Explain the basic steps in the research process

Steps in the Research Process

1. Analyzing the Situation and Defining the Problem - Marketing Information System (MIS) - a sophisticated set of procedures designed to generate a continuous, orderly flow of information for use in making marketing decisions; ensures that managers get the information they need when they need it. Smaller firms don't have dedicated research departments; often find the problem-definition step difficult and time consuming, but good research on the wrong problem is a waste of effort and time

2. Conducting Informal (Exploratory) Research - use informal (exploratory) research to learn more about the market, the competition, and the business environment, and to better define the problem; may discuss the problem with wholesalers, distributors, or retailers outside the firm, with informed sources inside the firm, with customers, or even with competitors; They look for whoever has the most information to offer.

3. Establishing Research Objectives - company may discover that it needs additional information only obtainable through primary research. Need a concise written statement of the research problem - specific and measureable - and the research objectives - decision point is clear, the questions are related and relevant - before starting the project.

4. Conducting Formal Research - qualitative research - gain insight into both the population whose opinion will be sampled and the subject matter itself; and quantitative research - get hard numbers about specific marketing situations

5. Interpreting and Reporting the Findings - the final report must make the findings clear to the company's managers and relevant to their needs. Tables and graphs must be explained in words management can understand. The report should state the problem and research objective, sumarize the findings, and draw conclusions. Should make recommendations for management action