Conducting Marketing Research

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Presentation transcript:

Conducting Marketing Research

What is Market Research? The action or activity of gathering information about consumers' needs and preferences.

The Marketing Research Process Step 1 - Defining the Problem Identify and clearly state what the problem is and what can be done to solve the problem. Determine which problems are the most important to solve at a given time.

The Marketing Research Process Step 2 - Obtaining Data Collect and examine information in terms of the problem being studied. Primary data can be used; or Secondary data can be used.

Secondary data can be obtained by a number of agencies. Primary data can be obtained by: the survey method the observation method the experimental method

The Marketing Research Process Step 3 - Analyzing the Data Compiling, analyzing, and interpreting the results of primary and secondary data. The results of each question can be clearly read and interpreted.

The Marketing Research Process Step 4 - Recommending Solutions to the Problem. Solutions are usually presented in a well written report. Recommendations must be clear and supported by the research data.

The Marketing Research Process Step 5 - Applying the Results Apply the results you have found 