Question

what are the six steps in the marketing research process? list and briefly describe each and its importance.

Answer 1

Marketing Research

Marketing research is a process through which the organization understands the market and its current requirement and also helps to identify the trends and things that can maximize the customer's attraction and gain maximum profit as possible from the same market. This is the first and a very crucial part before entering into any market which prepares the foundation of the long run in the market.

Now let us discuss the steps in the marketing research process.

• The first and most important step in the marketing research process is to identify the objective and problems that can arise in the current market. In this step, the organization identifies there organizational objectives and also learn about the issues that can arise in the current market. This allows the organization to stay on the path which can help them to achieve their desired goals and find the best possible action that can avoid any problem that can arise.
• The second step is to identify the item or data on which the marketing research needs to be done. This allows the organization to find the desired information about the market which they require to establish in any certain market and gain maximum profit out of it.
• The third step is to find the researching tool through which the organization will research in the market for their desired information. This helps the organization to find the best possible information they want without wasting any resources as this researches can be very expensive sometimes.
• The fourth step is to collect all the data that the organization has gathered from the researching tools through which the organization can simply view all the aspects of researches they have done this entire time and identify if any kind of research is left which can be very harmful in the further process.
• The fifth step is to analyze the data that has been collected and divide all the different aspects of the market. Through this step, the organizations can find the best possible path in which they can use less to fewer resources and maximize their profit which is the main objective of any organization.
• The sixth step is to prepare a proper report on the best possible data that has been gathered through all the steps and explain the benefits of the data and also explain how they can be used. This allows the organization to explain the research to each and every person in the organization to help them understand the process through which they can achieve their organizational goals according to the current market status which they have gathered through detailed marketing research.