What Is the First Step in the Marketing Research Process

question 23

Multiple Choice

What is the first step in the marketing research process?

• A)developing a marketing information system
• B)defining the problem and research objectives
• C)developing the research plan for collecting information
• D)implementing the research plan
• E)interpreting data and deciding on type of research

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Definitions:

Recession

A sharp drop in the overall economic activities, enduring more than a couple of months, commonly reflected in key metrics including real GDP, real income, job numbers, output of the industrial sector, and transactions in the wholesale and retail markets.

Recessionary Gap

A situation where actual economic output is lower than the potential output, indicating underutilized resources and unemployment.

Potential GDP

The highest level of economic output that an economy can sustain over a long period without causing inflation.

Real Output

The quantity of goods and services produced, adjusted for inflation, reflecting the true volume of an economy's production.