Market Research Report for Formulating Marketing Strategies
Market research reports are created from phone, Internet, in-person or mail surveys. Companies use these surveys to develop specific marketing strategies. For example, a health club may conduct surveys to better understand customer turnover, or why customers do not renew memberships. Company managers must ask the right questions on surveys to obtain the right information. There are several key aspects of a market research report to consider when formulating your marketing strategies.
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Objectives
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The first part of any market research project should be to outline key objectives. Market researchers should clearly state the objectives of any survey or project. For example, one objective may be to determine what price consumers will pay for a new product. Another objective may be to determine how satisfied customers are with current products. List the objectives in bullet points at the beginning of your research report. Your objectives should be not only concise but measurable. For example, your objective may be to determine the specific increase in overall customer satisfaction from one year to the next. Make sure you find answers to your research objectives then use the information to formulate your marketing strategies.
Summary of Findings
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The bulk of your market research report should cover the exact results of the survey. One way to construct the summary of findings section is to list all questions from the questionnaire. You can then list the results of each question directly below it. For example, your first main question may be, "Where would you most likely purchase our new line of products?" You would then list the customers' responses: "grocery store: 75 percent, drug store: 15 percent, wholesaler: 9 percent and other: 1 percent." Start thinking of how you can use the survey results for formulating new marketing strategies. For example, you might distribute more of your products in grocery stores if that is where your customers shop for your products most often.
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Executive Summary
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Highlight only the key findings of your survey in the executive summary of your report. For example, 80 percent of your customers may say that they would "definitely" or "probably" purchase your new computer software program. An 80 percent intent to purchase by customers is highly significant. Similarly, a 10 percent annual increase in overall customer satisfaction would likely be a notable finding. A large decrease in advertising awareness would represent a significant loss. Keep your executive summary limited to one page and place it at the beginning of your report as management may just want to scan key results. List only the significant results you can use when formulating marketing strategies. For example, the increase in customer purchase intent for your new software would indicate that you should start producing the software.
Recommendations
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The recommendations section should be the last part of your market research report. Some companies use the term "implications" in lieu of recommendations. Whatever the case, state what you recommend for the company in the recommendations section. For example, if you recommend additional research, state that in your report. If you think your product prices should be reduced, include that suggestion in your recommendations section.
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References
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