Final answer:
Market research is a detailed process involving the systematic gathering and analysis of data relevant to a specific marketing situation. It involves generating a research question, using various data collection methods, and analyzing the findings to make informed decisions.
Step-by-step explanation:
The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company is known as market research. This process includes various steps like gathering information from customers and stakeholders, seeking expert information, and conducting a root cause analysis. Market research can take the form of quantitative research, which involves specific data that can be replicated in a controlled environment, to provide empirical evidence for decision-making.
A typical market research process involves generating a focused research question, which is the basis of the study. Different methods such as surveys, interviews, case studies, and analysis of existing sources, are used to collect relevant data. Researchers must plan their research design carefully to ensure that their data collection methods are accurate, and they must be prepared to analyze both predicted and unpredicted data. The accuracy of the research findings can be enhanced by using precise measurement tools.