Outline a marketing research process to be used to gather information on present or potential customers

1) State the problem- The main aim of every research is to understand the purpose of the research. The problem should be stated effectively because if it is vague; then it might result in wastage of resources and time. To state the problem adequately, each firm should have a solution to every problem. For example; what is to be researched, why the research should be done, etc.

2. Develop the Research Plan- This step is all about gathering the information that is appropriate to the research objective. It includes:

• Data Sources- Research can collect data that is suitable for the research problems from two sources; primary source, secondary source, or both sources.
• Research Approaches- Secondary data are available in books, journalism magazines, online, etc. Primary data is collected through observational research, focus group research, survey research, Behavioral Data, and experimental research.

3. Collect the Information- This method is the most expensive marketing research. In this stage, the researcher has to collect information through different methods. It is very difficult to gather accurate information because the respondent can be biased or might not be interested in giving answers.

4. Analyze the Information- When all the information is gathered, the next step is to organize all the data in a way that analysis can be done. Many statistical techniques and decision models are performed to analyze e.g. compute averages, etc.

5. Present the Findings- When all the research is done, now it's time to present in front of top management level such as managing directors, CEO or board of directors to take suitable marketing decisions.

6. Make the Decision- Last and the most important step of marketing research is to finalize all the findings. Top-level management decides as either they have to rely on the findings or discard them finding them unsuitable.