Business Research Methods
business research methods
Research methods for market study
The first step in any market study is to identify the objectives of the market research. The most important aspect in any market study is deciding on a detailed sampling plan i.e the people on whom the questions has to be administered.
There are two types of sampling techniques viz.
- Probabilistic Sampling and
- Non-Probabilistic Sampling.
Probabilistic sampling is used when the sampling units are selected by chance and for objective evaluation of precision of the sample results. Non-probabilistic sampling is used when the samples are used because of the personal judgment of the researcher rather than chance. This form of sampling does not allow any evaluation of the precision of the sample results. Also the results obtained cannot be statistically projected to the population.
The next step is to prepare a questionnaire to administer on the sample set. The objective of the questionnaire design is to translate the information needed into a set of questions that the respondents will answer. In addition to minimizing the response errors, the questions must be easy to answer and such that the interest levels of the respondents is maintained. During questionnaire design care must be taken to ensure that the redundant and irrelevant questions are eliminated.
The general methodology for preparing a questionnaire involves:
Step1 : Identifying the information need
Step2 : Deciding on the type of interviewing method
Step3 : Deciding on the content of the question
Step4 : Determining the question wording
Step5 : Arranging the question in proper order
Step6 : Eliminate the errors by pre-testing
Once the response is obtained for the questionnaire various analysis are carried out like – factor analysis, cluster analysis, frequency analysis, cross tabulation, etc. All these analysis help us in finding more about the consumer behavior.
The market study aims at getting an insight in the consumer behavior for buying a product/service. A set of hypotheses are formulated and the same is tested by a group of researchers.
Hence we can say that any market research consists of two main areas:
- Collecting information required for the research
- Analyzing the information collected to arrive at business solutions
Also during any market study draw insights from previous research already carried out for similar problems
About the Author
Ray Mason holds a masters degree in business administration in the field of International business. He is an expert in the field of Marketing and Business strategy. He currently works as a content writer for http://en.oboulo.com
are there any methods on researching like journalism?
i would like to know how to research businesses backgrounds, and public information, even private, just like a journalist.
thank you
Here’s a site to research corporations:
http://finance.yahoo.com/
And for people:
http://people.yahoo.com/
Also, for general search:
http://search.yahoo.com/
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