Process of Market Research Design

Discussion
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Due to the increase in competition in the market, companies are looking for ways to attain a competitive advantage over their competitors. Even though there are various methods they are using to achieve it, one of the outstanding ways they are using is market research design since it helps the firm to have an insight regarding its target customer’s needs and preferences. When conducting market research, the firm usually defines the problem. Furthermore, after defining the problem, the company should develop a research plan that will likely follow (Moore, 2023). Developing this plan could help the company know the relevant data and information it could collect. The company should also analyze and report findings before taking the relevant action. This process helps the company make decisions based on informed data rather than mere assumptions, thereby having outstanding results.
Social media have been one of the outstandi...