28 Jun Market Research for New Product
Question
Market Research for New Product
Q1. Assume a business entity of your choosing is planning to introduce a new product or service. Describe the business and the product or service being marketed. Then, construct a market research plan that shows at least five (5) steps/areas that you must research in order to determine the viability of the offering. After researching and analyzing the information, what kinds of recommendations might you make for bringing the product to market? (25 points) (A 1½-page response is required.)
Q2. For the same business, write five (5) close-ended and five (5) open-ended questions to use in a questionnaire surveying the existing or potential marketplace. Following each question, describe the purpose or rationale for asking the question. In addition, state your method of administering the survey and explain how it fits into at least one (1) component of the overall marketing decision support process that you discussed in Discussion Question #1. (25 points) (A 1½-page response is required.)
P.S
You must appropriately cite all resources used in your responses and document in a bibliography using APA style.
Cited sources:
Kotler, P., & Keller, K. (2012). Marketing Management (14th ed.). Upper Saddle River, NJ: Prentice Hall. Ch. 1, 2.
Role of Marketing and Market Research in Forecasting
Brumbaugh, S. (Summer 2010). The Journal of Business Forecasting, 29.2, 30-34.
Beyond the Voice of the Customer: Ethnographic Market Research
Goffin, K., Varnes,C., van der Hoven, C. & Koners, U. (Jul/Aug 2012). Research Technology Management, 55.4, 45-53.
Consumer Social Media Data Difficult, Rewarding to Analyze: Q&A
Levey, R. H. (2012) Chief Marketer.
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