Question

Essay question

1. Describe the Marketing Research process.

Answer 1

ANSWER:

Marketing research process.

Marketing research means analysing the market to know the strengths, weaknesses, opportunities and threats in the market. Marketing research process consists for 5 main steps which are,

1.) Defining the opportunities and problems - the first and the main step in marketing research is to know th problems and the opportunities for the organisation. this step provided the direct to work. In doing so we need to develop various questions related to the cause so that there is clarity in work.

2.) Create a research plan - aftre defining the problem and developing various question now we need to create a research plan. A research plan helps in determining what should be done, how is to be done ,where and when is to be done. Creating a research plan helps in guiding and providing directions while doing the market research.

3.) Collecting data and information - Now when plan is made we need to collect all the information and the data available in the market. This data helps to know about various factors of the environment and helps in taking decision.

4.) Data analysis - now when data is collected we need to now analyse it. So that we can know various pros and cons of the market we can write short conclusions about each information collected this would help in taking the decision.

5.) Taking decision and bringing it into action - After analysing the data the last step is to take a decision based on the collected information. decision is taken either to solve the problem or to grab an opportuinity. After taking the decision it is important to bring it into action unless it's waste of time and money for dooing marketing research.

There are many more steps for marketing research but these are the 5 main steps.