market research paper
Table of Contents
Introduction 2
Five Stages of market research 2
Stage 1—Define the Problem 2
Stage 2—Develop the Research Plan 2
Stage 3—Collect Relevant Information 3
Stage 4—Develop Findings 3
Stage 5—Take Marketing Actions 3
Conclusion 4
Reference 4
Introduction
Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Companies use marketing research to help them reduce the risk and develop sales forecast.
However, A good marketing research is challenging. Research team must overcome difficulties such as how to discover consumer tastes or how to set the right price. They have to obtain the information needed so that marketers can make reasonable estimates about what consumers want and will buy. Therefore, I will introduce a five-step marketing research approach to making better and correct decisions.
Five Stages of market research
Stage 1—Define the Problem
Formulating a problem is the first stage in the research process. There is typically a key business problem that needs to be acted upon, but there is a lack of information to make that decision comfortably. So to understand the problem clearly, there are several ways to do:
• Set the research objectives
Research objectives are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. In setting these research objectives, marketers have to be clear on the kind of research they are about to do.
For example, we all know that Hong Kong is the most popular city in China, and there are increasing numbers of tourists visit Hong Kong. MayFlower Inc. wanted to invest in hospitality industry. Therefore, the objective was whether to join the hotel industry or not, was it profitable?
• Identify possible marketing actions
Develop specific criteria used in evaluating proposed solutions to a problem. Because different research outcomes lead to
Introduction 2
Five Stages of market research 2
Stage 1—Define the Problem 2
Stage 2—Develop the Research Plan 2
Stage 3—Collect Relevant Information 3
Stage 4—Develop Findings 3
Stage 5—Take Marketing Actions 3
Conclusion 4
Reference 4
Introduction
Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Companies use marketing research to help them reduce the risk and develop sales forecast.
However, A good marketing research is challenging. Research team must overcome difficulties such as how to discover consumer tastes or how to set the right price. They have to obtain the information needed so that marketers can make reasonable estimates about what consumers want and will buy. Therefore, I will introduce a five-step marketing research approach to making better and correct decisions.
Five Stages of market research
Stage 1—Define the Problem
Formulating a problem is the first stage in the research process. There is typically a key business problem that needs to be acted upon, but there is a lack of information to make that decision comfortably. So to understand the problem clearly, there are several ways to do:
• Set the research objectives
Research objectives are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. In setting these research objectives, marketers have to be clear on the kind of research they are about to do.
For example, we all know that Hong Kong is the most popular city in China, and there are increasing numbers of tourists visit Hong Kong. MayFlower Inc. wanted to invest in hospitality industry. Therefore, the objective was whether to join the hotel industry or not, was it profitable?
• Identify possible marketing actions
Develop specific criteria used in evaluating proposed solutions to a problem. Because different research outcomes lead to