Title: Identify the steps of market research.
Course: Make It Your Business (12151-12) > Section: Planning for a Product or Service

Identification should include a definition of market research (gathering and analyzing information about a market, product or service to gain insight into customers, competitors or the market itself) and the following basic steps:

- Define the problem and/or opportunity (e.g., demographics, product category, pricing).
- Select a research method.
- Identify type(s) of data to be collected.
- Collect data.
- Interpret the data.
- Determine a course of action.
- Implement the course of action.

Process/Skill Questions:

- What is market research?
- Why is each step in conducting market research important?
- What types of data are used for market research?
- What are the pros and cons of different methods of data collection?
- What is the difference between primary and secondary data? Why are both needed in market research?
- How is market research used by a business?