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Marketing Research-the five-step marketing research approach

Describe the five-step marketing research approach that leads to marketing actions. How have you seen these in action? Please provide examples.

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The five-step marketing approach that leads to marketing actions:

1. Define the problem -- In this step, the problem is thoroughly defined, including the possible causes of the problem. There are many examples of this step, and this step is used by all companies, both large and small. One of the most common problems that undergoes marketing research is to determine why sales are declining in certain regions. The problem is thoroughly stated as the decrease of a specific percentage of sales throughout a two or three year period. The possible causes include 1) decreased product interest, 2) marketing strategies that have become stale and ineffective, 3) changes in the social, cultural, or other factor directly in the market in that region, 4) issues in the specific region that have caused a decline in general, in sales, including high unemployment or deteriorating economic conditions.

2. Develop a research ...

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Describe the five-step marketing research approach that leads to marketing actions. How have you seen these in action? Please provide examples.

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