Market Research Tutorial: Market Research Strategy
The market research tutorial observes that developing a market research strategy occurs on two levels, from a macro perspective with an organization making a commitment (especially with budget) to include market research as a formal part of its decision-making process and from a micro perspective with the person responsible for market research determining the specific approaches on a project basis.
On a macro level, the strategy would include planning and budgeting for studies on strategic initiatives for a business. For example, an organization sets a goal to expand into three new lines of business over the coming two years. As part of this goal, market research would be included to help determine the viability of the new lines, the "fit" with the current business plan, customer reaction and receptivity and the like. And, as we all know, there is no commitment with budget, so management would need to set aside specific funding to meet the requirement.
On a micro level, the market researcher (or person responsible) would develop a specific approach for each research need. A single project might be able to accomplish a number of diverse needs. The project manager would also determine how the needs would be met: through qualitative or quantitative research? By what methodology? By a specialized technique (conjoint analysis, customer satisfaction)?
Specific approaches are addressed as this guide progresses. Now, onto the development of a project and its first key component--setting objectives.
Forward to Setting Objectives for a Market Research Study
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