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Word Count: 595
The management decision is always connected with the problem or opportunity the company comes across at some point its business activity It may be the decision about the introduction of the new product or adoption of the most effecting pricing or campaign To help the client undertake the decision which action to follow the market researcher starts with the research process which first step is the problem definition The researcher must understand what the needs and objectives of his client are and know how to translate the management problem into the market research problem Market research problem unlike the managerial problem does not focus on action but rather concerns what kind of information is needed to come to the solution or make the decision To be able fully understand what kind of information is needed the researcher often is required to consult with management problem audit industry experts investigate the secondary data or undertake some qualitative research The understanding of the problem comes also from the deep understanding the environmental context of the problem that means the background of the problem The factors here are past information and forecast Resources and Constrains Objectives Buyer Behavior Legal environment Economic Environment and Marketing and Technological skills The company exists with the complex environment all of its factors have an impact on it The second step in the research process is the design formulation It is the set of procedures and instructions the blueprint of the research It answers the following questions a What kind information is needed regarding a problem or population b How obtain and how use the secondary data d Whether the qualitative descriptive or causal research is needed e How collect the qualitative data and what kind of measurement and scaling procedures use how to measure variables f What sample size should be and what sampling process should be applied g What kind of interviewing tool is needed and how it should be constructed
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