Question: Identifying or defining a firm's target market is crucial marketing intelligence that is heavily dependent upon the availability of pertinent market information. E-marketers need information to reduce the risk of making poor business decisions. Market research provides firms with vital information needed to minimize and to provide answers to important marketing questions. We have learned that marketing research can be broken down into five key steps. Please identify and explain each of these steps in the marketing research process and provide a real-life example of one of these steps to illustrate your understanding of the concept.