Final answer:
The step of market research described is 'problem definition,' where a study's goals are set and the question is clearly defined. This is essential to guide the entire research process and to ensure the study is focused and effective.
Step-by-step explanation:
The step of market research being described is problem definition. This step is where the research study's goals are set, ensuring that the research question is clear, focused, and researchable. It involves precisely defining what needs to be understood before any data is collected, which sets the scope and direction of the entire project. A well-designed study with a narrow focus allows researchers to answer specific questions effectively and prevent wasted resources on irrelevant data.
Research Design and Method Selection:
A strong research design incorporates various elements such as the research question, hypothesis, data collection methods, and operational definitions. Factors such as the topic, the type of data collection, the selection of a sampling strategy, and the methods of data analysis are all planned at this stage to ensure the research can produce valid and reliable results. Whether using surveys, interviews, observations, or experiments, defining the problem in detail is crucial for effective research.