Exhibit 5.3 The research process.
The process outlined in Exhibit
5.3 provides a general framework of the market research process.
The business objectives, spelt out in the research
proposal, ought to provide a clear sense of direction. The objectives
are framed to address issues confronting the business.
The research process must remain focussed on delivering the
recommendations and action plans that address these issues.
The research objectives pose the questions that
need to be answered, to illuminate the issues confronting the business. The
research is designed to answer these questions and grasp the facts. Conclusions
are drawn from the answers, and from the interpretation of the facts. The
recommendations ought to spell out how to address the business issues.
In order to derive a return on investment, actions
need to be taken, based on the research programme. Good recommendations
therefore state a course of action, based not only on the knowledge gleaned
from the research, but also on other sources of knowledge. A good understanding
of the client’s strategy, and the market and business dynamics, is a prerequisite
to crafting meaningful recommendations.
