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Five-Step Marketing Research Approach Student’s name Institution Five-Step Marketing Research Approach • The market research approach refers to the process of evaluating opportunities in the market. • The five-major steps of marketing research approach include: • Definition of the problem. • Plan development. • Collection of relevant data and information. • Data analyses and report findings. • Taking action (Marketing et al., 2005) The Importance of Research in Marketing  Marketing research helps identification of business opportunities.  As well, it helps in identifying the risks; thus, lowers business risks.  Also, market research helps business to create relevant promotional materials.  Helps in supplying relevant information and data that is used in decision make processes. Step 1: Define the Problem  The first step of the marketing research approach is problem definition.  For non-profit organization, the problem is decline in the repeat membership as well as lack of new members (Babin & Zikmund, 2015).  This step is important as it lay a foundation for research.  It will implemented by outline the objective of the organization, which is to attract new members and ensure repeat membership. Step 2: Develop and Design Research Plan  This involves creating a research methodology that will be used in the research.  Thus, for purpose of this marketing research for nonprofit firm research methodology includes:  Inte ...
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