Question

What are the different steps involved in a market research

Answer 1

Ans:-Market research is an operative instrument of promotion in the business development. Market research is a collection of evidence ,that offers an awareness into the consumers thought,consumers purchasing trends,and locality of the business.Market research also help to understand the marketing tendencies and what type of competition perform there.There are mainly seven steps involved in a market research process.They are.

1.Identifying and defining the problems:-Market research begin with identifying the difficulties in a business/company.The specific report of the problem is not probable but the indications of the problems are necessary at the first stage.

2.Report of examining the objective:-After the identification and defining the problems with or without illustrative research ,the researcher must make a proper report of research objectives.

3.Arrangining or planning the research designs:-After identifying ,defining and reporting the problems the researcher must planning or arranging the research design.This is the chief procedure of market research.The purpose of the research plan must include in the research design.

4.Arranging or planning the model:-The models must includes the whole items or part of the items of the research.

5.Collection of data:-The data collection is depending to the collection of facts to be used for resolving the problems.

6.Data formating and analysis:- The formating of collected data and analysing the problems is another steps.Analysing the data means submission of the reason to the collected data about the subject .After analysing the data summarize the suitable facts.

7.Conclusion,preparation and presentation of the research report:-The last stage of the market research is understanding the real problems and make conclusion.