Quiz 3: The Marketing Research Process Including the Problem and Research Objectives

Business

Marketing research is a process that helps to collect and analyze the data regarding target market and target customers. It helps the organization to design and develop various strategies. Different steps of conducting a market research are listed below: • Establish the requirement for marketing research • Define the problem • Lay down the research objectives • Compute the research design • Identify the sources of information • Compute the methods of accessing data • Design the forms required for collection of data • Define the sample plan and sample size • Collect the data from different sources • Analyze the data • Prepare and present the final report of marketing research. These steps are required for successful completion of a market research.

Marketing research is a process to design, analyze, gather and create information for different marketing purposes. It creates Positive image about the company. The example to show that steps in marketing research process are not followed in sequence is described below: • A chocolate manufacturing company decided to manufacture a special diary product to attract youth. • They thought of conducting a survey to know interests and preferences of youth. • Further,steps of marketing research process were followed. • After completing designing data collection forms, the company was ready to determine sample plan and sample size. • The company can eliminate step 8 , determining sample plan and size, as it has already identified sample plan and size while conducting a survey. • After analyzing the survey data, if the company feels that there is sampling error, then step 8 can be done, if not step 8 is eliminated. • Hence, the sequential process is broken by eliminating steps 8 or repeating step 8 after analyzing the data (Step 10). Thus, in some cases, the marketing research process is not followed sequencially.

Marketing research is a process that helps to collect and analyze the data regarding target market and target customers. It helps the organization to design and develop various strategies. However, marketing research is not required in the following condition: • Data is already available. • Timing is incorrect. • The costs outweigh the value of the marketing research. • Unavailability of funds. Hence, it can be concluded that a company should conduct a market research according to its requirement.