Market Research Approach

These flashcards outline key concepts and terms related to market research methods, focusing on the step-by-step approach and types of data involved.

The Five-Step Market Research Approach

A systematic method for conducting market research that ensures thorough consideration of all elements, resulting in accurate findings.

Step 1: Define the Problem

The initial step in market research, focusing on clearly identifying the issue, opportunity, or problem needing investigation.

Primary Data

Information collected firsthand for a specific research purpose, typically through surveys, interviews, or experiments.

Secondary Data

Existing information that has been previously collected for other purposes, used in research to provide context or background.