Other Homework Help

Overview

In this assignment you will conduct primary market research that will inform your marketing plans.

Scenario

You are now ready to learn more about the business, refining and researching the central questions or areas you identified in your engagement letter and more. You will need to understand factors including the service, geographic area, customers, competition, and pricing. Your findings will inform your marketing plan.

Preparation

1. Define your central research area/questions. What questions should you be asking? How and where should you spend your efforts?
2. Identify resources that will likely help you answer your questions.
3. Download and review the Market Research Template [DOCX]. You will use it to complete this assignment.
4. [Optional] Download and review the Market Research Ideas and Concept Sheet [DOCX]. Use it as a way to focus your thoughts as you begin your research. It is not to be turned in.

Instructions

Conduct your primary market research and document using the Market Research Template. The completed document should do the following:

• Define the research problem or challenge. (It should state the elements, questions, or problems that your research is designed to resolve)
• Summarize your overall research approach, focus, and methodology (How will you obtain the information/data).
• Present data (and its sources) that support answers to your main research questions and stated challenges in an effective manner. It should minimally include data on:
  • The 4 P’s of Marketing.
    • Product (in this case, service).
    • Price.
    • Placement.
    • Promotion.
  • Competitors.
    • Number, services, location, market share, etc.
  • Customers.
    • Demographics, location, income, education, etc.
• Synthesize your research: Describe and prioritize two or three research conclusions that will likely guide your marketing plans. Make sure to highlight and summarize pertinent information from your sources that support your conclusions.

Additional Requirements

• Resources: Cite 6–8 sources used in your research. Choose sources that are credible and relevant.

The specific course learning outcome associated with this assignment is:

• Conduct market research to inform marketing strategy and planning.