Which of the following is considered to be the last step in marketing research process?
Market Research (FAR Part 10) is conducted to determine the availability of commercial products and services and to identify and evaluate market practices. It’s a continuous process of finding viable sources of goods and services to meet government
requirements and is mandated for all acquisition programs. It’s conducted by key members of a program’s Integrated Product Team (IPT) with the goal of pulling together the necessary market information to be analyzed so an informed decision can be achieved on how to satisfy a need. The results of market research and future plans for market research are included in a program’s Acquisition Strategy. Definition – “Market research is a continuous process for gathering data on product characteristics, suppliers’ capabilities, and the business practices/trends that surround them — plus the analysis of that data to make smart acquisition decisions.” (FAR 2.1) There are five steps in the market research process that will enable you to gather and understand the information that is needed to determine how best to meet your needs. Step 1 – Locating and Defining Issues or ProblemsThis step focuses on uncovering the nature and boundaries of a situation or question related to marketing strategy or implementation. In defining the issues or problems, the researcher should take into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making. Step 2 – Designing the Market Research ProjectThis step is focused on creating a market research plan or overall approach on how you are going to solve the issue or problem identified. A research plan or approach is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making. The research design involves the following steps: [2]
Step 3 – Collecting DataThis step revolved around obtaining the information that you will need to solve the issue or problem identified. Data collection involves a field force or staff that operates either in the field, as in the case of personal interviewing (in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computer-assisted telephone interviewing), or through the mail (traditional mail and mail panel surveys with recruited households). Step 4 – Interpreting Research DataThis step is focused on examining the data and coming up with a conclusion that solves the problem. Step 5 – Report Research FindingsThe final step is to report the market research findings to those who need the data to make decisions. The findings should be presented in a comprehensible format so that they can be readily used in the decision-making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact. Research Reporting Formats:
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Updated: 3/5/2021 Which of the following is the last step in marketing research process Mcq?The last step in the marketing research process is to. make the decision.. plan next corporate plan.. gather market data.. deciding decision alternatives.. What are the step in step in the marketing research process?A typical marketing research process is as follows:. Identify an issue, discuss alternatives and set out research objectives.. Develop a research program.. Choose a sample.. Gather information.. Gather data.. Organize and analyze information and data.. Present findings.. Make research-based decisions.. What are the 7 steps in the marketing research process?The process is organized into market research steps that any brand can follow to accomplish its own objectives.. Define the Problem. ... . Develop the Research Strategy. ... . Acquire the Research Materials. ... . Collect the Data. ... . Analyze the Data. ... . Compile the Data. ... . Implement Data-Driven Strategies.. Which of the following is the final step of the marketing research process quizlet?the final step in the marketing research process is to determine a solution to the problem.
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