Explain the main stages of a Marketing Research Process.

Expert Solution

The main stages of the Marketing Research Process are:

Step 1: Define the Problem

the purpose of the study
relevant background information
all the necessary data
how the gathered information will be used in decision making

Step 2: Develop the Research Plan

formulating objectives and theoretical framework
constructing analytical models
developing research questions and hypotheses
identifying factors that can influence the research design

Step 3: Formulation of Research Design

Qualitative research
Methods of collecting quantitative data (survey, observation, and experimentation)
Measurement and scaling procedures
Sampling process and sample size
Plan of data analysis

Step 4: Data Collection

Personal interviews
Telephonic interviews
Data collection through mails

Step 5: Data Preparation and Analysis

Editing of data
Coding of data
Transcription of data
Verification of data
Analysis of data using statistical techniques

Step 6: Report Preparation and Presentation

Documentation
Comprehensive report writing
Presentation of major findings
Use of tables, figures and graphs for clarity

Rahul Sunny answered 1 year ago

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