A market research paper is a severe work that students of several majors can get in college. It is important to take it seriously, like the ability to make an excellent market research can be very useful in your future career. As with any serious college paper, you need to start working on market research early, as soon as you get the assignment as it is tough to make something worthy during a week before the due date.
This post will help you prepare a great market research paper, containing simple and practical recommendations. Reading this post, you will find out how to conduct a sophisticated analysis of any market branch, what kinds of the research is required for getting accurate data, what methods of writing research paper are the most effective, etc.
Essential steps of market research
So, where should you start? It doesn’t matter what kind of market you analyze there are usually six steps of research:
- Defining the goals of a market research;
- Creating a step-by-step plan of your research;
- Determining the methods of market analysis and the sources of information;
- Conducting necessary research;
- Preparing a report based on the collected information;
- If needed, creating a visual presentation.
What kind of research do you need?
There are many types of market research and analyses. Before you start your work, you need to define its goals – what in particular are you going to find out?
Your professors may give you the subject of analysis with the assignment. If not, you can choose it on your own. If your subject is a market structure, your goal will be to analyze market capacity and market opportunities, as well as the current tendencies. If your subject is a target segment, your goal will be to analyze the popularity of different segments. If your subject is prices, you will need to research the price positioning of some competitive market branch, etc.
The clear goal will help you avoid collecting unnecessary information. You will be able to make a structured plan for your research and to choose the most efficient method of analysis.
How to get information?
There are two kinds of market intelligence you can collect – primary and secondary data. The primary information is one collected by you personally (or by several people, if it is a group assignment). There are usually five methods of obtaining the primary information: polls, focus groups, detailed interviews, field studies or experiments and observations.
The secondary information was collected (and maybe analyzed) before you by someone else. Rarely students are asked to gather the information themselves (as it requires a lot of time and a budget), so you will probably look for the secondary information.
Qualitative and quantitative research methods
There are two methods of collecting market information: quantitative and qualitative. Quantitative research methods offer well-structured and statistically processed information about the market. With the help of quantitative methods, you can get precise numbers that you can use to evaluate the market size or to make prognoses.
The qualitative methods usually result in hypotheses, ideas, particular opinions that are not always structured and cannot be statistically processed, but only subjectively analyzed.
Creating a research paper
This is last, but also quite a challenging part of working on a market research paper. Here you will use not the research skills, but the writing and analyzing ones. Here you will need to turn all the information you have collected into a logical and well-structured text.
You can go two ways here. First, you can write an academically perfect paper with all the data, statistics, numbers, etc. This will definitely do well with your professors getting you an excellent grade. Second, you can get a bit creative and write it in the form of a story (still using the data and numbers, though). Such kind of report will be more interesting and engaging. It is especially great if you need to present it in front of your group or professors.
Remember, though, to ask your professor if it is ok to write a report in such a way; many professors have strict rules about these things and do not like any undiscussed initiatives.
Don’t underestimate the writing part of the market research. Professors evaluate not only the information that you collect but also the way you put this information on paper. Even if you find some cool and rare data, you won’t get an excellent mark if you are lousy about writing it down in the right way.
And don’t forget to check your paper for spelling and grammar mistakes. A good idea here is to give it someone else to read. Also, double check all the facts in your work so that there are no mistakes and omissions.
Formatting your market research paper is also the important part that counts in evaluating your work. Your paper should stick to the academic style and organized in a particular way. To make sure you do everything right, you will need to talk to your professor and get certain directions and guidelines. You need to remember to include all of the information sources that you used and made references to all the ideas that are not yours.
And the last tip here is to be realistic and include only the material to your market research paper that you can get and process. Remember that there is no need to analyze something just for the sake of analyzing. And do n’t forget to make conclusions after every block of work.
The findings are required, even if they seem obvious to you.
Writing an excellent market research paper is a lot of work; many students actually struggle with this task. However, if you put enough effort into it and do everything right, you’ll acquire a new cool skill that will be precious in your future work. This is truly the assignment to work hard on, as it pays off afterward. So, go ahead, do your best and make your market research rock!
Marketing fan and passionate experimentator. After finishing Philadelphia University it was pretty obvious for him to start working as a marketer for the private consulting agency. Local internet marketing was not a challenge and then he decided to find a job where he can improve his skills and discover new opportunities for professional growth. He is working as a content strategist and blog writer at GoHunters.com now. If you are interested in the “pros and cons” of freelancing and marketing, and want to get some great fresh guides on these topics you'll be satisfied following his blog!