Question

Please identify and explain each of the key steps in the market research process.

Answer 1

Critical steps in the market research process are as follows -

1) Understanding the problem or chance - The first step of market research is to define the problem or an opportunity. If you want to collect data regarding something, you must define it first.

2) Developing a market research plan - Once the problem is defined. You have to develop your market research plan through various sources like customers, surveys, feedbacks, etc.

3) Collecting the required data and important information - Once the plan is made, you have to collect important data. It can be quantitative or qualitative. It should be unbiased and relevant.

4) Analysing the data - Once the data is collected, you have to analyse it. Analyse by comparing the various facts and figures.

5) Converting Research into actions - At this point, your research regarding problem or opportunity is completed, you have to implement the plan into action at this step.

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