Reference no: EM13840891
Textbook- Essential of Marketing Research
Chapter- Defining the marketing Research Problem and Developing an Approach
Objective
You have been assigned a firm and a country. Based on your research, identify a product of specific firm (assigned to you) that will meet the needs or wants of consumers within a country (assigned to you).
First, identify the products that your firm has available.
Second, locate market data on your assigned country, analyze the data, and identify a need or want that can be satisfied by one of your firm's products. You will analyze the data, looking for trends and opportunity gaps that may provide marketing opportunities. The opportunity gaps are between the needs/wants of the people and the products (goods and services) currently available. You will identify a product (existing or new) from your assigned firm that you feel will fulfill a current and/or future need of the people in the assigned country.
Third, write a report using the requirements stated below. Your report needs to provide as many facts and analysis of data to give the decision maker a clear understanding of the opportunity.
Your marketing research report must include (see pp. 563-565 for additional explanations):
Executive summary: This is a full page, but do not exceed one page.
1. Problem definition (3 points): This is a statement about what your research is going to accomplish, but not the solution! You are given (1) the management-decision problem and you need to determine (2) the marketing research problem. Include the statement of the management-decision problem and the marketing research problem.
a. Review Ch. 2, pp. 34-41.
b. Go through the problem audit (pp. 37-38) as it applies to your situation. The textbook lists seven issues to be considered, however five (see "Problem audit, p. 5 below) are the most relevant to your report and must be addressed in your report.
c. See examples of problem statements in Table 2.1 (p. 39), column 3 ("Problem Definition"; "Based on Symptoms")
d. Provide the ‘management-decision problem' statement and underline it (see Table 2.3, p. 47 for examples)
e. Provide the ‘marketing research problem' statement and underline it (see Table 2.3, p. 47 for examples). Support your rationale based on the problem audit.
2. Approach to solving the problem
a. Review Ch. 2, pp. 49-53 & Fig. 2.3 on p. 36.
b. Explain the research approach that was used to address this assignment. You should describe and explain the research approach that I have given you above.
c. Approach components
i. Analytical framework and models
ii. Research questions (<required) and hypothesis (<not required)
iii. Specification of information needed <<<Required in your report
3. Research design
a. Identify the appropriate research design that you applied to this research using the classification identified in figure 3.4 on page 68 (Ch. 3) and explained in the following pages.
b. Describe the type of data that was used in this study.
4. Data collection & analysis
a. Described the data collected and identify your sources.
b. Explain your process for analyzing your data.
c. Describe all of your firm's products
d. Describe your firm's products that you have determined best meets the target markets wants/needs
e. Describe your target market and how they will purchase and use the product you have selected
f. Determine the market potential in units and dollars
5. Results
a. Explain the results of your analysis relative to the problem definition.
i. Description of your market in factual terms (including GDP per capita (PPP); in www.cia.gov) and contrast to the U.S.
ii. List and explain the benefits that your product provides the target market
b. Follow the directions on page 552 to complete this section
Text: This section is normally the longest report. Often, results are presented not only at the aggregate level but also at the subgroup (market segment, geographical area, etc.) level. The results should be organized in a coherent and logical way. The presentation of the results should be geared directly to the components of the marketing research problem in the information needs that were identified. The details should be presented in tables and graphs in the main findings discussed in the text.
6. Limitations
Follow the directions on page 552 to complete this section.
7. Conclusions and recommendation
Summarize your findings and connect those findings to the research problem that you previously identified. Clearly state your recommendations to the decision-maker and underline your recommendations.
Attachment:- Marketing Research.rar