MKT 421 5 STEP MARKETING RESEARCH APPROACH

MKT 421 5 STEP MARKETING RESEARCH APPROACH THE SCENARIO • You are the marketing manager for a local nonprofit charity whose funding is derived from membership fees.You have noticed a severe drop in new memberships and a decline in repeat memberships, which is threatening your organization's ability to survive and grow.You have decided to implement the Five-Step Marketing Research Approach to help clarify the problem and develop strategies for implementation. Why is Marketing research Important Market research is defined as “the process of determining the viability of a new service or product through research conducted directly with potential customers” (Twin, 2019). The main purpose for market research is to collect data on existing customers as well as potential customers. There is no set way of conducting market research, the company needs to know the best route on gathering information to benefit themselves as well as the clients. There are seven reasons why research marketing is crucial: 1. Spotting business opportunities. 2. Lower business risks. 3. Creates promotional materials relevant to the product/service. 4. Help you in where you should advertise. 5. Outsell the competitors. 6. Helps to set bigger and better goals for the company. 7. Making decisions becomes a little easier. Five-Step Marketing Research Approach Step 1 Step 2 Step 3 Step 4 Step 5 Define the problem Develop the research plan Collect relevant information Develop findings Take marketing actions *Set research objectives *Identify different possible marketing actions *Identify the constraints *Know the data that is needed for marketing actions *Determine how to collect the data *Obtain secondary and primary data *Analyze the gathered data then present the findings *Make the recommended actions *Follow through with recommended actions *Evaluate results Step 1: Define the Problem *This step is the most important out of the 5 step marketing research approach. Develop questions that will help you to determine the problem. text here Step 2: Develop your research plan At times developing your research plan can become overwhelming considering that it can include numerous methods that will end up helping you answer the research problem. “The constraints in a decision are the restrictions placed on potential solutions to a problem” (Kerin & Hartley) a couple of examples of constraints are the limitations with time and money that are required to solve the problem. The last subsection in this step is that you need to determine how to collect the data; two key elements are concepts and methods.