Topic 2 Discussion Question 1 MKT 315 PDF

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Weekly discussion question given in Introduction to Marketing....

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Topic 2 DQ 1 MKT 315

Watch the video "Forms of Marketing Research." Company A is thinking about bringing to market a new product in a category where it knows very little about the consumers or their needs and wants. Describe which forms of marketing research would be appropriate and explain why. By contrast, Company B has an established product and knows a lot about its customers. The company wants to measure customer satisfaction. Describe which forms of marketing research would be appropriate and explain why. In replies to peers, provide additional ideas for the types of research that could be used.

Company A would actually benefit from combining both primary and secondary research. Since primary research provides a more focused and tailored way of gathering research and information, company A could focus in specific issues and questions that occur at that moment. In their case the specific issue would be that they know very little about the new product category or their consumers needs and wants. Company A can also benefit from secondary research due to its affordability. When introducing a new product under unfamiliar territory, it is just much smarter to be as cost effective as possible. Secondary data also has a quicker turn around as information can be searched much quicker, therefore much more helpful when introducing a new product. Company B would benefit from the use of a specific category under primary data which is qualitative data. Since they wish to measure the satisfaction of their customers, qualitative data will measure the quality of their product from the consumer’s perspective. They could possibly also benefit from performing surveys to gather specific feedback from their customers, using quantitative data. Reference: Primary vs. Secondary Market Research. My Market Research Methods. (2016). Retrieved 27 May 2021, from https://www.mymarketresearchmethods.com/primary-secondary-marketresearch-difference/....