So far we have examined the processes of conducting market research. However, once the information has been collated, the next stage will be to analyse and evaluate the data, to interpret and apply the results.
There is no standard way of analysing and evaluating data. To a larger extent, the method in which the data was collected determines how it is analysed and evaluated. Simple questionnaires can be analysed and evaluated quickly and easily. Complex questionnaires need more time as they may involve statistical analysis which is costly. With statistical analysis, some analytical methods focus on trends and other focus on information.
Below is a summary of the stages involved in data collection, analysis and evaluation:
- Extracting information from the questionnaire and compiling all the acquired information into a single document. This is the collation process
- The construction and checking process involves taking the individual questions and graphically representing them by construction of graphs to check the information provided
- Error checking process involves checking the questionnaires for errors
- The cross-checking and initial presentation need to be followed by another collation process
- Looking at trends, links and patterns in questionnaires, questions and individual questionnaires
- Comparison process which involves comparing raw data with existing data
- Identifying and highlighting changes, errors and shifts
- Presentation process involves a final presentation of the data in the format it should be in
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