Question

List the five steps in the marketing research process in order, beginning with the first step at the top of the list.

A) Problem definition, Research design, Data collection, Data analysis, Report preparation
B) Research design, Data collection, Problem definition, Data analysis, Report preparation
C) Data collection, Problem definition, Research design, Data analysis, Report preparation
D) Problem definition, Data collection, Research design, Data analysis, Report preparation

Answer 1

The five steps in the marketing research process are problem definition, research design, data collection, data analysis, and report preparation.

Step-by-step explanation:

1. Problem definition: In this step, the needs of potential customers are investigated, potential competitors are identified, and constraints on the design effort are established.
2. Research design: After defining the problem, researchers determine the best approach to gather data and test hypotheses.
3. Data collection: This step involves collecting relevant information using various research methods such as surveys, interviews, or observations.
4. Data analysis: Once data is collected, it is analyzed to identify patterns, trends, and insights.
5. Report preparation: Finally, the findings of the research are summarized and presented in a comprehensive report.