Answered: Explain marketing research process?

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter10: Marketing Research

Section10.1: The Marketing Research Process

Problem 1LO

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Explain marketing research process?

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Step 1

Truly speaking, Marketing Research is the systematic collection, analysis, and interpretation of data pertaining to the marketing conditions.

The basic reason for carrying out the marketing research is to find out the change in the consumer behavior due to the change in the elements of the marketing mix (product, price, place, promotion).

As The marketers need to know about the changing trends in the market viz.

These helps in Changes in the customer’s tastes and preferences, the new products launched in the market, as the prices of the competitor’s product, while these are close substitutes of the product, etc.

Define the Problem-These foremost decision that every firm has to undertake is to find out the problem for which the research is to be conducted.
While The problem must be defined adequately because if it is too vague, then it may result in the wastage of scarce resources and if it is too narrow, then the exact conclusion cannot be drawn.
Develop the Research Plan–
These step involves gathering the information relevant to the research objective. It includes:
Data Sources: These researcher can collect the data pertaining to the research problem from either the primary source or the secondary source or both the sources of information
. While primary source is the first-hand data that does not exist in any books or research reports whereas the secondary data is the second-hand data which is available in the books, journals, reports, etc.
Sampling plan: As Once the research approach is decided, the researcher has to design a sampling plan and have to decide on the following:
Contact Methods: These researcher has to choose the medium through which the respondents can be contacted. These respondents can be reached via emails, telephone, in person or online.

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