Market Research for New Product
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Q1. Assume a business entity of your choosing is planning to introduce a new product or service. Describe the business and the product or service being marketed. Then, construct a market research plan that shows at least five (5) steps/areas that you must research in order to determine the viability of the offering. After researching and analyzing the information, what kinds of recommendations might you make for bringing the product to market? (25 points) (A 1½-page response is required.)
Q2. For the same business, write five (5) close-ended and five (5) open-ended questions to use in a questionnaire surveying the existing or potential marketplace. Following each question, describe the purpose or rationale for asking the question. In addition, state your method of administering the survey and explain how it fits into at least one (1) component of the overall marketing decision support process that you discussed in Discussion Question #1. (25 points) (A 1½-page response is required.)
P.S
You must appropriately cite all resources used in your responses and document in a bibliography using APA style.
Cited sources:
Kotler, P., & Keller, K. (2012). Marketing Management (14th ed.). Upper Saddle River, NJ: Prentice Hall. Ch. 1, 2.
Role of Marketing and Market Research in Forecasting
Brumbaugh, S. (Summer 2010). The Journal of Business Forecasting, 29.2, 30-34.
Beyond the Voice of the Customer: Ethnographic Market Research
Goffin, K., Varnes,C., van der Hoven, C. & Koners, U. (Jul/Aug 2012). Research Technology Management, 55.4, 45-53.
Consumer Social Media Data Difficult, Rewarding to Analyze: Q&A
Levey, R. H. (2012) Chief Marketer.
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Solution Summary
Market research steps for launching new product and sample survey questionnaire
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NEW PRODUCT -INSTANT BREAKFAST MIX
Kellogg's Company, after the success of alternate breakfast cereals like Muesli and Oats is planning to launch instant breakfast mixes for people on the go. The product will be a mixture of ready to eat cereals fortified with vitamins and minerals which has to be micro waved for 2 minutes. It would be sold in different flavors based on trending products like pizza flavor, tomato flavor, plain salted, etc. It would give a "salty" option for people who are bored of having cereals with milk every day.
MARKET RESEARCH STEPS
Step 1: The first step in market research is to check businesses in the geographic area where the product would be launched to determine the competition company might experience. It would also determine marketing efforts which were made earlier to market similar products.
Step 2: Demographics: Based on competitor evaluation and expert analysis from industry journals, a list of target customers should be prepared. It should include customer demographics such as age, family status, income etc.
Step 3: The target market list is narrowed down and few ...
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