Final answer:
The steps of the market research process, in correct order, are best represented by option 2, which covers problem definition, assessing the research value, determining information requirements, choosing the unit of analysis, and examining data availability.
Step-by-step explanation:
Among the options given for the question Which of the following lists some of the steps in the market research process in the correct order?, the most accurate representation of the market research process is option 2:
- Problem definition
- Assess value of research
- Determine information requirement
- Choose unit of analysis
- Examine data availability
These steps align well with the established approach to the scientific method as applied to market research, which often follows the progression from defining a problem to determining what information is needed and then conducting the necessary research.
The market research process begins by identifying a problem or opportunity (Problem definition). Then, it is crucial to assess the potential value that research would add (Assess value of research). Upon confirming the value, researchers must specify the type of information required (Determine information requirement) and select the appropriate unit of analysis for the study (Choose unit of analysis). Finally, before carrying out any new research activities, it's important to examine the availability of existing data (Examine data availability).