Five Step Approach to Marketing Research

Topics: Marketing research, Marketing, Market research Pages: 2 (582 words) Published: February 18, 2015
Mesa, Angelica F.MARK1013BSA 1-4
Topic: Five-Step Approach to Marketing Research
Marketing Research – is a systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. There is Five-Step Approach to Marketing Research, these are follows: 1. Define the problem

A. Set the research objectives
Exploratory Research-is to gather preliminary information that will help to define the problem and suggest hypothesis. Descriptive Research-is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product. Causal Research- is to test the hypothesis about the cause and effect relationship.

B. Identify possible Market
Measures of Success- criteria or standards used in evaluating proposed solutions to the problem.

2. Develop the Research Plan

A. Specify the constraints on the marketing research activity- knowing the restrictions placed on potential solutions to a problem. B. Identify the needed for marketing decisions.
Concepts- mean ideas about products or services. This is creating new product concepts, it may be a picture or verbal description of a product or service the firm might offer for sale. Methods- are approaches that can be used to collect data to solve all part of a problem. C. Determine how to collect data

Sampling – select group of distributors ,customers or prospects and treating the information they provide as typical of all those in whom they are interested . Statistical Reference- generalizes results from the sample to much larger groups of distributors, customers, or prospects to decide on marketing actions.

3. Collect relevant information- gathering data facts and figures related to the problem.

A. Obtain secondary data- these are facts and figures that have been recorded before the project at hand Internal – knowing the sales, breakdowns, customer inquiries and complaints. External –...
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