Step 1. Setting objectives and defining objectives.
Step 2. Developing a research plan.
Step 3. Gathering information.
Step 4. Analysis of information.
Step 5. Provision of information.
Market research is carried out on the basis of collecting and analyzing information about the market for the kind of activities that are considered; used to find effective strategies, weighing all the pros and cons regarding the development of routes, determining future steps in the business, and more.