Assignment: The Market Research Plan
Scenario: Your top franchisee owns several franchises in New York, NY. Over the last three years, sales and market share have declined 5% each year in the consumer segment and business segment. As the marketing manager for the franchise, you have decided to fly to New York and develop a market research plan to understand the problem. Write a brief paragraph that answers the following questions. (This should not be in Question/Answer Format).
Suppose that the franchisor was considering bringing a new kind of product or service to its stores. What kind of research would it need to do in order to have some confidence that the new product would sell well? Then create a market research plan:
Next, using the market research process in the diagram below, develop a market research plan that will provide a better understanding and solution to the problem.