What Is Market Research?

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What is market research? According to authors Mullins and Walker, market research is the design, collection, analysis, and reporting of research intended to gather data pertinent to a particular marketing challenge or situation (2013, p. 167). The market research process is broken down into six different steps: defining the research objective and identifying the managerial problem, determing data sources and research approaches, determining the research design, collecting data, analyzing the data and reporting the final results to the decision maker. The most important and first step of conducting an actionable marketing research is to clearly identify the managerial problem so an effective research can be established. In this step it is important to ask questions on examples such as the market size or growth rate, determine the price model of a product or service, and assess supplier power in this industry. All of these questions will lead to having a defined research objective and goal for the company. Often times, management doesn’t have a clear objective which means the research will not be focused and effective, which can lead to loss of company capital. Now that you know your research objective, the second step in the marketing research is to determine which data source is required along with the appropriate data research approach. Marketing research consists of two types of data resources: primary and secondary resource. According to our textbook, primary data are
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