Marketing Research Process Flashcards, test questions and answers
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What is Marketing Research Process?
Marketing research is the process of gathering, analyzing and interpreting information about a market, product or service. It is used to identify customer needs and preferences, measure customer satisfaction and assess competitors’ offerings in order to develop more effective marketing strategies. By understanding the needs and wants of customers, businesses can better create products that meet the needs of those customers.The marketing research process typically involves five steps: 1. Defining the problem: Marketers must first identify an issue or opportunity that needs to be addressed. This could include launching a new product or evaluating market penetration for an existing one. 2. Gathering information: Once the issue has been identified, marketers must decide how to gather data about it. This could involve conducting surveys, focus groups or interviews with customers, researching industry reports or using competitor analysis tools such as PESTLE analysis. 3. Analyzing data: Once the data has been collected it must be analyzed in order to draw meaningful conclusions from it. Data can be analyzed using software such as SPSS or Excel which allow for statistical analysis techniques such as cluster analysis and regression modeling to be carried out on large datasets quickly and accurately. 4. Interpreting results: After analyzing the data, marketers must interpret what they have found in order to make decisions based on their findings e.g., whether there is sufficient demand for a new product launch or if they need to adjust their pricing strategy due to increased competition in the marketplace). 5. Taking action: The final step of any marketing research process is taking action based on what has been learned through the research process – this involves developing strategies that address any issues identified during the previous steps (e.g., introducing promotions for a new product launch) and implementing them accordingly so as to achieve desired business objectives (e.g., increased sales).