The small natural food shop Organix is losing its customers to the larger organic food store that opened in town. It has identified the problem as getting more people to buy natural items from its store. Organix set its research objective as identifying the target market for the smaller store, and identifying strategies to attract revenue from that market. Which is the logical next step for Organix to take in their market research process?

A research plan is a document that companies create when they plan to conduct a study that will be useful to determine what projects the firm should invest in to make profits. The research plan includes a set of organized steps the firm should follow to conduct the research logically and obtain relevant results.

A research plan starts by determining the problems and objectives that cause the study to be necessary. Next, the research plan is developed thanks to the guidelines already established knowing what the purpose of the investigation is. The gathering and analysis of information take place in this stage to come up to a conclusion that will help a business make a decision.