Business Research and Marketing Plans
The Truth International understands fully that Marketing research is a set of processes that links the producers, consumers, and end users to the marketer through information used to identify and define opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance, and improve understanding of marketing as a process. Furthermore, it is the systematic gathering, recording and analysis of qualitative and quantitative data regarding issues relating to marketing products and services. There are different types of marketing research – classified on the basis of research objective, and The Truth International undertakes following types of marketing research based on functional objectives of research are;13
- Descriptive Researches – testing hypothesis to find accurate answers to research question. For eg. prospective buyers of product, consumption pattern of product, fraction of population using the product.
- Exploratory Researches – We utilize Secondary data for this type of research to explore possibilities of new product in particular customer market.
- Causal Researches – to establish cause-effect relationship between the variables. For eg. the impact of change in product packaging on product sales.
- Predictive Researches – conducted to forecast or predict certain market variable for which the research is designed.
The marketing research process entails five steps;
- Identify the Problem: Clear identification of problem is critical to finding solution. Marketing problem is stated and shared with stakeholders across the board to refine the understanding of problem. Brainstorming to explore actual research query happens at this step. Furthermore, research objectives are articulated.
- Develop a Research Plan: Following the problem definition, research objectives, and a preliminary set of research questions, the next step is to develop a research plan. Essential to this plan is identifying precisely what information you need to answer your questions and achieve your objectives.
- Conduct the Research:Data collection is the most crucial activity at this step. It typically begins by reviewing the existing research available regarding the research problem at hand. Secondary research methodologies are fully utilized before investigating the problem with primary research methodologies such as interviews, observing the behavior of target audience and etc.
- Analyze and Report Findings: Primary and secondary data collected during the earlier step is transformed in to meaningful information and insight to answer the research question. Data cleaning, formatting, and editing is done at this step of the marketing research process. Following the data analysis, findings of the study are reported and presented to the leadership/stakeholders of the organization.
- Take Action: After findings have been analyzed by the stakeholders/leadership, actions are devised and taken based on the findings of report.
The Truth International offers comprehensive business research including market surveys as well as undertaking research to suggest marketing plans and strategies to our valued clients. We also offer marketing of products to our clients.