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Step Marketing Research Process

The five step marketing research process involves: 1) defining the problem or opportunity, 2) developing a marketing research plan, 3) collecting relevant quantitative and qualitative data, 4) analyzing the data and reporting findings, and 5) putting the research into action through marketing strategies and campaigns. Regularly analyzing data allows companies to understand evolving trends and improve over time based on continuous research.

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shah
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68 views2 pages

Step Marketing Research Process

The five step marketing research process involves: 1) defining the problem or opportunity, 2) developing a marketing research plan, 3) collecting relevant quantitative and qualitative data, 4) analyzing the data and reporting findings, and 5) putting the research into action through marketing strategies and campaigns. Regularly analyzing data allows companies to understand evolving trends and improve over time based on continuous research.

Uploaded by

shah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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SHAH khalid 10538 SEC (D)

Submitted to: SHAHNILA YOUSAF ass 7

What are Step Marketing Research Process?

1. Define the Problem or Opportunity

The most important part of the marketing research process is defining the
problem. In order to do any research and collect data, you have to know what you
are trying to learn from the research. In marketing research, defining the
problem you need to solve will determine what information you need and how
you can get that information. This will help your organization clarify the
overarching problem or opportunity, such as how to best address the loss of
market share or how to launch a new product to a specific demographic. 

2. Develop Your Marketing Research Plan

After you’ve examined all potential causes of the problem and have used those
questions to boil down exactly what you’re trying to solve, it’s time to build the
research plan. Your research plan can be overwhelming to create because it can
include any method that will help you answer the research problem or explore an
opportunity identified in step one. 

3. Collect Relevant Data and Information

In marketing research, most of the data you collect will be quantitative (numbers
or data) versus qualitative, which is descriptive and observational. Ideally, you
will gather a mix of the two types of data. For example, you might run an A/B test
on your website to see if a new pricing tier would bring in more business. In that
research study, you might also interview several customers about whether or not
the new pricing tier would appeal to them. This way, you’re receiving hard data
and qualitative data that provide more color and insight.

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SHAH khalid 10538 SEC (D)
Submitted to: SHAHNILA YOUSAF ass 7

4. Analyze Data and Report Findings

Now that you’ve gathered all of the information you need, it’s time for the fun
part: analyzing the data. Although one piece of information or data might jump
out at you, it’s important to look for trends as opposed to specific pieces of
information. As you’re analyzing your data, don’t try to find patterns based on
your assumptions prior to collecting the data. 

Sometimes, it’s important to write up a summary of the study, including the


process that you followed, the results, conclusions, and what steps you
recommend taking based on those results. Even if you don’t need a formal
marketing research report, be sure that you review the study and results so that
you can articulate the recommended course of action. Sharing the charts and data
you collected is pointless if it doesn’t lead to action. 

5. Put Your Research into Action

Your research is complete. It’s time to present your findings and take action. Start
developing your marketing strategies and campaigns. Put your findings to the
test and get going! The biggest takeaway here is that, although this round of
research is complete, it’s not over.

The problems, business environment, and trends are constantly changing, which
means that your research is never over. The trends you discovered through your
research are evolving. You should be analyzing your data on a regular basis to see
where you can improve. The more you know about your buyer personas, industry,
and company, the more successful you’re marketing efforts and company will be.
When you look at it that way, you should start to wonder why so many
organizations don’t budget time and resources for marketing research. 

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