Marketing Research Process
McDonald's wants to introduce a new sandwich tentatively named McFish. To test the feasibility of this new product concept, McDonald's needs to conduct market research. If the market favors the concept, then McFish would be a candidate for further business analysis. The narrative of the product concept is as follows:
"Introducing McFish, made of the best catfish, from Mississippi. It contains low levels of fat and high levels of Vitamin D, which are excellent for lowering your cholesterol and strengthening your bones.
McFish's premium catfish is accompanied with fresh tomatoes, lettuce, and onions; a patty-shaped catfish filet is marinated in a unique blend of natural spices before being grilled in a medium-well temperature. It is served with high-fiber, whole-wheat buns.
Priced at $5.50, the same as a Big Mac, it is available in your favorite McDonald's franchise restaurant."
Aiding the narrative is a picture of the McFish sandwich, helping the audience to test the merits of the concept. Explain the following in your document:
- explain the steps of the marketing research process necessary to determine the sales feasibility of McFish.
- What decisions will you need to take at each step and why?
- What kind of research findings would ensure a favorable management decision to continue with the McFish concept in the next phase, which is business analysis?