Market Research Mix

The phrase market research mix is a framework that helps researchers in designing or evaluating market research studies. This name is similar to the Marketing Mix; the name was purposely kept similar to it. Like Marketing and marketing mix, marketing research mix also encompasses the four P’s. However, different from the marketing mix, the elements are not random but sequential. The elements also match each of the phases that should be followed. The four Ps of Marketing research mix are: Purpose; Population; Procedure and Publication.

All the four Ps are explained as follows:

Purpose

The reason for conducting research is called as the purpose. “Purpose” is used in broad sense and can be defined or loosely explained .Some experts use the word “aim”, "objective” or "hypotheses" also to refer this stage but purpose is more apt usage.

Population

Sampling is a very important concept needed to properly conduct primary research as we may choose to only survey and observe those people who will give us information that may solve the problems we perceive ourselves as having. So selection of target audience becomes a prime concern for the researcher.

Procedure

This element defines the methodology of the research work. Whether it would involve a lot of people, like in quantitative research or would the research be with limited people as in qualitative research .What should be the timeframe of the research and where will the research be conducted.

To arrive at the best way of conducting a research, lot of data needs to be sampled. The best research usually starts with looking at the secondary data. Secondary data is a data that already exists for example data within an organization or the external one, published by an outside source. Internet and intranet have made it easier to access and retrieve such data. However if secondary data is not useful than Primary data should be sought out. Techniques for primary data collection can be indirect or direct; impersonal or personal.

Publication

The element “Publication” answers many key questions like who the audience is for the desired results. What should be communicated? ‘How’, ‘when’, ‘where’ and in which format the results shall be presented? Depending upon the needs and level of audience, personalized reports need to be tailored to meet their expectations. An attempt should be made to summarize the results in crisp and precise way that successfully conveys the message, without confusing the target audience. At the same time findings should also be appealing to the consumer.