Question

Explain the main stages of a Marketing Research Process.

Answer 1

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