What Is the First Step in the Marketing Research Process

question 59

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) hiring an outside research specialist

---

Definitions:

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than another.

Computers

Electronic devices designed to process, store, and output information, serving a wide range of personal, educational, and business applications.

Oil

A fossil fuel found in the Earth's crust, primarily used for energy production and as a raw material in the chemical industry; crucial to the global economy.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than its competitors.