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Principle of Marketing (MGT301) Graded Discussion Board No. 1
Due Date: December 04, 2014.
The primary objective of this case base discussion is to create an argument on types of research designs that can be helpful for a new product development.
Students will be able to use appropriate research methodologies for getting an insight into the new marketing research problem.
A well-established Food Company has decided to come up with a new product under its product range. Its existing product range consists of various products such as; pasteurized milk, coffee, yogurt etc. The management wants to launch instant tea sachet. The management of the company is concerned about the fact that how consumers would perceive launching instant tea, not only has this but they are concerned to know the demand of different types of teas among people, the target population and packaging for tea. It is a new concept for this company and already some other companies offering such kind of products.
Point of discussion:
Imagine that the owner of this company hires you as a marketing researcher and you have been assigned a task of designing specific research objectives and appropriate research design based on the above given scenario.
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market research can assist you by:
what i understand is that we have to define method by which our product become popular like other products keeping in mind that which type of tea usually people like and buy and which type of tea packs attract customer more which increase our company profit .
We carefully guide them through these seven important steps that will help them successfully bring their new products and services to market.1. Study your competition.
2. Target the ideal customer.
3. Create a unique value proposition.
4. Define your marketing strategy and tactics.
5. Test your concept and marketing approach.
6. Roll out your campaign.
7. Know your product's lifecycle.
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GDB Soution HELP file for my fellow students
Your "Research" is irrelevant to the GDB topic to be examined.
First of all research objective must be known
why research is being carried out?
on the other hand,
Basic three research designs exist
1. exploratory research
2. descriptive =
3. casual =
but given scenario belong to second type.
So, we have to focus on descriptive research design.