Asked Mar 21, 2020

Describe the steps involved in conducting marketing research. What do you feel makes strong marketing research? What is an example of a product or business  that you feel leveraged market research well and why?


Expert Answer

Step 1

The steps involved in conducting marketing research:

1. Identification of the problem:

We know that research involves time, money and energy and it involves huge cost. At first the problem may seem to be ambiguous in nature, then after explanatory research the problem becomes crucially important to determine, then only the correct determination of strategy used can be accepted.

2. Research objectives:

The objectives can be stated in qualitative as well as in quantitative terms and can be expressed by way of research questions, statement and hypothesis.

3. Planning and designing the research study:

A research design can be defined as a master plan that specifies the procedure to collect and analyze the information that is needed. This represents a framework for action to be taken after conducting the research plan.

4. Collection of data:

There can be two types of sources from which data may be collected.

a. Internal sources: Present within the organization, like salesman's report.

b. External sources: Present outside the organization, like newspapers, magazines etc.

5. Presentation of the final report:

Finally conclusion to be drawn on selected information. Researchers should make the presentation technically understandable, accurate and useful. So that the presentation provides adequate suggestion, and recommendation to internal and external users.

Step 2

What do you feel makes strong marketing research?

There are many things that may create strong marketing research. Some of them are:

1. We shou...

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