Your friend has decided to conduct market research to assist in making informed decisions for 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 first step in the market research process. This involves identifying the specific problem the business is trying to solve or the question it is trying to answer through the research. Defining the objective informs the rest of the research process, including the type of data to collect, the research design, and the relevant information to consider.

Your Friend Has Decided to Conduct Market Research to Assist