Essay on Several Different Papers
The introduction of the new product, like mp3 player, involves the marketing research which has to be conducted to determine prospects of the new product and elaborate the marketing strategy which is the most efficient for the particular product in the particular market environment. in this regard, two methods of research may be applied, the primary research and the secondary research which are quite different and therefore can be applied for different purposes.
The primary research is normally conducted to identify the target customer group and conduct the study of the target market, customer behavior and other issues relevant to the first introduction of the new product, such as mp3 player.
The secondary study is grounded on the data obtained in the course of the primary study and allows conducting the in-depth analysis of the target market and customer group (Breneman & Taylor, 2006). In contrast to the primary research of the market, when the company conducting the research does not have any evidence-based data and has to make sheer assumptions about the market potential, the secondary research involves the use of the data that has been already collected by the company about the target market.
In such a way, the results of the secondary research and its findings are more reliable and accurate, whereas results and findings of the primary research prepare the ground for the further secondary research. At the same time, the primary research is essential to determine the general marketing strategy and the concept of the new product, its positioning and further policies that the company will conduct to promote its product successfully.
At the same time, another important distinction of the primary and secondary research is the source of data collected in the course of either study. The primary search focuses on the data collected within the company mainly and aims at the revelation of potential directions for its further business development (Masterson & Picton, 2004). For instance, the primary research concerning the development of the new mp3 player will involve the study of the company’s potential and capability to launch the production of the new player, including the study of the production facilities of the company, its research and development activities, the readiness of employees to start the production of the new mp3 player and other factors that may affect the marketing policy and marketing plan of the new product.
In this regard, the secondary marketing research relies on more extensive data obtained not only in regard to the company manufacturing the new mp3 player but also other companies, for instance, rivals, which manufacture the same or similar products, suppliers and other companies and stakeholders. The secondary research focuses on the detailed study of the competitive position of the company and the behavior of the target customer group. As customers are concerned with the quality and reliability of the new product, they are likely to set high requirements that the new mp3 player should match. In such a situation the analysis of the information concerning rival products may be helpful. The secondary research may involve the use of diverse information, such as the analysis of statistical information issued by government agencies, such as statistics on the level of income in target areas or spending of consumers within the definite timeline.
Therefore, the primary and secondary researches are both important but they should be applied respectively to goals of the marketing research, which the company wants to achieve.
Week 4 Market research plan
The introduction of the new lip balms for men and women will need conducting the primary research to find out the target customer group accurately and find out their inclinations and preferences to make the new lip balms successful. In this regard, the primary research will be effective because it will involve the collection of primary data from primary sources. In this regard, the involvement of such tools as surveys, focus groups and interviews will be the most efficient because these tools allow involving the potential target customer group into the study to find out how participants of the study respond to the introduction of the new lip balm (Masterson & Picton, 2004). Focus groups may be divided on the ground of gender as well as they may be mixed but data collected from men and women should be processed separately because their responses are likely to be different and they comprise two different groups of customers, who may need different marketing strategies.
Focus groups will help to find out whether there is such difference, the extent to which the difference is significant and other important details. At the same time, focus groups should be balanced that means that if focus groups include both men and women, then the number of men and women should be close to avoid disparity in the representation of the viewpoint of either men or women.
In this regard, the introduction of surveys into the study may also be helpful because the research may utilize a set of clear questions that help to find out expectations and reaction of men and women on the new lip balms as well as their customer behavior. For instance, questions concerning the frequency of using lip balms can help to forecast the potential consumption of the lip balms by men and women respectively.
Interviews will also help to collect the concise information about the target customer group and their possible reaction on the introduction of the new lip balms. Moreover, the use of interviews will complement findings made after the completion of survey and work in focus groups. For instance, interviews will help to find out more detailed information and personal opinion of participants of the study about the new product. In such a way, the research will provide the extensive information on the target customer group, their preferences and give insight into features which the new product should have to reach the target customer group. For instance, if responses of men will be totally different from that of women, then the company should consider the possibility of launching two products under one brand for men and women to position it according to expectations of each group of customers.
Hence, the primary research will help to obtain detailed information on the customer response to the introduction of new product but this information may be subjective (Masterson & Picton, 2004). This is why the research should be enhanced by the analysis of the experience of other companies that means the use of the secondary research method to complement the primary one. The analysis of similar products and the customer behavior in relation to them will help to find out the extent to which data collected in the course of the primary analysis were accurate.
Essay on Several Different Papers part 2
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