Describe the basic market research process

Question

What will be an ideal response?

Answer 1

The market research process involves seven steps: defining the research problem, determining the research design, choosing the method to collect primary data, designing the sample, collecting the data, analyzing and interpreting the data, and preparing the research report. First, it must be clear what information management needs, or what problem they need to solve. The research design may rely on secondary research or primary research. The three types of primary research are exploratory, descriptive, and causal. Next, the method for collecting the primary data must be selected. Researchers can use different types of surveys or observation to collect the data that is required. Before data collection can begin, decisions about the design of the sample must be made. Researchers can use probability or nonprobability sampling. The next step is actually collecting the data as planned, which is followed by analyzing the data and then interpreting it in a research report.