The five steps that a business follows when conducting marketing research are defining the problem, obtaining data, analyzing the data, recommending solutions, and applying the results. Each step is performed sequentially to arrive at solutions to a problem or research issue.

Key Terms:
Problem definition
Primary data
Secondary data
Survey method
Sample
Observation method
Point-of-sale research
Experimental method
Data analysis

Objectives

*Explain the steps in designing and conducting marketing research
*Compare primary and secondary data
*Collect and interpret marketing information
*Identify the elements in a marketing research report