- 26 Feb 2021
A marketing research report is a fairly significant academic work that aims to be published in a scholarly magazine, journal, or any other publication. The quality of the research report is analysed by peer review which means that you have to present potential counter-arguments and objections as well. Research reports are quite a common way of sharing your progress with the community.
Scholars pursuing a marketing course or the marketing team of a specific organization use non-quantifiable as well as quantifiable details to study the current market conditions of a particular industry and product future marketing trends.
This article will elaborately explain the complete procedure of composing a strong market research report.
Step-wise details of preparing a marketing research report proficiently
Step 1: Select an Industry to Base Your Marketing Research Report On
The primary purpose of a marketing research report as a university assignment is to use relevant sources of information, think independently, collect and evaluate data and draw original conclusions to prove a point of view with viable and actual evidence.
This document is designed with the objective to help students study the position of a specific industry in the market and predict its future trend.
Determine if you have personal interests in that area of marketing? Try looking through the sample marketing research reports of different organizations in the online databases. This will help you to draw upon the marketing research report.
Step 2: Conduct an Extensive Market Survey
After determining your area of study, a market survey is an initial step towards writing your research report. The researchers have to gather a collection of quantifiable and un-quantifiable data from the selected group of participants who may either be chosen randomly or carefully selected according to the specific requirements of the industry.
Step 3: Identify and Stay Focused on Your Research Objectives
Every market survey differs from the other one on the basis of its research objective. Some marketing surveys might be designed keeping in mind the product orientation while some are designed to focus either on customer orientation or brand orientation.
For example, surveys like brand equity research, brand name testing, commercial eye-tracking, and ad tracking are done to evaluate the association of a particular brand with its target audience.
On the other hand, product-based surveys like distribution channel audits, demand estimation, and test marketing and finally there is a group of sample surveys that are performed to develop an in-depth insight into the customer behavior.
On the basis of the objective of your marketing research report you should select a suitable service option to take the process ahead.
Step 4: Finally Perform A Situational Analysis
Now that you are through with understanding consumers, it is time to conduct the surveys of the company and its relative position. As a student, you should conduct two types of analysis; internal analysis and external analysis by using a variety of marketing tools.
Some of the most frequently used marketing tools for situational analysis are SWOT, PESTEL, Porter's Five forces model, and others. These tools help the organizations to understand their competitive advantage within the selected industry.
Step 5: Develop A Strong Marketing Mix Using The 4 P's of Marketing That Is Product Price Promotion and Place
An effective marketing strategy allows the students to develop engaging policies regarding the product, its pricing, places in which the product can be sold, and the methods used for promotion.
Step 6: Composing Your Thesis Statement
A thesis statement is basically a brief of your entire marketing research report. It is the main point expressed in one or two sentences. Since students are still in their learning phase they often end up mixing it up with the topic or the research question.
But there is a clear difference between them. A thesis statement is basically the answer to the research question that your marketing research report aims to address and resolve.
Essential Writing Tips to Help You Nail Your Marketing Research Report
- Remember to variable length of yours intense while writing the marketing research report: It is often suggested that a general sentence in your marketing research report or any other academic paper should be approximately 20 to 30 but do not try to bring every sentence to a common digit. Mix the longer and shorter ones to make your report look more alive.
- Allow yourself plenty of time to write the report: It is an understood fact that you do not write an elaborate and good marketing research report in a single draft so be mentally prepared to change the sections, eliminate unnecessary details, and in extreme cases rewrite the entire report from scratch. Do not shy away from the hard work.
- Avoid overly emotional and unfair analysis: When it comes to marketing, the students often describe situations in suboptimal decisions that led to huge losses. It is important to ensure that you treat the customers, founders, and the companies fairly. Do not get blinded with only the information in hand at a particular time and was void of the benefit of hindsight.
- Avoid informant sentence structures and expressions: Marketing as a subject area is less academic and more down to earth but it does not mean that you are allowed to use informal language writing reports and other documents about it.
- Do not use first-person while writing your marketing research report: A marketing research report should be completely objective. Keep in mind that the first person is only used when you are highlighting personal experiences. Even if you are talking about your interview experiments or work put in the best of your efforts to make it sound impersonal and avoid succumbing down to subjectivity.
- Do not use a passive voice in your marketing research report unless absolutely necessary: Several students believe that using passive voice imparts a more serious and stylistic approach to the document but in reality, this is a misconception. The only thing it does is making your marketing report difficult to understand and more prone to grammatical errors.
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