Sign up to access the complete lesson and track your progress!
Unlock This CourseAfter collecting market research data, the next crucial step is to review and assess the information gathered. This process transforms raw data into valuable insights that can guide business decisions. Without proper analysis, even the best research methods won't deliver useful results!
Key Definitions:
Quantitative analysis involves examining numerical data using statistical methods. This might include calculating averages, percentages, or using more complex statistical tests. For example, if you surveyed 200 customers about their satisfaction on a scale of 1-10, you might calculate the average score or what percentage gave a score of 8 or higher.
Qualitative analysis involves examining non-numerical data like interview responses or focus group discussions. This often means identifying common themes or patterns in what people said. For instance, if several interviewees mentioned "poor customer service" as a reason they stopped shopping at a store, this would be an important theme to note.
Once you've analysed your data, you need to present it in a way that's clear and easy to understand. The right presentation method can help highlight key findings and make complex information more digestible.
Visual representations make data easier to understand at a glance and can reveal patterns that might not be obvious in raw numbers.
Bar charts, pie charts and line graphs are excellent for showing comparisons, distributions and trends over time. For example, a bar chart could show sales figures across different regions, while a line graph might track changes in market share over several years.
Tables are best for presenting precise numerical data and allowing for direct comparisons. They work well when you need to show exact figures rather than just visual patterns. For instance, a table might display detailed sales figures for different product lines across multiple quarters.
Infographics combine visuals and text to present information in an engaging way. They're particularly useful for summarising complex findings for presentations or reports aimed at non-specialists. A well-designed infographic can communicate key research findings at a glance.
Not all research findings are equally valuable or trustworthy. It's important to critically assess the quality of your data before making business decisions based on it.
Ask yourself: Would we get similar results if we repeated this research? Factors affecting reliability include sample size (larger samples are generally more reliable), consistency of research methods and whether questions were clear and unambiguous. For example, a survey of just 10 customers is likely to be less reliable than one with 1,000 respondents.
Consider whether your research actually measured what you intended it to measure. For instance, if you wanted to know about customer satisfaction but only asked questions about product features, your research might lack validity. Also consider if your sample truly represents your target market – a survey of university students might not be valid for understanding the preferences of retirees.
The ultimate purpose of market research is to inform business decisions. This means translating your findings into practical recommendations and actions.
Good market research should lead to clear business decisions. Here's how to move from analysis to action:
In 2008, Walkers launched its "Do Us a Flavour" campaign, inviting the public to suggest new crisp flavours. After receiving over 1.2 million submissions, they used market research to narrow these down to six finalists. These were then produced and sold, with customers voting for their favourite.
The campaign generated £11 million in sales in its first three months. Market research played a crucial role at every stage – from analysing the initial submissions to testing the finalist flavours with focus groups and ultimately tracking public voting and sales data.
This case demonstrates how effective market research review and assessment can lead to successful product development and marketing strategies. By carefully analysing consumer preferences and involving customers in the decision-making process, Walkers created both a successful product and an engaging marketing campaign.
Even with good data, there are several common mistakes businesses make when reviewing and assessing market research:
To get the most from your market research, follow these practical guidelines:
Modern technology can help with research analysis. Simple tools like Excel can calculate statistics and create charts. More advanced software like SPSS or online platforms like SurveyMonkey and Google Forms offer built-in analysis features. For qualitative data, tools like NVivo can help identify themes in text responses. Even basic word cloud generators can provide a quick visual summary of common terms in open-ended responses.
Effective review and assessment of market research is what transforms raw data into valuable business insights. By carefully analysing both quantitative and qualitative data, presenting findings clearly and critically evaluating the quality of your research, you can make informed business decisions that respond to real market needs and opportunities.
Remember that the goal of market research isn't just to collect information – it's to answer specific business questions and guide decision-making. When done well, the review and assessment process ensures that research findings lead to practical actions that can improve business performance.