Performing Exploratory Research

1. Performing Exploratory Research PERFORMING EXPLORATORY RESEARCH HOW-TO GUIDE

2. 2 Performing Exploratory Research How-to Guide Among many other reasons, market research problems may arise due to an ongoing problem in your business or a new development in the market. Exploratory research is the ideal way to begin any market research effort by clarifying your market research problem and hypothesizing the potential causes for a marketing problem. This guide is designed to help you understand the purpose of exploratory research, define the key types of exploratory research methods, and suggest an action plan for a successful exploratory research study. Exploratory research is used when a problem has been identified, but the root cause of that problem is still unclear. For example, sales on your new product, Software A, dropped 50% in the 3rd quarter. In this case, you could use exploratory research to determine possible causes for the drop in sales. The purpose of exploratory research is to get insights into the problem, not to discover a conclu- sive solution. For this reason, it is done at the beginning of the research process. Exploratory research is small scale and flexible because this portion of the research process is mainly based on discovery, which can lead to a potentially larger scale investigation into the perceived problem. HOW-TO GUIDE Clarify Research Problem(s) – refine and define the identified research problem in more detail. Educate Researcher(s) – learn more about the problem and its potential causes. Develop a Research Plan – lead the researcher to research methods that may yield a solu- tion to the problem. Formulate One or More Hypotheses – allow researchers to theorize and predict possible explanations for the problem. What is Exploratory Research? What Does Exploratory Research Attempt To Do? Performing Exploratory Research Download the Demand Metric Exploratory Research Plan Template to help you create a plan for your upcoming exploratory research initiative. 2 Performing Exploratory Research How-to Guide Among many other reasons, market research problems may arise due to an ongoing problem in your business or a new development in the market. Exploratory research is the ideal way to begin any market research effort by clarifying your market research problem and hypothesizing the potential causes for a marketing problem. This guide is designed to help you understand the purpose of exploratory research, define the key types of exploratory research methods, and suggest an action plan for a successful exploratory research study. Exploratory research is used when a problem has been identified, but the root cause of that problem is still unclear. For example, sales on your new product, Software A, dropped 50% in the 3rd quarter. In this case, you could use exploratory research to determine possible causes for the drop in sales. The purpose of exploratory research is to get insights into the problem, not to discover a conclu- sive solution. For this reason, it is done at the beginning of the research process. Exploratory research is small scale and flexible because this portion of the research process is mainly based on discovery, which can lead to a potentially larger scale investigation into the perceived problem. HOW-TO GUIDE Clarify Research Problem(s) – refine and define the identified research problem in more detail. Educate Researcher(s) – learn more about the problem and its potential causes. Develop a Research Plan – lead the researcher to research methods that may yield a solu- tion to the problem. Formulate One or More Hypotheses – allow researchers to theorize and predict possible explanations for the problem. What is Exploratory Research? What Does Exploratory Research Attempt To Do? Performing Exploratory Research Download the Demand Metric Exploratory Research Plan Template to help you create a plan for your upcoming exploratory research initiative.

