Market research and sales promotion

Methods of conducting market research

Methods of conducting market research are inextricably linked with the methodological foundations of marketing, which, in turn, rely on general scientific, analytical, and prognostic methods, as well as methodological approaches and techniques borrowed from many fields of knowledge.

The methods of research in marketing are conditioned by the necessity and necessity of the systematic and complex analysis of any market situation, any of its components, connected with the most diverse factors.

These principles of system and complexity in conducting marketing research are based on the fact that when studying the external environment, primarily the market and its parameters, it is necessary to take into account not only information on the state of the internal environment of the firm (enterprise) but also the strategic marketing goals and intentions of the company – only then the conducted research is of a marketing nature; otherwise, it’s just a study of the market, competitors, innovation factors, etc.

Proceeding from this position, the researcher should:

• be objective and do not influence the interpretation of the fixed factors;
• indicate the degree of error in their data;
• be a creative person, define new directions of search, and use the most modern methods;
• Do research systematically to take into account the changes taking place.

Methods of selecting sets of objects of research provide for the solution of three main problems: allocation of the general population, determination of the sampling method, and determination of the sample size.

General population

The general population (TOS) should be limited since a full study is usually very expensive, and often simply impossible. In addition, the sample analysis can be even more accurate (due to the reduction of systematic errors).

Sample

The sample is made in such a way as to represent a representative illustration of the GE. This is an indispensable condition in which, based on the characteristics of the sample, you can draw the right conclusions about the HS. Conducting data collection is usually accompanied by errors – random and systematic. Random errors appear only in selective research; since they do not shift the sample characteristics in one direction, the magnitude of such errors can be estimated. Systematic errors arise due to the influence of non-random factors (inaccurate allocation of HS, sample shortcomings, errors in the development of questionnaires, account errors, and insincerity of the respondents).