The first step of the marketing research process is to identify and formulate the problem and or opportunity. Although marketers are constantly on the lookout for possible opportunities, they must also be able to identify the problems with their products also. By being able to identify these problems and opportunities, marketers can now formulate plans on how to change and or alter the situation that they are in. They can change the way they market their products, they can alter their products, and they can change their target audience in order to achieve optimal results and to maximize the firm’s profits. The marketing research objective is “the specific information that is needed to solve any type of marketing research problem by providing insightful decision making information” (Lamb, 161). In order to determine what the marketing re...
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... in their products. The most important element of the process is the preparing and presenting the report to the executive board. This is the most important element for the research process because by being prepared and by also being a compelling speaker, it will convince the board to change the marketing of a product or the product itself, you think will maximize the profit of the company. The seven elements all tie together to make up the marketing research process that helps firms solve specific marketing problems they are having and to obtain maximum profit in the products they’re selling. The marketing research process will always be a significant part for a company because it allows for companies to understand the wants and needs of the population around them and what they can change in the product and marketing techniques in order to obtain superlative profit.
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