3. 3 Performing Exploratory Research How-to Guide HOW-TO GUIDE Key Exploratory Research Methods Exploratory research is often done based on the intuition of the researcher(s). Since the premise of this type of research is to explore possibilities and discover information, the consensus among researchers is to implement any and all research methods that will lead to a possible explanation of the identified problem. Although creativity is characteristic of this stage of the research process, below are a handful of research methods commonly used for exploratory research: Performing Exploratory Research Literature Search – review previous writings related to your problem to discover earlier data find- ings and gain further insight into the market research problem. Almost all market research studies begin with this method. In-Depth Interview – conduct one-on-one sessions with individuals close to the problem at hand to gain detailed, individual opinions on the research problem. Focus Group – organize a small group discussion with a facilitator (moderator) to obtain perspec- tives on your problem. This is the most commonly used method in market research. Case Analysis – study each instance of the problem individually to learn if the problem is actually recurring or unique. This is the most general and applicable method of analytical thinking. Pro: This is the easiest and most cost-effective way to gather information on your problem. Con: Delving too deep into previous records could create biases on later research. Pro: The individual perspectives of these respondents will provide you with primary data sources to the suggested problem. Con: A series of interviews can become expensive as you calculate preparation, employee time, location space, and interviewer costs. Pro: The group discussion allows respondents to bounce ideas off each other and build off of each other’s responses, which can sometimes lead to grander ideas on a topic. Con: The group environment could lead respondents to answer differently than they would in a one-on-one discussion based on the “peer pressure” nature of this method. Pro: By analyzing each case, you may be able to resolve the problem without any additional investigation. Con: This method cannot solve the potential problem. It can simply analyze the instances of the problem on a case-by-case basis. 3 Performing Exploratory Research How-to Guide HOW-TO GUIDE Key Exploratory Research Methods Exploratory research is often done based on the intuition of the researcher(s). Since the premise of this type of research is to explore possibilities and discover information, the consensus among researchers is to implement any and all research methods that will lead to a possible explanation of the identified problem. Although creativity is characteristic of this stage of the research process, below are a handful of research methods commonly used for exploratory research: Performing Exploratory Research Literature Search – review previous writings related to your problem to discover earlier data find- ings and gain further insight into the market research problem. Almost all market research studies begin with this method. In-Depth Interview – conduct one-on-one sessions with individuals close to the problem at hand to gain detailed, individual opinions on the research problem. Focus Group – organize a small group discussion with a facilitator (moderator) to obtain perspec- tives on your problem. This is the most commonly used method in market research. Case Analysis – study each instance of the problem individually to learn if the problem is actually recurring or unique. This is the most general and applicable method of analytical thinking. Pro: This is the easiest and most cost-effective way to gather information on your problem. Con: Delving too deep into previous records could create biases on later research. Pro: The individual perspectives of these respondents will provide you with primary data sources to the suggested problem. Con: A series of interviews can become expensive as you calculate preparation, employee time, location space, and interviewer costs. Pro: The group discussion allows respondents to bounce ideas off each other and build off of each other’s responses, which can sometimes lead to grander ideas on a topic. Con: The group environment could lead respondents to answer differently than they would in a one-on-one discussion based on the “peer pressure” nature of this method. Pro: By analyzing each case, you may be able to resolve the problem without any additional investigation. Con: This method cannot solve the potential problem. It can simply analyze the instances of the problem on a case-by-case basis.

4. 4 Performing Exploratory Research How-to Guide HOW-TO GUIDE Performing Exploratory Research If you are planning a market research initiative, begin with an exploratory research study. At a minimum, you will gain insight into your identified problem that will be beneficial for further research. You may even be able to resolve a market research problem without investing too much time or funding into a large-scale research project. In short, exploratory research will keep you from chasing and investing in a research problem that may have a simple answer and/or solution. Bottom Line 4 Performing Exploratory Research How-to Guide HOW-TO GUIDE Performing Exploratory Research If you are planning a market research initiative, begin with an exploratory research study. At a minimum, you will gain insight into your identified problem that will be beneficial for further research. You may even be able to resolve a market research problem without investing too much time or funding into a large-scale research project. In short, exploratory research will keep you from chasing and investing in a research problem that may have a simple answer and/or solution. Bottom Line

5. 5 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Identify your Research Problem Download Conduct a Literature Review Conduct Additional Research Formulate One or More Hypotheses Conclude your Formal Research Effort Identify your research problem. Action Plan STEP 1 - Identify your Research Problem V I E W R E S O U R C E Market Research Problem Template Use the Market Research Problem Template 5 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Identify your Research Problem Download Conduct a Literature Review Conduct Additional Research Formulate One or More Hypotheses Conclude your Formal Research Effort Identify your research problem. Action Plan STEP 1 - Identify your Research Problem V I E W R E S O U R C E Market Research Problem Template Use the Market Research Problem Template

