Question

What are the four steps of the marketing research process? Give examples.

Answer 1

The process of market research basically refers to an undertaking of those processes or measures to gain knowledge about an identified target market with the sole aim of promoting a product or service. A market researcher may engage in the use of various tools and resources that he believes are essential for conducting targeted market research and analysis.

Identification of problem - First and foremost, the reason the work is being conducted should have a good understanding of the issue as well. Together with middle-level management, the senior management group will interact and work together to identify the problem and work on it. They must also agree on the intent to conduct the study.

Design a Market research plan- In this step, the market team of marketers and researchers work together to determine the exact details they need by developing a foolproof plan to secure it in the shortest possible time and in the best possible way, such as focus group interviews, the drafting of the perfect market research questionnaire or a sample research plan. A successful market research strategy or service should include the management 's issue, the research goals along with the critical information required to gather crucial data.

Data collection- This is the most crucial market research services among all stages. It is impossible to rule out chances of making mistakes at this point. Suppose , for example, if the respondents are not present, then it is difficult to record the data in a survey form of data collection analysis. That could lead to further concerns as decisions would be taken on the basis of the data collected. In fact , the cost of gathering data is often expensive making it all the more difficult to obtain the same.

Implementation of the plan- When data assimilation takes place, the department of market research gets down to the task of evaluating and studying the collected data. Based on the findings, the next execution stage of the collected information takes place. This is the last but most critical stage of all stages, so if the management fails to achieve the target results then there will be a need to update the market analysis process.