Market Research Steps

• 1. Define the Question - what you need to know before starting the business
• 2. Determine the Data Needed - what data we need to answer our question
• 3. Collect the Data - Primary or Secondary Data - Survey, Focus Group, observation
• 4. Analyze the Data
• 5. Take Action - plan of action
• 6. Evaluate Results - how efficient was your research
• Electronic Data Interchange (EDI) - transfer information between online locations

  1. To determine market segments
  2. Adjust marketing strategies
  3. Improve customer relationships
• Customer Relationship Management (CRM) - Understanding Customers as individuals.
• Data Mining - Finding hidden patterns and relationships in customer data.
• Social Media Marketing - Increase exposure and direct customer feedback