Ask Management Theories Expert

IA: Strategy for Conducting Market Research

No seasoned hiker would embark on a lengthy journey through a desolate wooded area without a compass. Despite the thrill of the unknown, he or she would want, at the very least, some sense of direction to point the way. The same can be said of organisations embarking on the introduction of new products and brands. While it is a poor business practice to never try something new, organisations should determine their direction by conducting effective market research.

Market research is undertaken for many reasons. An organisation might see a drop in sales, for example, or may want to take advantage of an opportunity that allows for introducing a new product or brand into an untapped market. The first thing an organisation needs to do is to understand the issue and formulate an overall research objective. Sales may fall for many reasons, such as changing demographics, trends or economics. To complicate matters, some of these factors may occur simultaneously. Whilethe overall question may be simple (e.g. why are our sales declining? Will customers in this new market buy this product?), getting to the actual issues and formulating the correct research questions for the market research is more difficult.

Market research as a strategic business practice is on the rise, branching out from organisations selling products to those that 'sell' intangibles such as political candidates or consulting services (Jobber and Ellis-Chadwick, 2013).

In Unit 1 you examined how an organisation's current products met its customers' needs and values. In this unit, you propose a new product for the same organisation you identified in Unit 1. The new product should align with their brand and will be introduced in a new international market.

To prepare for this Individual Assignment:

  • Review the organisation you selected for your Final Project.
  • Review the Readings from this unit. In addition, search the Internet and University of Roehampton Library. Identify three relevant articles regarding market research approaches for determining market demand for branded products.
  • Think of a new fictitious product that you believe would be commercially successful in a new international market of your choice.
  • Choose two market approaches that you believe would be most effective in determining the demand for this new product.

To complete this Individual Assignment:

  • Describe a new fictitious product idea that you believe would be a logical fit for your chosen organisation and its brand promise as well as commercially successful in a new international market of your choice.
  • Describe the market research approaches you chose that you believe would be most effective in determining the relevant segments and demand for this new product. Your post should explain why you believe they would be most effective in allowing you to better understand three of the following topics in terms of market demand:
    • Current brand strength (e.g. measures of brand equity)
    • Market and segment size and growth
    • Customer segment characteristics
    • Competitors and alternatives
    • Buyer behaviour and the buying process (i.e. choice criteria)
    • Potential for the use of digital marketing processes (e.g. ecommerce, social media) to support the customer buying process.
  • Be sure to include specific examples and support your postings with evidence of the Readings and other current literature from the UoRL Library and other sources. Consult the Harvard Referencing Style Guide for proper citation and referencing information.

Management Theories, Management Studies

  • Category:- Management Theories
  • Reference No.:- M9213054
  • Price:- $20

Priced at Now at $20, Verified Solution

Have any Question?


Related Questions in Management Theories

Assignment -for this assignment analyze and discuss your

Assignment - For this assignment, analyze and discuss your personal leadership style. Based on your experiences, current readings, work experience, education, and use of self-assessment instruments describe what you thin ...

Assignment -personal reflection 1 -instructions - watch

Assignment - Personal Reflection 1 - Instructions - Watch Milgram's obedience video: Milgram Experiment Proves We Blindly Obey Authority. Consider the following. Christ called his disciples to follow him (Mark 1:17). He ...

Assignment -instructions - please follow instructions for

Assignment - Instructions - Please follow instructions for all for Personal Learning Journal. And each personal learning journal should be of 300words. Each student will keep a personal journal to reflect and record thei ...

Healthcare information technology overview the current

Healthcare Information Technology Overview: The current healthcare industry utilizes a plethora of healthcare information technology (HIT) systems. HIT systems are designed to enhance quality outcomes, prevent adverse ev ...

Archetypes in actionsenge ross smith roberts amp kleiner

Archetypes in Action Senge, Ross, Smith, Roberts, & Kleiner (1994) noted: At its broadest level, systems thinking encompasses a large and fairly amorphous body of methods, tools, and principles, all oriented to looking a ...

Assessment descriptionyou are required to read the

Assessment Description You are required to read the following journal article article: 1. How Risky is Your Company? HBR. May-June 1999 You are also required to read a fictional case study based on a company that will be ...

Discussion - this discussion deals with the important topic

Discussion - This Discussion deals with the important topic of whether money is a motivator for increased job performance and satisfaction. Look at your own history of how you have been compensated, what problems you saw ...

Question - choose a product or technology interview five

Question - Choose a product or technology. Interview five consumers who buy that product and ask them what major problems they have with the product (or what major things they dislike about it). Then ask them to describe ...

Questions -1 choose an industry and then use the library or

Questions - 1. "Choose an industry and then use the library or the Internet to find data from secondary sources that will be highly useful in developing a marketing plan." Start thinking of the industry that relates to t ...

Developing leaders and organisations assessment - report on

Developing, Leaders and Organisations Assessment - Report on Promoting Individual Informal Workplace Learning Brief - You are the newly-appointed Human Resource Advisor in a medium-sized business that employs approximate ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As