Market research methods are the first thing on which almost all organizations cut their marketing budgets. Isn’t this surprising? Yes, but it’s a fact since every market research process demands an investment of time as well as monetary investments. But this budget cutting is obviously not a wise decision as the research process helps organizations to identify, analyze, and evaluate business decisions. In fact, the market research process acts as the backbone of informed and wise business decisions. Therefore, it should be executed by organizations to attain the desired output. A recent research also proves that if the research process is being carried out in a proper manner by opting for the appropriate types of market research methods suiting the specific organization’s needs, then it doesn’t have to be expensive.

But how to execute the perfect market research process? The answer is: by following a few key steps involving different types of market research methods. Though there are several steps and various types of research methods involved in the research process, some steps and methods hold more relevance than others. Here is the list of a few key steps in the process:

Steps in a Market Research Process 

Identifying the purpose of research

The first and foremost step in every market research process is that the problem and the reason for which the research is undertaken should be clear. When the aim of undertaking the research becomes clear, the outcome is desirable and satisfactory.

Designing an appropriate plan of research

This step of the research process involves the extraction of details to develop a full proof plan for research. These details are extracted in various ways such as interviewing the focus group and drafting appropriate research questionnaires.

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