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3. STEP ONE: The first step the marketing research process is to define the problem or research issue. You are conducting exploratory research because you need more information about market segments that will be most likely to purchase your cash cow product. Identifying market segments/target markets is part of the strategic planning process we studied in Chapter Two. Which step in the strategic planning process involves market segments and target markets? 4. STEP TWO: The second step in the marketing research process is to design the research project a A hypothesis is an informed guess or assumption about a certain problem or set of circumstances. Make an informed guess about which market segments will be most likely to purchase your cash cow product. b. You have decided to form a customer advisory board. These are individuals who can provide insights about your business plans and the products you intend to sell. LIST five brief descriptions of the kind of people you will invite to serve on your customer advisory board. (NOTE: Do not list the names of people you know. List descriptions that include characteristics/skills/talents/experience of the types of people who would be appropriate for your customer advisory board.) c. You are also going to use a focus group as part of your exploratory research. You will use the focus group to get a better sense of customer attitudes about the products your small business enterprise will sell. List five questions you would like for the focus group participants to discuss. (Include at least one question that will help prove or disprove your research hypothesis.) d. You would like for your research techniques to be both reliable and valid. What is something you can do in Step Two of the research process to ensure reliability

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