Question

Describe the five steps in the marketing research process

Answer 1

Market research is process of determining the viability of product or new service through research with potential customers. Market research allows companies to discover target markets and to discover options and other feedback from customers about their interest in product or service. It mainly involves five steps .

Step 1 : definition of problem

This is the fundamental step in marketing research process . As it is the first step , you judiciously make decision on what problem you are going to figure out. Developing relevant questions and clearly defining your problem is very beneficial during this phase.

Step 2 : developing research plan

After addressing the problem , in this phase you are going to develop and design the research plan. This step incorporates tools such as customer feedback , conducting surveys , testing on website , and finally doing online research . Proper research and adhering to the problems defined in the first step is a must in this step.

Step 3 : collection of relevant data and information

This step includes collecting all the necessary information ,data from all possible resources in order to make logical conclusions. All information gathered not necessarily be true. The best way to doing this is by going for analytical or scientific as well as data obtained by taking into consideration feelings or emotions.

Step 4 : analyze data / information and report findings

This step involves interpreting the data and information you collected. It is essential to properly crack the information in order to understand trends that are going in the market. As the trends in marketing environment is changing frequently you have to give specific importance in this for finding the changing trends,in order to get the results beneficial you have to honest and sincere doing the analysis.

Step 5 : taking action

  once all the above steps are completed it is time to present the analysis result and your findings. In this  the phase your researched outcome is in the real market . Since trends in market is changing very quickly , you have to invest in you effort and money for coming out to be successful and to be competitive in the market.