Your friend has decided to conduct market research to assist in making informed decisions for her/his small business. What should you recommend as the first step in the market research process?

Question

Quizplus · Accepted Answer

Defining the objective is the crucial first step in any market research process because it lays the foundation for the entire research process. It sets the direction for what data needs to be collected, how it needs to be collected, and how it will be analyzed. Without a clearly defined objective, the research can become unfocused, unorganized, and may not even answer the questions the business owner needs answering.

Your Friend Has Decided to Conduct Market Research to Assist