The purpose of this document is to provide guidance for conducting marketing research in accordance with the updated guidelines for marketing research. The document is intended to be used as a reference for researchers and marketing practitioners.
The guidelines are intended to update and clarify the existing marketing research regulations. They are not meant to inhibit research, but simply to ensure that it is conducted in a manner that protects both researchers and participants.
In addition, the guidelines clarify that written consent must be obtained from participants who are being interviewed on-site by a researcher.
This requirement was not explicitly stated in previous guidelines; thus, some companies may have had difficulty complying with it while conducting interviews at their workplace locations.
The updated guidelines make clear the need for informed consent that is, obtaining explicit informed consent before beginning data collection.
As well as explicit information about where data will be stored once collected (i.e., whether it will be kept by your company or shared with third parties).
| Key Takeaways |
|---|
| 1. Understand the importance of updated marketing research methodologies. |
| 2. Learn how to adapt research techniques to evolving market trends. |
| 3. Gain insights into summarizing complex research findings effectively. |
| 4. Explore strategies for enhancing the accuracy and relevance of data. |
| 5. Discover the role of research guidelines in informed decision-making. |
The Preamble: What Is Market Research?
Market research is a structured and organized effort to obtain the opinions, experiences and perceptions of customers, prospects and other individuals who can provide information that will be useful in making decisions regarding the marketing strategy.
Market research is a systematic approach to exploring market needs, wants, perceptions and preferences during different stages of product development. The goal of this process is to identify target markets and develop products that meet specific customer needs.
By understanding how consumers use products or services, companies can create new offerings that meet consumer needs more effectively than their competitors’ offerings do.
This helps them increase sales and profits as well as achieve competitive advantage over less-well-informed rivals in the marketplace.
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A Historical Perspective On The Guidelines Development
The guidelines were developed by the Market Research Standards Board (MRSB), a committee of market research professionals from around the world.
The guidelines were developed with the assistance of a wide range of stakeholders, including industry associations, corporations and government agencies.
The goal was to provide a single reference document for all market research professionals to use when deciding how to conduct their work. This document serves as an excellent resource for anyone who works in marketing research or wants more information about it.
The Guidelines’ Purpose And Scope
The main purpose of the Guidelines is to provide a framework for the planning, implementation and reporting of marketing research studies.
In addition, it is intended that these guidelines will also provide guidance to those involved in marketing research including researchers, sponsors and users.
The guidelines have been developed by an industry working group with input from stakeholders including:
- National Market Research Organisations (NMROs)
- State Market Research Associations (SMRAs)
- Private sector firms conducting or commissioning market research
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Overview Of The Guidelines
The guidelines are designed to be a set of rules and best practices for conducting robust marketing research. The goal is not to replace professional judgment and good data analysis, but rather to provide guidance on how to conduct the work in the most effective way possible.
The guidelines begin with a review of the fundamental concepts behind marketing research, such as why it’s important and what you can learn from it.
After that, we discuss how to plan your research program, including how many projects your firm should be taking on at any given time;
How long each project should take; what kind of resources (time and money) should be allocated; and when each project needs to be completed by.
Finally, we go over some best practices related specifically towards qualitative studies such as focus groups or interviews from design considerations all the way through presentation.
The Two-Step Process For Implementing The Guidelines
The guidelines are pretty extensive, so you may want to review them in detail with your team. Here are some steps that you can use to guide your review:
Review the guidelines against the project objectives. Are all of your business goals clearly defined? Do they align with what we know about our audience?
Review the guidelines against the project scope. Does this research-related task fit into an existing process or do we need to create a new process for it? How much will it cost us (in terms of time and money) if we don’t follow through with this recommendation?
Review the guidelines against the project budget and timeline. Is there anything here that would make our budget unmanageable or cause delays past our deadline date (if applicable)?
Definitions And Concepts In This Guideline
Marketing research is a scientific process, which helps to understand consumer behavior and gives recommendations to increase sales.
