Consider the costs and benefits of the research effort.
Once the organization has determined the sources of information to fulfill the marketing research objectives, it should consider the costs and benefits of the research effort.
What are the steps of marketing research process?
- Locating and defining issues or problems is the first step: This step focuses on defining the parameters of a circumstance or issue pertaining to marketing strategy or implementation. The researcher should consider the study's goal, any pertinent background knowledge, the information that is required, and how the information will be used in decision-making when describing the issues or problems.
- Planning the Project for Market Research: This step focuses on developing a market research strategy or broad approach on how you're going to address the identified issue or problem. A framework or blueprint for carrying out the marketing research project is a research plan or approach.
- Gathering data: This step focused on gathering the data you'll need to address the issue or problem you identified. When gathering data, a field force or staff is used. They can work in the field, as in the case of conducting in-person interviews, from an office over the phone, or through the mail.
- Research Data Interpretation: This step focuses on reviewing the evidence and drawing a conclusion that resolves the issue.
- Report findings from research: The last step is to inform people who require the information to make judgments about the results of the market research. In order to be effectively used in the decision-making process, the findings should be presented in an understandable manner. To further improve clarity and effect, a verbal presentation to management should be delivered using tables, figures, and graphs.
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