Steps of Market Research Process

13 February 2020
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With constant change being the norm in market, end consumer, marketing and business, one thing remains the same is the need for market research. Market research is a helpful tool for you to better identify market opportunities, marketing strategies, evaluate business decisions and better understand your customers needs and expectations using data. Just as you would not go on vacation without making any plans, you should not make business decisions or design your marketing strategies without backing them with research. In short, the market research process is the backbone of informed business and marketing decisions. Though it is not necessary that all research processes would invariably follow a given sequence, yet market research often follows a generalized pattern which can be broken down and studied as sequential stages. The various stages or steps in the marketing research process are discussed below: