The conducting of market research holds a lot of significance in the marketing process. An organization or a company often requires in-depth research of the target market before introducing a new product. This is done to find out the current market situation and hence after a complete analysis, it concludes as to whether the product or service under concern will be a success or not.
But this process holds a lot of complexities and is much easier to be said than done. As a result, it isn’t easy to conduct reliable and ethically correct research. A researcher faces several challenges in the marketing research process. These difficulties can be termed as research issues in marketing research.
Steps in Marketing Research Process
Defining the problem- The first step in the process is to identify or define the problem to be researched upon. Once the issue is targeted, the researcher moves ahead with his research.
Developing the Marketing Research Plan-The next step is to prepare a well-focused plan for the market research. The where, what, and how of the marketing research is decided upon in this step.
Collection of Relevant Data and Information- The researcher now focuses on the different means and methods of collecting data. The data is collected in its raw form and then processed into relevant information.
Analyzing Data and Report Findings- After data collection, the researcher now begins to analyze it and prepare a report based on his thorough analysis of the information collected.
Action: The final step is to put the findings and plan into action. It is under this step that the process of marketing research takes place.
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