Answer to Question #177950 in Marketing for Justus

Question #177950
  1. Explain the elements of the Marketing Research Process

  1. Explain the different sources marketers obtain information
Expert's answer


  1. Explain the elements of the Marketing Research Process

There are four aspects that pertain when aiming to complete a market research process. The aspects are as discussed below;

a)     Defining precisely what questions you want to be answered- Organizations should begin researching topics that will best satisfy their needs when formulating a new project on research project.

b)     Understanding the customer's voice- joint initiatives that offer their services to help organizations complete their market research projects need to focus on the voice of the customer, i.e., understand the needs of the customer to boost creating customer loyalty.

c)     Know the source- this aspect must be considered where the methods of gathering information must come from a reliable source to ensure that you are getting most loyal information.

d)     Recognize where you are going wrong- This is a crucial aspect that enables an organization to first identify its ultimate goal during the process of carrying out market research.


2.     Explain the different sources marketers obtain information

While conducting market research, marketers obtain information from various sources such as the one I have explained below;

a)     Current Customers- Information obtained from customers of a marketer is usually the most valuable information; however, it depends on customer creativity.

b)     Business magazines- This also is a valuable source where marketers can obtain information about their customers.

c)     Marketers use surveys- This source collects information about customers and their views about different products on the market.

d)     Government Agencies- This provides marketers with the most important statistical data concerning their markets.

e)     Internet- This provides an unlimited source of information for marketers about trends in the search engine.



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