It is important to conduct quality market research on your focal product/company in order to develop realistic and workable marketing plans. Generally speaking, there are two types of research. One is secondary research, which refers to data collection using existing sources, and the other is primary research, which is your own data collection for the specific study at hand. The purpose of market research is to collect usable information to make more informed decisions on the business problem, thus increasing the chance of business success in the marketplace.
Please check the outline of the marketing plan, which provides information on:
1. The final format for this cumulative Session Long Project;
2. A list of topics for the whole project;
3. The continuity and connections among SLPs 1-4.
In this module SLP1, identify a company and a charge (or task) for this marketing research project and conduct situation analysis related to your charge. This is the first step of this cumulative research project. You need to review all four SLPs first in order to better understand the requirements for this project.
In this section, describe the company and the product that is going to be the focus of interest for your marketing plan. For example, if your client is Apple, provide background information on the organization is to market a new product (such as iPad 6), describe what iPad is, how long it has been around, how successful it has been, and who the target audience is. Be specific and detail-oriented, and do not assume that the reader is familiar with the company and product.
Identify a company and a charge for your research project at the very beginning, based on the detailed requirements for this cumulative Session Long Project. The new charge is a hypothetical task, which should be based on one of the company’s existing brands or products. It is also better to identify a new product charge for existing public firms so that you can find enough information for your task. For example, you may pick one of the following companies and charges.
1. Apple needs to increase its market share for iPhone 8.
2. Microsoft intends to increase sales of Xbox One S 10TB console.
3. Fitbit plans a successful release of Charge 3 wristband.
4. Ford needs to have a successful introduction of the 2018 Fusion.
5. Amazon wants to increase brand awareness for Echo digital media streamer in Japan.