The first step in any marketing research process is to identify the key objective of the project. Research is a source of information that is not yet available to make the right decisions. In the current context, there are three distinct objectives – analyzing the potential market, evaluating the current market, and assessing the target market for a prospective healthy milk company in Dubai. The overall goal of the research, however, is to forecast the profitability and evaluate the competition of the new company.
After objectives are identified, the marketing team has to develop a research plan. A research plan is a document that describes the sources of information, research method, research tools, sample, ways to interact with respondents, timeframe, and budget. To analyze the potential market, the team has to use both online resources and surveys to gather the data. The current market can be analyzed using online tools and open records provided by the companies and the government. To research the target market, the team has to use surveys, interviews, and data on the buying trends of target customers.
The phase of data collection is the most expensive in marketing research and a source of a high number of mistakes. When collecting statistical information, four main challenges arise. Some respondents do not come to an appointed place even after making an agreement with them. Others refuse to cooperate or deliberately give biased or false answers. Finally, people conducting the survey can also be biased or dishonest. Modern computing and telecommunication technologies, however, simplify the job to some extent by providing a means for cheaper data collection and surveying. When conducting research for a new healthy milk company, an online survey can be distributed through social networks and sport equipment websites to reach suitable respondents. Also, targeted marketing can be utilized to attract more survey participants. In turn, the company may provide discounts to people that take part in the survey.
Information that is already available online can also be beneficial and will supplement the results obtained from surveys. A simple Google search may be sufficient to identify the key players in the market of healthy milk. Analyzing the search trends for healthy milk and which of the competitors is getting the most organic traffic may help learn about the rival’s strategy. After collecting all the data, Tableau and Excel may be used to discover patterns in data that may be valuable for making future decisions. The data is then summarized and categorized for each research objective. Finally, the research report is compiled and presented to the directors. Insights provided by the study may help the management to make the correct decision regarding the new healthy milk company in Dubai.