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Need of Market Research Plan

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Introduction:

A management of an organization has to take various decisions related to an organization. The effective decisions can be taken if a manager has complete knowledge of the market in which they deal. Thus, a company has to conduct various types of research such as brand research, product positioning, SWOT, etc. The quality of market research plan is very significant to take reliable and effective decisions, so companies are generally outsourcing research work from professionalized researchers. It prepares a plan to conduct research in which different aspects and steps of research are planned and includes decisions regarding what to do, how to do, when and by whom it is to be done. There are basically nine steps to plan research, which are as follows:

1. Determine the objectives of the research.
2. Define the research problem or research questions
3. Develop a proposal to conduct market research.
4. Design the study.
5. Allocate resources and prepare Budget.
6. Conduct a test of market research design.

It can easy to achieve the success in implementation of research and getting the required results if the planning is appropriate, a researcher will get more clarity of the research problem and follow the plan.

7. Implementation of the Plan: Once the integrated plan has formulated and management is confident about the plan, it should implement the plan on actual grounds. The plan could be implemented only if the company have adequate resources and internal expertise to perform different steps of the research plan. If the company have no high experienced or skilled team, it must outsource the activity for a higher success rate. The plan must be implemented under the direction or advice of marketing experts, as they have more knowledge about different situations of the market and most appropriate situation or timing to conduct the research.

8. Monitor the research Plan: The Research plan and its implementation must be monitored periodically to ensure high success and determine whether the objectives of the plan are achieved or not. The periodic review is necessary, so if there is any discrepancy could be known by the researcher at the appropriate time, without wasting any resources. To review the plan, the following factors must be considered:

  • Is implementation being according to the plan?
  • Do the researcher is using appropriate tools?
  • Will the research get completed within time?
  • Will the research will be conducted in the budget?

9. valuation of Research Plan: The final and most important step is to evaluate the results of a research plan, and compare it with the standards or formulated research plan. The researcher will follow the process to evaluate it. The process is as follows:

  • Analyze Research implementation
  • Compare it with standards/ research plan
  • Find deviations, if any
  • If the deviations are positive, it must be followed in an organization and the researcher must be rewarded by the management.
  • On contrarily if deviations are not positive, the researcher must take corrective measures and derive better outcomes to achieve the goals of an organization. A researcher is required to make adjustments in the plan, where and when necessary in accordance with the internal and external environment.

To be safer side and protect wastage of resource, the researcher must have a contingency plan as marketing is a very dynamic concept. It gets affected and shows the opposite scenario with a change of minute, thus extended time frame, steps of actions and refined objectives must be considered.

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