Complete A to Z Guide for Market Research Report
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In order to survive in a competitive market, it is really important to understand the buyers’ behaviour. This makes market research an essential part of the business strategy and serves as an organised way to collect reliable information about prospective customers. But have you really adapted marketing research writing in a way to match today’s shop and buy needs? If you are having about your marketing research report, then here is the complete guide that will bring you back on the right track.
Step-by-step process to write a marketing research report
Step 1: Conduct market research
Market research is the very first step of the business report writing. There are basically two ways to conduct the research; either you can go with primary research or secondary research.
- Primary research: Primary research is the pursuit to get your hand on the first information in the market. The data collected through primary research are more authentic and reliable.
2. Secondary research: Secondary research is conducted to organize the data you have at your disposal. Secondary data involves market statistics, trend reports, sales data, buyers’ data and more.
Step 2: Be specific about the objectives of your research
Business research may differ from one objective to another. As some projects may be brand-oriented while others can be product-oriented. For examples researches done for brand equity can involve brand name testing, ads tracking, surveys done upon the group of potential customers. On the other side, product based survey includes demand estimation, test marketing, distribution channels and service audits. Hence, it is essential to be specific about the objectives of your research.
Step 3: Perform analysis
Apart from the customer analysation, marketers must conduct a survey on the company to find out its position in the market. An analyse must perform two fundamental analyses, first; internal analysis and second; external analysis with the help of various tools like SWAT, Five forces model, and PESTLE. The mentioned tools will help to identify the competitive advantages and disadvantages in the niche industry.
Step 4: take advantage of the marketing mix
An effective marketing strategy is the base of the innovative policies you will implement regarding the product, price, place and promotion. While writing the marketing research report, marketers must consider the 4ps of the marketing mix.
Step 5: prepare the format of the report
The fundamental structure of the report writing involves:
- Summary: It is the two-page summary of the report that gives a short description of the information you have mentioned in the report.
- Introduction: The introduction part addresses the basic information such as functions, objectives and goals of the report writing. It should be about one page.
- The body: This section of the report writing outlines the focus group. Describe the participants, their needs, conclusion and its impact on the business.
- Conclusion: define the results you have gathered from the research. Always remember! You should state the conclusion in broad terms so readers can keep their perception intact. However, if you need any help hire marketing assignment help from us.
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