Marketing Research: Steps, Values, Limitations, and Research Design

This report provides a comprehensive overview of the marketing research process, starting with the definition of the research problem and outlining the steps involved. It details the importance of identifying research objectives, designing the research plan, and collecting data through various methods. The report emphasizes the significance of data analysis, concluding with the formulation of a clear and effective research report. It also highlights the values of marketing research, such as enhancing competitiveness, establishing target markets, and improving customer satisfaction, while acknowledging the limitations, including high costs, time gaps, accuracy issues, and rapid market changes. The report references key academic sources to support the findings, offering valuable insights for understanding and applying marketing research principles.

Marketing

Introduction
 Marketing research process is a methodology that systematically is
used to inform business decisions.
 Marketing research has seven basic steps in research objectives.
 It starts wand begins with defining the research problem and
ultimately understanding the objectives of the research(Babin, &
Zikmund, 2015). .

Cont…
 Marketing research can be defined as a process towards collecting
analyzing and organizing information in order to make conclusive
marketing decision.

Steps in Marketing Research
 Identification and problem definition
 The market process in research include the definition and
identification of the research problem faced by the company. The
importance of identification and definition of the problem sometimes
is costly and involves a lot of time and energy. A clear definition of
the problem helps the researcher to have proper research objectives
and information collected.
 Statement of objectives of the research
 After the initial process of identifying the problem, the researcher has
to work on the objectives of the research. The objectives should
either be quantitative or qualitative. The objectives are the expressed
in terms of hypothesis, research questions or objectives.

Cont…
 research planning design or study
 The research design is the master plan of the research. It specifies
the procedures for analyzing and collecting the research data. It
represents the said framework for the action plan needed in the
research. At the said stage, the researcher should be able to collect
data through interviews, surveys or questionnaires.

steps
 Sample planning
 This is taking a sample of the entire population needed for the research.
 Data Collection
 It involves gathering of information and facts to be used in conducting of the
research. It includes data collection from articles, books, interviews and many
more. Data collection has two sources which are internal sources and external
sources (Malhotra, & Peterson, 2014). .
 Data analysis and planning
 Once the data is collected it is then analyzed and coded.
 Conclusion and formulating of the report
 The report of the research should be clear, and communicate effectively the
findings of the research.

Values of marketing research
 The values of the marketing research includes
 To work for your competitiveness
 To establish the target market
 For customer satisfaction
 To be able to strengthen the product through market research

Limitations
 Limitations of marketing research
 The limitations include
 The costs of the research may be high
 Time gaps may render the research irrelevant
 Problems of accuracy and trust
 Problem of rapid change

References
 Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research.
Cengage Learning.
 Malhotra, N. K., & Peterson, M. (2014). Basic marketing research.
Pearson.