Explain the steps in the marketing research process

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Reference no: EM131459326

Question: Explain the steps in the marketing research process. The marketing research process can be divided into six specific steps:

(1) defining the problem,

(2) conducting exploratory research,

(3) formulating hypotheses,

(4) creating a research design,

(5) collecting data, and

(6) interpreting and presenting the research information.

A clearly defined problem focuses on the researcher's search for relevant decision-oriented information. Exploratory research refers to information gained outside the fi rm. Hypotheses, tentative explanations of specific events, allow researchers to set out specifi c research designs-that is, the series of decisions that, taken together, comprise master plans or models for conducting the investigations. The data collection phase of the marketing research process can involve either or both primary (original) and secondary (previously published) data. After the data are collected, researchers must interpret and present them in a way that is meaningful to management.

Reference no: EM131459326

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