The marketing research process is an iterative procedure in which a researcher starts with a market research problem statement, develops hypotheses, and tests these hypotheses through data collection and analysis using various tools and techniques for making better decisions.
Marketing Research Methodology is the set of steps followed by researchers to collect accurate data from respondents or customers.
The methodology includes selecting sample size, choosing appropriate tools for data collection and analysis like questionnaires, interviews, etc., designing questionnaire/interview guide, etc.,
Conducting survey/interview at different locations on different days based on convenience of respondents/customers so that there will not be any biasness in result due to environment or time factor (if conducted during working hours then some people may not get time).
After completion of all these tasks we have a marketing research report ready with us containing important information about our product or service as well as competitive products available in the market along with their respective strengths & weaknesses
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Glossary Of Terms
Market research: the process of gathering and analyzing information about customer needs, preferences, and behaviors.
Market research guidelines: a document that explains how to conduct market research ethically.
Market research project: a project that includes planning, conducting, and reporting on a market research study. It may include one or more studies within it (e.g., surveys, focus groups).
Market research plan: a detailed plan for your market research project including objectives, methods (including sampling), timing/schedule, and budget estimates.
Market research proposal: a formal document submitted to your client or supervisor outlining what you intend to do in the proposed study; why you think it will add value; how much time it will take; who else might be involved etc.
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Read Carefully Before Starting Your Next Marketing Research Project
Before you begin your next marketing research project, you must read carefully through the guidelines. The first section of guidelines describes what market research is, while the second section explains how to conduct market research.
In both sections of this document are definitions of terms used throughout the guide (e.g., qualitative vs quantitative). These definitions can help clarify some of these complex concepts for those who may have little experience in the field or its terminology.
Additionally, there are examples and case studies provided at different points throughout this document that give further clarification about certain concepts or best practices when conducting marketing research projects.
If you’re looking for even more information on how to do marketing research properly, please make sure to check out Appendix A: Sample Market Research Questionnaire and Appendix B: Sample Interview Guide!
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Conclusion
The marketing research guidelines are an important document that outlines how to perform research ethically and responsibly. The most recent version is the 4th edition, published by the Marketing Research Association in 2019.
The update included a new section on data quality and incorporated many of the changes that have occurred in the industry since 2005 when the 3rd edition was published.
The next time you’re working on a marketing research project for your company or conducting one independently, refer back to these guidelines for some guidance!
If you need more information about designing surveys with high response rates (and getting more answers!), check out this article from SurveyMonkey: How to Design a Survey that Results in More Responses.
Further Reading
Here are some additional resources for further reading on the topic of market research:
The Buyer’s Journey: A Comprehensive Guide to Market Research Short Description: Explore the various stages of the buyer’s journey and how market research plays a crucial role in understanding consumer behavior.
How to Summarize and Highlight Market Research Short Description: Learn effective techniques for summarizing and highlighting key insights from your market research efforts.
Market Research Definition Short Description: Get a clear definition and understanding of what market research entails and why it is essential for businesses.
Frequently Asked Questions
What Is Marketing Research?
Marketing research is a process that helps companies understand their audience, products, and services. It’s a systematic approach to gathering data to answer important questions about the target market and how it behaves.
How Do You Conduct Marketing Research?
The first step is to create a brief or set of questions that you want to be answered by the research. This is called an “issue statement.” The issue statement will guide you throughout the process, helping you make sure that you’re asking all of the right questions at each stage of the project.
What Are Some Advantages Of Using Online Surveys?
Online surveys are one of the most common ways of collecting data from consumers and other stakeholders in your business.
They offer several advantages over other methods: they can be conducted quickly; they’re much cheaper than phone interviews or face-to-face interviews;
And they allow respondents to complete questionnaires on their own time and any device with Internet access (e.g., laptop, tablet, mobile phone).
What Is The Purpose Of Updated Marketing Research Guidelines?
The updated marketing research guidelines were created to provide a more consistent and streamlined process for conducting market research.
The guidelines are meant to help marketers understand what’s required when conducting marketing research, and how they can best use the findings.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.