6 steps of Market Research process

1. Establish Research Objectives: Establish the research objectives by identifying the overall goals to be achieved from the research. This includes understanding the research problem, the purpose of the research, and the set outcomes. 2. Determine Research Design: The next step involves determining the type of research to be conducted and designing a plan of action. Market research involves collecting both qualitative and quantitative data, so the research must be designed with that in mind. 3. Collect Data and Information: After the research design is determined, data and information must be collected. This can come from both primary and secondary sources, including surveys, interviews, focus groups, as well as existing reports and statistics. 4. Analyze Data and Information: After collecting the data, it must be analyzed using research processes such as surveys, interviews, and focus groups. The analysis of collected data helps to identify correlations and relationships between variables, which can help to indicate potential solutions. 5. Develop Solutions and Recommendations: Based on the analysis of the data, solutions and recommendations can be developed. 6. Implement Solutions: After the solutions and recommendations have been developed, they must be implemented. This involves determining the most effective course of action based on the situation and ensuring that the objectives of the research have been met.