Step 2: Develop the Research Plan
The second stage of marketing research is where we develop the most efficient plan for gathering
the needed information and what that will cost. Suppose American made a prior estimate that
launching in-flight Internet service would yield a long-term profit of $50,000. If the manager
believes that doing the marketing research will lead to an improved pricing and promotional plan
and a long-term profit of $90,000, he should be willing to spend up to $40,000 on this research. If
the research will cost more than $40,000, it’s not worth doing.10
To design a research plan, we need to make decisions about the data sources, research
approaches, research instruments, sampling plan, and contact methods.