Question

Anyone undertaking a market research project should understand that the first step is:

1) setting the budget.
2) determining the methodology to use.
3) deciding who will see the final report.
4) defining the problem.
5) determining the information requirement.

Answer 1

The first step in a market research project is defining the problem.

Step-by-step explanation:

The first step in undertaking a market research project is defining the problem. This involves investigating the needs of potential customers, identifying potential competitors, and determining the constraints and resources available for solving the design problem. Defining the problem provides a clear understanding of the scope of the project and sets the foundation for the entire research process.

Once the problem is defined, the next steps include setting the budget, determining the methodology to use, and determining the information requirement. These steps are essential for planning and executing a successful market research project.