The
marketing research proposal is aimed at studying customer needs based on their
actual values. Here, the research will utilize all the relevant professional
competence in factoring a concrete analysis on the current market situation and
the expected future position of the target market segment with regard to the
newly introduced revolutionary cereal product within the leading Food
Manufacturing Company. The satisfaction of the targeted customer segment within
the market forms the basis of the decision-making
process in the research results. In this essence, the research will focus on
the success of the new product by incorporating the different ideologies from
the customers within the specified market segment. Therefore, a survey will be
utilized in collecting relevant information, upon which an informed analysis
will be conducted on the collected consumer information to come up with the
result of the survey activity.
Objective and Scope of Research
The objectivity of
the research activity is to collect relevant information concerning the
position of the target market segment with regard to the newly introduced
cereal product by the leading Food Manufacturing Company. Here, the scope of
the research activity will be to look at the prizing value of the product, the
position of the target market segment, market entrance strategy, and the
consumer acceptance of the newly introduced cereal product by the leading Food
Manufacturing Company.
Methodology
The research activity will use both the qualitative
and quantitative research methodologies. The qualitative research methodology
will focus on the general problem within the target market segment that is
likely to influence the customer take on the newly introduced cereal product.
The quantitative methodology will utilize questionnaires in survey processes to
gather relevant market factors that result in the identified customer influence
within the target market segment.
Secondary
Research
The quantitative approach will be used in the
secondary research. Here, relevant data will be collected from the
organizational customers, targeted competitors, and the organizational market
share. This data collection process will be achieved with regard to the newly
introduced cereal product within the targeted market segment. The established
customer strategies within the leading Food Manufacturing Company will also be
of great significance in the secondary
research.
Focus
Groups
A one-way mirror will be used in the focus group to
test the concepts of the new cereal product with regard to the reactions of the
targeted product consumers within the specified market segment. In this
process, a professional meditater will
aid in controlling the focus group. The professional meditator will contribute
by asking throbbing questions concerning the position of the market with regard
to the newly introduced cereal product. It is through the question that the
relevant managers within the leading Food Manufacturing Company will collect
the relevant information from the customers for a proper decision-making
process.
Survey Plan
The survey process will utilize
technological approach in gathering relevant data concerning the position of
the target market segment in response to the new revolutionary product from the
leading Food Manufacturing Company. The survey process will utilize phone calls
and the internet. While the phone calls will be used in negotiating the actual
price of the new cereal product with relevant customers within the market, the
internet will be used in searching the position of the target market segment in
terms of the market price for such food products as the newly introduced cereal
Comparative
Criteria
Here, the research
activity will focus on the position of
the target market customers in comparing the value of the new cereal product to
other related products within the market. The main intention will be to
determine the actual criteria that the target customers use in choosing one
product over another product from a different company. Of course, the known
competitor is Toby’s whose product value criterion is based on the ingredient
used compared to the newly introduced cereal product. Therefore, the
comparative criterion will view the consumer perception with regard to the
ingredient preference across food market products of the same nature as the new
cereal product.
Conjoint
Analysis
The conjoined
analysis is based on the analysis of randomly selected ninety respondents. The
findings indicate that indeed there is an
influence of the breakfast cereal within the target market segment of the leading Food Manufacturing Company’s new
cereal product. The product influence is based on the ingredient consideration
among the customers of the target market segment. It is also found that the
product preference among the consumers within the target market segment is
based on the product brand.
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