Strategy for Conducting Market Research
No seasoned hiker would embark on a lengthy journey through a desolate wooded area without a compass. Despite the thrill of the unknown, he or she would want, at the very least, some sense of direction to point the way. The same can be said of organisations embarking on the introduction of new products and brands. While it is a poor business practice to never try something new, organisations should determine their direction by conducting effective market research.
Market research is undertaken for many reasons. An organisation might see a drop in sales, for example, or may want to take advantage of an opportunity that allows for introducing a new product or brand into an untapped market. The first thing an organisation needs to do is to understand the issue and formulate an overall research objective. Sales may fall for many reasons, such as changing demographics, trends or economics. To complicate matters, some of these factors may occur simultaneously. Whilethe overall question may be simple (e.g. why are our sales declining? Will customers in this new market buy this product?), getting to the actual issues and formulating the correct research questions for the market research is more difficult.
Market research as a strategic business practice is on the rise, branching out from organisations selling products to those that 'sell' intangibles such as political candidates or consulting services (Jobber and Ellis-Chadwick, 2013).
In Unit 1 you examined how an organisation's current products met its customers' needs and values. In this unit, you propose a new product for the same organisation you identified in Unit 1. The new product should align with their brand and will be introduced in a new international market.
To prepare for this Individual Assignment:
- Review the organisation you selected for your Final Project.
- Review the Readings from this unit. In addition, search the Internet and University of Roehampton Library. Identify three relevant articles regarding market research approaches for determining market demand for branded products.
- Think of a new fictitious product that you believe would be commercially successful in a new international market of your choice.
- Choose two market approaches that you believe would be most effective in determining the demand for this new product.
To complete this Individual Assignment:
- Describe a new fictitious product idea that you believe would be a logical fit for your chosen organisation and its brand promise as well as commercially successful in a new international market of your choice.
- Describe the market research approaches you chose that you believe would be most effective in determining the relevant segments and demand for this new product. Your post should explain why you believe they would be most effective in allowing you to better understand three of the following topics in terms of market demand:
Current brand strength (e.g. measures of brand equity)
Market and segment size and growth
Customer segment characteristics
Competitors and alternatives
Buyer behaviour and the buying process (i.e. choice criteria)
Potential for the use of digital marketing processes (e.g. ecommerce, social media) to support the customer buying process.
- Be sure to include specific examples and support your postings with evidence of the Readings and other current literature from the UoRL Library and other sources. Consult the Harvard Referencing Style Guide for proper citation and referencing information.