6. 6 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Identify your Research Problem Download Action Plan STEP 2 - Download Conduct a Literature Review Conduct Additional Research Formulate One or More Hypotheses Conclude your Formal Research Effort Download our Exploratory Research Plan Template to prepare and manage an exploratory research study. V I E W R E S O U R C E Exploratory Research Plan Template Access the Exploratory Research Plan Template 6 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Identify your Research Problem Download Action Plan STEP 2 - Download Conduct a Literature Review Conduct Additional Research Formulate One or More Hypotheses Conclude your Formal Research Effort Download our Exploratory Research Plan Template to prepare and manage an exploratory research study. V I E W R E S O U R C E Exploratory Research Plan Template Access the Exploratory Research Plan Template

7. 7 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Conduct a Literature Review Conduct a Literature Review to learn more about the identified problem that will be explored. Action Plan STEP 3 - Conduct a Literature Review Identify your Research Problem Download Conduct Additional Research Formulate One or More Hypotheses Conclude your Formal Research Effort Market Research Playbook V I E W R E S O U R C E Keep Learning and Exploring the Problem 7 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Conduct a Literature Review Conduct a Literature Review to learn more about the identified problem that will be explored. Action Plan STEP 3 - Conduct a Literature Review Identify your Research Problem Download Conduct Additional Research Formulate One or More Hypotheses Conclude your Formal Research Effort Market Research Playbook V I E W R E S O U R C E Keep Learning and Exploring the Problem

8. 8 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Conduct Additional Research Action Plan STEP 4 - Conduct Additional Research Identify your Research Problem Download Conduct a Literature Review Formulate One or More Hypotheses Conclude your Formal Research Effort Review our Facilitating Insightful Focus Groups How-To Guide, and conduct in-depth interviews and case analysis to assist you with your follow-up research. V I E W R E S O U R C E Facilitating Insightful Focus Groups How-To Guide In-Depth Interviews & Case Analysis Assist Research 8 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Conduct Additional Research Action Plan STEP 4 - Conduct Additional Research Identify your Research Problem Download Conduct a Literature Review Formulate One or More Hypotheses Conclude your Formal Research Effort Review our Facilitating Insightful Focus Groups How-To Guide, and conduct in-depth interviews and case analysis to assist you with your follow-up research. V I E W R E S O U R C E Facilitating Insightful Focus Groups How-To Guide In-Depth Interviews & Case Analysis Assist Research

9. 9 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Formulate One or More Hypotheses Utilize the information you gathered from your literature review and additional research to develop a hypothesis (or hypotheses) for the causes of your research problem. Action Plan STEP 5 - Formulate One or More Hypotheses Identify your Research Problem Download Conduct a Literature Review Conduct Additional Research Conclude your Formal Research Effort V I E W R E S O U R C E Hypothesis Testing Tool The Hypothesis Testing Tool Supports Your Research 9 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Formulate One or More Hypotheses Utilize the information you gathered from your literature review and additional research to develop a hypothesis (or hypotheses) for the causes of your research problem. Action Plan STEP 5 - Formulate One or More Hypotheses Identify your Research Problem Download Conduct a Literature Review Conduct Additional Research Conclude your Formal Research Effort V I E W R E S O U R C E Hypothesis Testing Tool The Hypothesis Testing Tool Supports Your Research

10. . 10 Performing Exploratory Research How-to Guide 1 2 3 4 5 6 Conclude your Formal Research Effort Action Plan STEP 6 - Conclude Your Formal Research Effort Conclude your formal research effort. Identify your Research Problem Download Conduct a Literature Review Conduct Additional Research Formulate One or More Hypotheses V I E W R E S O U R C E Market Research Report Template Use the Market Research Report Template for Conclusions

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