Market research is a process of collecting relevant information about the market which helps the companies identify, opportunities, demands and evaluate a business. It is the most essential tool of marketing management and the backbone of an informed business decision. It helps you find, analyze and understand the target markets, its latest trends and produce products or services accordingly. You can easily figure out different marketing issues from this tool and can make relevant changes.
Following are the basic five steps involved in the market research:
1. Identify and define the problem or objective of the market research
2. Design research plan
3. Collect all the relevant information
4. Analyze the information and summarize the findings
5. Present findings and take required action