organization to verify the authenticity of the collected data and edit or correct it if
needed. The final data is then segmented according to the business standards and inserted into
the CRM database in a more tabulated form so that search or combination could be made easily.
- The entire process is properly documented with respect to organizational standards so that it
can be referred in future for decision making process or to change or modify any specific process
or module. This document contains overall architecture of the project depicting all the processes
with the help of tables, graphs and figures to provoke impact and clarity.
Market Research undeniably plays a vital role in exploring the business. The above process if
conducted in an efficient manner could help predicting and correlating customer needs and then
modeling or modifying the business strategies accordingly.
What then is the difference between a management problem and a research problem?
Management problems focus on an action. Do we advertise more? Do we change our advertising
message? Do we change an under-performing product configuration?
If so, how?
Research problems, on the other hand, focus on providing the information you need in order to
solve the management problem.
Click here to learn specifically how to formulate the research problem.
Formulate a problem
Develop a hypothesis
Make predictions based on the hypothesis
Devise a test of the hypothesis
Conduct the test
Analyze the results
The terminology is similar to the stages in the research process. However, there are subtle
differences in the way the steps are performed. For example, the scientific method is objective
while the research process can be subjective.
Once youve established who the relevant population is (completed in the problem formulation
stage), you have a base for your sample. This will allow you to make inferences about a larger
population. There are two methods of selecting a sample from a population: probability or nonprobability sampling.
The probability method relies on a random sampling of everyone within the larger population.
Non- probability is based in part on the judgment of the investigator, and often employs
convenience samples, or by other sampling methods that do not rely on probability.
The final stage of the sample design involves determining the appropriate sample size. This
important step involves cost and accuracy decisions. Larger samples generally reduce sampling
error and increase accuracy, but also increase costs.