4.3: Identify the problem
Step 3
After you have the answers to the aforementioned queries, you should create a decision problem for your market research project. Usually, this decision problem takes the form of a question that will direct the market research design at every stage. The question should clearly state the issue that needs to be addressed.
Market Research In Action: Isabella
Isabella has identified that there are a number of decision problems that could be reviewed, but the one that would make the most impact on her future business would be understanding what is already happening at the other markets and if there is opportunity for a new producer. Once this information is determined, the Isabella can look into possible collaborations with other farmers and assessing the opportunity for online sales.
For this market research project, Isabella’s decision problem will be :
- “What is the potential market demand for expanding honey sales to three additional farmers’ markets in the local area?”
References
Price, P., Jhangiani, R., & Chiang, I. (2015). Research Methods of Psychology – 2nd Canadian Edition. Victoria, B.C.: BCcampus. https://opentextbc.ca/researchmethods/.
