MARKETING RESEARCH PROCESS

Answer: Steps in Marketing Research-The marketing research process consists of six steps. 

Step 1: Problem Definition: The statement of the problem is the first step in any research project where the researcher ought to take into consideration the purpose of the study, the related background information, the knowledge needed and the way it will be used in decision-making. 

Defining the problem involves discussion with the decision makers, conducting the interviews with the business specialists, analyze the secondary information, and some qualitative analysis, such as focus teams.  Once the problem has been precisely outlined, the research is designed and conducted properly. 

Step 2: Outlining an Approach to the problem: 
This step includes formulation of an objective or theoretical framework, analytical models, research problems, hypotheses and identification of the knowledge required.   Discussions with management and business specialists, analysis of secondary information, qualitative analysis, and pragmatic concerns guide the process of research further.

Step 3: Research Design Formulation: 
A research design may be a framework or blueprint for conducting the research.  It describes in detail procedures necessary for getting the specified information and its purpose is to style a study that may take a look at the hypotheses of interest, verify possible queries to the research questions, and supply the knowledge required for deciding. Conducting exploratory research, process the variables, and planning acceptable scales to measure them comprises a part of the research design.  It is also necessary to style a questionnaire and a sampling commit to choose respondents for the study.   Formulating the research design involves the following steps:1.Definition of the information needed. 2. Secondary data analysis.3. Qualitative analysis, 4. Methods of collecting quantitative data (survey, observation and experimentation), 5.Measurement and scaling procedures. 6. Questionnaire design, 7. Sampling process and sample size, 8. Plan of data analysis.

Step 4: Data Collection: 
Data collection involves a staff collecting information, either for the purposes of personal interviewing (in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computer-assisted telephone interviewing), through mail (traditional mail and mail panel surveys with pre-recruited households), or electronically (e-mail or Internet).  The data-collection errors may be minimized with the proper selection, providing appropriate training, supervision, and evaluation of the staff.   

Step 5: Data Preparation and Analysis: 
The editing, coding of data, transcription and verification of information are the major components of data preparation and analysis. Each questionnaire or observation form is inspected or edited and each question in the questionnaire assessed. The data are analyzed to derive information related to the components of the marketing research problem and thus, provide input to the management decision problem. 

Step 6: The entire project should be documented in written report that address the research problems, specifies the approach, describes the research design and narrates the methodology of data collection and data analysis. Finally, the research report submits the results and the major findings in a comprehensible format so that management can readily use them in the decision making process.  In addition, an oral presentation is needed to be made to management. Thus, the marketing research agencies play an important role in conducting marketing research involving the various steps in the research.