Guide to carry out a market research plan

The market research plan represents the initial phase to carry out a successful market research.

The research plan is: a document that compiles the bases and criteria to be developed to carry out a global market research.

Here is a brief summary of the basic points that this document should have.

Important: The research plan is the document that presents the market research, it is not the research itself.

Example of a research plan:

Every research plan involves the use of physical and human resources, generates costs, and should be a guide for the work and development of any market research.

Here are the fundamental points you should have, accompanied by a brief example.

Clarification: The example simply hopes to give a notion, as it is logical a real realization must be much more complex and detailed.

PROVISIONAL TITLE:

The investigation must have a name that clearly identifies the topic to be discussed.

Eg: Title: Television consumption preferences in the city of Buenos Aires to introduce the Ñ brand.

2. STATEMENT OF THE PROBLEM:

It consists of a brief explanation of the objective of an investigation that gives the reader a brief idea of what the future investigation represents.

Eg: Our problem will be to determine if it is viable or not to introduce our brand of televisions in the city.

3. DEFINITION AND LIMITATION OF THE PROBLEM:

It is the part where the objectives and the scope of the problem to be treated are established.

The objectives will be the purposes and goals to be achieved, with their corresponding justification. The scope refers to the real limitations of conducting the investigation, which means that it clarifies not only the part to be investigated, but the part that will not be investigated.

Another important part will be the generation of various research hypotheses.

Eg: Objectives:

Know the level of consumption of televisions in the city, Recognize the market segments that buy the most product.

Scope:

It is expected to know the data of the urban area only. It is not planned to analyze the competition.

Hypothesis:

Young new residents and soccer fans will be the ones who buy TVs the most.

4. SCHEME:

It is a representation that should generate a frame of reference on the various topics that will be covered in the research. It must be flexible, reflecting the hypotheses, objectives, and assumptions that will guide the research.

Generally, the scheme will be temporary, that is, it will show time and goals.

Ex:

Phase 1: Data collection 1. Month.

Quantity of consumption, market potential

5 Surveyors methodology x…

Phase 2: Analysis of..data. 15 days

Tabulation and development

Consulting company, statistics by PC…

Phase 3: Generation of conclusions.

Analysis and delivery

Analysis with the research group, work meetings….

Any schema must represent the variables used (not in the example)

5. METHOD AND DATA SOURCES:

It consists of determining the data to be collected during the investigation process.

It must contain a brief explanation of how said data will be collected, what will be the forms of collection (surveys, old data, external sources, experiments, etc.).

Sources: They refer to the locations from where the information is collected.

Techniques: Refers to the form of data collection. (statistics or non-statistics)

The type of data generally determines the type of methodology to be used.

Eg: 2000 personal surveys and 5000 telephone surveys will be collected asking about preferences, your interest in the product and your purchasing capacity…

Sources: Random sample, city center inhabitants age 18 - 70

Techniques: Personal and telephone surveys using a questionnaire with the following questions…

6. SAMPLE DESIGN:

The sample design determines the limits of the research, the UNIVERSE of the population to be studied and the representativeness of the study sample.

It is important to specify the population, the sample size, the type of stratification or segmentation, the randomness of the samples to be used and the directed sampling of the research.

Ex: It is estimated that with the 700 total surveys, a reliability of 98% will be achieved, the sample is sufficiently representative due to…

It will be sought that there are no biases in age, economic condition, etc., in order not to generate distortions in the research…

7. WAYS TO COLLECT DATA:

It is the analysis of the physical instruments and forms that will be used to collect the data. It will be the specification of the formats or interview guide.

Eg: Manual compilation, 5 closed questions (socioeconomic data and profile and 5 open, to know preferences.

8. NECESSARY PERSONNEL:

Explain and quantify the amount of human resources necessary for the development of the research:

Eg: To reach the end of the investigation, 2 personal interviewers will be needed at the rate of 50 daily surveys during the business days of the month to obtain the 2000 projected surveys.

It will take a staf of 7 people who carry out 50 daily surveys by telephone during the business days of the month, to reach 7000 telephone surveys. Approx.

The working hours will be from 9 AM to 5 PM

In addition, assignments should be made in case the complexity of the investigation requires different levels of command (for example: area supervisor, interviewer, etc…)

9: STUDY PHASES AND CALENDAR:

It is the time plan that the investigation will follow, specifying stages, it represents the calculation of the necessary time and the different phases of the investigation.

Eg: 2 months for the delivery of the investigation, 1 month compilation and one month tabulation, analysis and conclusions…

10: TABULATION PLANS:

Detailed explanation of the ways to collect data, types of analysis and information:

Eg: The surveys will be separated according to interest or not in the product, the results will be taken segmenting the purchase level and the potential market for televisions in the city will be calculated…

11. ESTIMATING THE COSTS TO CARRY OUT THE PROJECT:

It is necessary to include in the determination of costs, wages, contracts, services rendered, physical supplies, etc., to perfectly calculate the cost-benefit ratio of the project.

Ex: 20,000 dollars will be needed distributed like this.

7,000 dollars in wages, 3,000 telephone costs, 2,500. Transportation, 2,500. Stationery., 3,500 Tabulation, 1,500 Miscellaneous expenses etc…

We think that the cost of the project is low, in relation to the possible impact of the introduction of the product to the market…

To end:

It is important to avoid prejudice in investigations. It is vital to verify reliably the data obtained. Avoid invented data, poorly taken surveys, etc. When data is taken, seek to ensure that randomness is maintained, surveys are often taken in specific territories that make the samples less representative. Seriousness is important in any investigation of this type, in addition to kindness and good treatment generally generate better results.