After conducting market research, a business will receive a comprehensive report on the issues they are looking to address regarding their product or service. So, what is a market research report, and how can one be written correctly?
The purpose of creating a market research report is to make informed decisions about business ideas. Market research is conducted to assess the feasibility of a new product or service through research conducted with potential customers.
The information gathered from market research is then documented in a formal report that includes the following details:
Some Detailed Information May Be Inaccurate – For example, when conducting a survey, the data may be incomplete or inaccurate because respondents may not be entirely honest and may provide false information.
The first step is to compile all available information into a manageable dataset. Clustering is the process of grouping information together in a way that emphasizes commonalities and minimizes differences. So, in market research, this will help organize all the information you have about your product, service, or target market and identify your key focus areas.
A market research report should be written in a way that others can understand:
Present Research Findings: In the body of the report, include the results of your market research. These results can be quantitative or qualitative, but they should address the initial questions you posed.
Incorporate Executive Summary: Conclude the report with an executive summary, which provides a brief overview of the entire report.
The research methods section includes details about the type of research, scale, any limitations of the study, research design, sample selection, data collection procedures, and statistical analysis methods used.
Images are an essential part of the presentation. Even the best-written text can be difficult to understand. Charts and graphs are easier to comprehend than text and help the audience see how the numbers fit into the bigger picture.
However, images are not the entire story. They are just a part of the presentation. Images serve as prompts for the audience. Narration tells the story, not just the numbers.
Recommendations tend to follow logically from the conclusions and respond to a specific issue. Recommendations should always align with the research findings, meaning they should be based on the results reported in the body of the report.
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Through this article, it is hoped that businesses can gain an understanding of what a market research report entails. Understanding the strengths, weaknesses, and how to effectively write a market research report can help maximize the value of the information that market research provides.