MARKET RESEARCH

Market Research

Executive Summary

This paper will analyse the market research undertaken by Kellogg's prior to launching the new product, Crunchy Nut Bites. This research was done by the company to analyse the customer's reaction to the product. The company is market-oriented which is why, it is very important for the company to ensure that the product that it is launching is according to the needs and desires of the customers. This paper will critically analyse the four stages that the company underwent while researching the market prior to the launch of the new product. The company has included different ways of research which has enhanced the quality of the research. The changes that took place since the inception of the company and other factors are also highlighted in the paper.

Table of Contents

INTRODUCTION1

Objectives of market research1

Social objective1

Economic objective1

Administrative objective2

Benefits of market research2

PURPOSE OF MARKET RESEARCH2

DIFFERENCES BETWEEN QUALITATIVE AND QUANTITATIVE RESEARCH3

Qualitative Research3

Main Features3

Quantitative Research4

Main Features4

KELLOGG'S RESEARCH METHOD5

ANALYSES OF THE FOUR STAGES5

Stage One5

Stage Two5

Stage Three6

Stage Four6

Suggestions6

FINDINGS FROM MARKETING RESEARCH7

Product attributes or characteristics7

Customer Needs, Wants, Expectation or Trends7

Changes in the Marketing / Advertising8

Marketing Research Techniques8

New Kellogg's brands8

CONCLUSION9Market Research

Introduction

Market research is a method that helps us understand the customers and prospects. So to know the tastes and preferences of customers as well as location, social class, education and occupation, among other things, companies may offer the products they want at the right price. This leads to increase sales and maintain customer satisfaction to achieve their preference (Kumar, 2002, pp. 32). Market research is a technique to collect data from any aspect the company wants to know, then, interpret and makes use of them. They serve the merchant or entrepreneur to make a proper decision making and to achieve customer satisfaction.

Objectives of market research

The research objectives can be divided into three categories:

Social objective

Meet customer needs, either through an article or service, i.e. the product or service that meets the requirements and desires required when used.

Economic objective

Determining the degree of economic success or failure can help a company when entering a new market or introduce a new product or service and thus know more accurately the actions to be taken.

Administrative objective

Helping to develop your business through proper planning, organization, control of resources and areas that comprise it, to cover market needs in a timely manner (Imms and Ereaut, 2002, pp. 15).

Benefits of market research

Better information to make sound decisions that favour the growth of companies.

Provides factual information and expressed in more precise terms, to help solve, with a greater degree of success, problems encountered in business.

Helps to know the market size to be covered, in the case of selling or introducing a new product.

Serves to determine the type of product to be manufactured or sold, based on the needs expressed by consumers during the investigation.

Determine the most appropriate system sales, according to what the market is demanding.

Define the characteristics of the client that meets or is intended to satisfy the company, such as tastes, preferences, buying habits, income, and so on.

Helps to know how changing tastes and preferences ...