Marketing Research And Analysis: 2. Defining Research Problem
This article discusses the process of defining a research problem in marketing research and analysis. The first step is problem identification, followed by approach development, research design, data preparation, data analysis, and data report preparation. The article emphasizes the importance of defining the problem accurately, tailoring research methods to the problem, and being flexible to adjust objectives as new insights emerge.
In the previous session, we discussed the significance of market research and its role in business success.
Please read it here:
We examined how companies that effectively utilize research gain a competitive advantage, while those that neglect it often face significant losses. It is clear that research is essential in today’s competitive world, as new products and policies are introduced frequently, making it crucial for firms to understand how to beat their competitors and identify market gaps.
Let’s delve a little into Research Problem, and various steps of the same.
PROBLEM IDENTIFICATION
The first step is problem identification, where researchers need to identify the specific research they will undertake. It is commonly said that by properly identifying a problem, you have already completed a significant portion of your research. Conversely, if a problem is not well-defined or explained, it becomes challenging to obtain meaningful results.
Let’s consider a marketing campaign for a new energy drink. The marketing team must identify the specific problem or challenge they aim to address. What is the objective:
- Increase brand awareness?
