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Unit 2: Introduction to Research

23. What is the cost involved? Notes

24. Who reads the report?

2.8.4 Steps involved in Preparing Market Research Plan or Designing a
Research

There are nine steps in the research process that can be followed while designing a research
project. They are as follows:
 Formulate the problem

 Evaluate the cost of research
 Prepare the list of information
 Research design decision

 Data collection
 Select the sample type
 Determine the sample size
 Organize the field work
 Analyze the data and report preparation.

Self Assessment

Fill in the blanks:

10. The …………….provides systematic, planned approach to the research project and ensures
that all aspects of the research project are consistent with each other.
11. Marketing research process involves a number of ……………activities which overlap and
do not rigidly follow a particular sequence.

2.9 Formulating the Problem

Problem formulation is the key to research process. For a researcher, the problem formulation
means converting the management problem to a research problem. In order to attain clarity, the
MR Manager and the researcher must articulate clearly so that perfect understanding of each
other is achieved.

Example: Management problem and research problem
M.P - Want to increase the sale of product A
R.P - What is the current standing of the product A?
While problem is being formulated, the following should be taken into account:

(1) Determine the objective of the study.
(2) Consider various environmental factors.
(3) Nature of the problem.
(4) Stating the alternative.

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