Imagine you are going to start up your own (hypothetical) company. In order to do so, you will have to explore different aspects of market research.
You must send your initial company idea to the lecturer after two lectures.
Start with a brief description (100 words) of your own company explaining what your business/product idea is. Also explain what your product or service is. You may use an existing product/service or an innovative, new product idea. By answering the questions you will have to demonstrate that you understand the appropriate theory and that you can apply basic research. This will result in a collection of information (data) you will need to develop your product or service. Don’t have inspiration? Then pick an existing company/product.
Question 1 (Learning outcome: 1) Evaluate the relationship between brand loyalty, corporate image and repeat purchasing
Describe how you want your brand to be perceived by your customers and explain the affect this is supposed to have on the turnover? Guidance: Start by stating the Unique Selling Points (USP’s) of your product. Then make a relation to brand loyalty. Conclude with a statement on turnover. Apply the appropriate theory.
Question 2 (Learning outcome: 1) Explain theories of buyer behaviour in terms of individuals and markets
What kind of buying decision behaviour is most likely to be applicable to your product? Guidance: Start with explaining the applicable theory in your own words (do not copy literally from the book) and connect this to your product or service.
Question 3 (Learning outcome: 1) Explain the factors that affect buyer behaviour
Describe 3 main factors affecting the buyer behaviour for your product or service. Explain why you think so. Guidance Start by explaining relevant theory (quotations) and the different factors relating to it in your own words. Conclude with a statement.
Question 4 (Learning outcome: 3) Assess market size trends within a given market Define the market for your product and provide two estimates of your potential market-size, based upon a positive and a negative trend with respect to growth of the market. GUIDANCE: Start by describing the market for your product, then the trends and the different possibilities one can use for estimations of the market size. State which theory you choose, and with what kind of data. Mention the sources. Be aware of the geographical size of the market you pick. Keep it as simple as you can.
Question 5 (Learning outcome: 2) Use sources of secondary data in to achieve marketing research objectives Find 2 sources of secondary information, for 2 competitors (or alternative products) with respect to the customer’s needs and wants. Use information from two different sources.
GUIDANCE: Start by explaining primary and secondary data and state the sources you used. Mention the actual source. (The internet is too general. Be specific.) Use a table to process the results.
Question 6 (Learning outcome: 3) Plan and carry out a competitor analysis for a given organisation
Set up a SWOT analysis, describing your product and the product of your competitors. Add a concluding statement about what you’re learning is in terms of product improvement. GUIDANCE: Re-Use the information you found in the previous question. Do not forget to state your own company in your SWOT. Make use of a matrix table.
Question 7 (Learning outcome: 2) Evaluate different types of market research techniques
Based on the previous SWOT of your company, you have now identified several challenges. Select one topic where you need to do further research. Set up a short research brief in which you describe what additional information you need and how you want to achieve it.
GUIDANCE: Start by describing the elements of the research brief. Add your findings into the structure of the research brief. Review the main types of possible research and decide which one is best to use in your research. Finish with a possible outcome (since you don’t have the actual research, you can make this up).
Notes ? Use Word to process the report. ? Use 12 point Arial or Times New Roman script. ? Limit the body of the report to at maximum 2,000 words. ? Draft reports for part will be discussed at a lecture ? Submit a digital version to Moodle
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