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.
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.
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.
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.
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
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.
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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