Which of the Following Is a Step in the Marketing Research Process?
Which of the following is an example of a step in the marketing research process? There are two answers to this question that you will need to choose from, and these will be based on your understanding of how marketing research typically goes. If you have no knowledge of how marketing research works, it can seem like a fairly complex process that you aren’t really sure how to get started with. However, if you have a general idea of what steps are involved, then you can at least have a basic understanding of how the process works. So, without further ado, let us get into the process!
The first step is generally considered to be market research. This includes everything from determining your market, to understanding who you are competing against, to researching consumer behavior. This step alone can cost you thousands of dollars, so you should always make sure that you get as many opinions as possible. While this step isn’t that hard, it does take quite a bit of time. Therefore, if you are strapped for time, or simply don’t have the time to spend weeks doing market research, then you may want to consider hiring a marketing research company.
The second step is more concerned with the actual market research itself. After all, you already know which markets you want to target, and you know which products you would like to sell. What you don’t know, however, is which of the markets you would like to target, and which of the products you would like to sell. This step is often referred to as market sizing. It is essential to know the exact size of the market you would like to enter. For example, if you intend to sell shoes to children, then market sizes would be much different than shoe sizes for teens, etc.
Once you have market size established, the research must then be aimed at finding out what is selling. One of the problems with many companies is the inability to determine what is selling. In other words, some products just seem to sell themselves. It can be difficult to know whether the market is saturated with the product you are trying to sell, or whether there is room to increase market share. For this reason, many companies will try to rely on word of mouth or traditional advertising techniques, but that generally does not work very well.
The third step in market research is equally important. You need to know what your competitors are doing in order to avoid being copied. There is no need to copy everything that your competitors are doing, but you do need to understand what they are doing differently. For example, you may not necessarily think it makes sense to market a product to small groups of college students, but a competitor may think that it would make great sense, and it would.
The fourth and final step in market research involves the execution of your marketing strategy. When you have identified a market segment, you should begin to implement a plan to reach this group. Many companies do not fully understand the impact of these activities, and they end up putting all of their efforts into marketing activities that do not convert, which results in wasted marketing efforts and wasted money. This is why it is so important to understand all of the above steps in market research before you begin your implementation process.