The retail mall owner told a marketing researcher, "We have the option of staying open late twice a week or opening up an hour early every day. We need to know which will be most profitable since we cannot do both. The decision must be made in 11 weeks and we only have $10,000 budgeted for this research project." In which step of the marketing research process would the owner determine this budget and time frame
The five steps in the marketing research process are:
Define the problem (or opportunity)
Determine your research design
Develop your research plan: during this step you design your research tool, e.g. questionnaires, focus groups, etc. You must also prepare a budget that covers the costs of carrying out your research plan.
