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.)
You must appropriately cite all
resources used in your responses and document in a bibliography using APA
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,
Consumer Social Media Data
Difficult, Rewarding to Analyze: Q&A
Levey, R. H. (2012) Chief