How to analyze data in marketing research? ?

Question

I am making a presentation for the Marketing Research subject. I want a answer about how I can analyze the data which is a part of marketing research process.

Answer 1

There are so many ways to answer this question. The answers all depend upon what data you are looking at. Are you looking at demographics, market niches, target groups (which is really part of demographics), market share held by the competition, who the actual competition is, and who they are targeting and what kind of results they are realizing, etc. Or are you looking at the potential profitablity of whatever it is you will be selling? The how is really necessitated by the what.

For demographics, market share, cost and profit analysis, things that can be reduced to mathematical forumulas and analysis, I would think a simple spreadsheet would do. There you are looking at numbers and bottom line. For niche analysis, finding out who your potential competition is and what results they are seeing with their own ad campaigns, the results can be more subjective and more difficult to quantify.

Once you have decided on your niche, you then have to figure out what demographic group is likely to buy your product or service. You also have to figure out how you can be better than your competition, and in what way, cost, quality of product or service, etc.

There just is no simple answer to your question. I would suggest breaking it down to its parts, applying a formula mathematical or otherwise to analyze the data, and then interpreting what those results mean.

complicated, i know. And this is a spot answer, with little time really to think it through. I'm sure there are many other variables to consider. Your question is very broad, so the answers had to be more general. I hope I helped, just a little.

Answer 2

The analysis of data collected depends upon your research approach, choice of instruments, design of sampling plan, contact methods, and data collection techniques.

Primary data can be collected  in four ways observation, focus groups, surveys and experiments.

You tabulate all the data and develop frequency distributions. Averages and measure of dispersions are computed for the major  variables. You may also have to apply some advanced statistical techniques and decision models in the hope of discovering additional findings.

If you have done all the steps I mentioned above accurately you are on the right track.