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The research cycle

431 Comments · Marketing Research

In Online Competitive Intelligence, Helen Burwell offers an excellent Industry Study Template that can serve as a checklist for an industry study or overview. 

Burwell’s template is reproduced here to illustrate the types of information needed to develop an understanding of a market and the industry within which that market operates.

• Status of the Industry
• Relative size and scope of the industry – growing, stable, or declining?
• History of industry
• Trends in industry
• Forecasts regarding size of the industry
• SIC or NAICS codes

• Customers for Products or Services
• Customers
• Size of market
• Potential new buyers
• Directions in the market
• Import penetration
• Forecasts for market
• Distribution methods

• Market/Marketing Issues
• Scope of products
• Brand loyalty
• Product leader description
• Product differentiation
• Alternate products/services
• Complementary products
• Quality continuum
• Marketing media used
• Price structure
• Price margins

• Manufactured Goods Issues
• Technology in use
• Technological trends
• Industry innovations
• Emerging technologies

• Service Business Issues
• Scope of services
• Level of services

• Fiscal Matters
• Changes that may affect supplier prices
• Legislation/regulations
• Availability of raw materials
• Other sales by major product type

• Productivity-Related Matters
• Manufacturing Rates
• Efficiency levels
• Product innovation

This is a lot of information!  How does the market researcher get a handle on it all, much less find it, assess it, organize it, and present it? 

The Research Cycle illustrates the market research process.  Generally, the first thing to happen is that someone in the company (the client) identifies an information need. 

Through the steps that follow (either formally or informally), the research question must be clearly understood by the researcher. 

A search strategy is created and implemented, and the results are reviewed.  Then, as the project progresses and interim results are gathered, an assessment determines whether or not the search should continue. 

Interim results might indicate that some of the assumptions underlying the research are incorrect. 

In that case, the researcher will want to reevaluate the search strategy to make any necessary changes. 

Because this process is cyclical and can require more than one iteration, it is appropriate to call it “re-search.”

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