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Research is becoming much more critical to all aspects of business as competition gets more intense, and as consumers can choose between a wider array of products online. You will address just the first two steps of the market research planning process to better understand what is really involved in marketing research.
The following Course Outcome is assessed in this Assignment:
MT450-2: Develop a marketing research plan for a product.
Scenario: After your first couple of months as a product line manager with this new successful startup, ASG, you are called into the conference room. The marketing director announces that she has a product idea you need to research.
Make sure to complete the Learning Activity in order to be more successful in completing this Assignment.
Instructions: Below is your task checklist. Respond to all the items in a 2- to 3-page paper (minimum 600â€“800 words) with additional title and reference pages in APA format and citation style.
Checklist: (Steps 1 and 2 of marketing research planning)
- Define the problem and research objectives you want answered in line with the company’s mission and objectives.
- Determine how to go about getting answers to those research questions in the most time- and cost-efficient way while getting viable and significant data (i.e., determine the means of obtaining the data).
- Explain what type of data you will you need, primary or secondary.
- Explain what type of research you will pursue. Will you use quantitative or qualitative data? Explain why.
- Describe the sampling plan:
A) Who will you survey?
B) Sample Size: Knowing that all the people you intend to survey may not respond or may respond with an incomplete survey, how many people will you survey?
C) Sampling procedure: How will you go about finding your sample population? What will be a statistically significant measure?
D) How will you contact the subjects? Will you email them, phone them, etc.?
- Determine how to ensure the data is significant enough to make a decision as to whether or not the product development engineers should proceed with product development.
Submit your 2- to 3-page paper (minimum 600â€“800 words) in APA format and citation style with additional title and reference pages to the Unit 3 Assignment Dropbox.