Briefly describe the six steps in the market research process.
What will be an ideal response?
The six steps are define the research problem, establish the research design, search secondary sources, collect the data, analyze the data, and report the findings.
Research the problem: One of the biggest challenges to market researchers is accurately defining the problem. Once the research deliverable has been identified, the researcher is able to define the problem.
Establish the research design: This is a plan of action for attacking the research problem. There are three basic types of research: exploratory, descriptive, and causal.
Search secondary sources: Research may already exist on the existing problem. Some sources of secondary research include government sources, market research organizations, and the Internet.
Collect the data: This is often the most costly element of research and it also has the greatest potential for error.
Analyze the data: Researchers must be sure to use suitable analysis that is supported by the data and leads to findings that address the research question.
Report the findings: For managers, the key section of the report is the Executive Summary.
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