Marketing Research Report, marketing homework help

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Use the same company from your Week 2 assignment.

Your company has decided to launch a new line of products.

Create a 1,400-word report and include the following information:

  • Choose the target market for your product, and describe your target market in detail.
  • Create a new product that would appeal to your market.
  • Develop at least one question for each characteristic of the target market (demographic, geographic, psychographic, and behavioral) that will be important for you as you determine the marketing strategy for this new product.
  • Recommend the best methods of conducting marketing research to answer these questions. Be sure to include why you chose these particular methods.
  • Outline the steps you will take to bring your product to market from idea generation to commercialization, using a multi-step product development process.

Format your assignment consistent with APA guidelines.


The paper is about 400 words off and need some touch and help.. Here is the paper


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Marketing Research Report October 15, 2016 Mkt/421 Denise Levith By: Shawna Burke 2 The Geek Squad The geek squad as previously explained is a knowledge selling organization that assists consumers to understand the use of the different software packages they acquire. They develop manuals and user guides of the software products which are used by the customers to understand the product and how to use it. Target market Gender-based marketing is a profitable endeavor. The gender-based market involves the analyses of the different gender requirements and making products related to the market needs. Psychologically and physically, the different genders require various products. The products, either consumer goods or technology needs, are distinct in both sexes. This means that males would use different products from those used by females. To exploit this market and ensure that the business and in this case, the geek squad, benefits from this market requires intensive research of the different software needs of the two genders. Females, for instance, would require parenting and child health assistance soft wares. Basing a product on this would ensure that the consumption by the women is secured. Most females are also mostly concerned about fitness support than males are. Utilizing this information would enable the business to benefit from this exploit. According to a study that was carried out by Kathleen Hartzel (2003), it was found out that the self-efficacy in females is influenced greatly by the use of software training and tutorials than in males (Hartzel, 2003). She discovered that the use of software packages today is affected 3 greatly by the training and equally differs in the different genders. Utilizing this fact in the geek squad, it will benefit the firm from the target market. New product Most of the software packages in the market are targeted to businesses uses and the entertainment field. Very few are targeted toward the health and parenting industries and fields. The new product in the geek squad involves the design of software packages that are assistive on the health and parenting field. It would include the correct health monitoring and self-diagnosis by the user. The key feature would be to assist the mothers in monitoring the health conditions of their child and the necessary aid to take on them in case of emergencies defined by the software packages. The geek squad would benefit in creating the user manuals for the use of these software package and assist the users in understanding the utilization of the software packages. The software package would target mostly the mothers who are females therefore making the target market gender-based. Questions for the target market The main questions raised to determine the target market suitability would involve the different attributed of the market. These are the demographic attributes, the geographical factors and how they would affect the said market, the psychographic attributes and the behavioral qualities of the market. Demographic attributes of the market involve the different population segmentations of gender, age differences, the level of income of the different classes in the population. The 4 question raised in this section is how does the different demographic attributes affect a product absorption into the market? The major demographic groups of concern involve the generation x and the baby boomers. The baby boomers refer to the group of people majorly born between the period of 1946-1964 and who in the united states contribute to more than half of the income in the various field of real estate and luxurious item purchases (Lombardo, 2003-2016). Geographic factors include the various factors resulting from the location of the different people in a market. These factors include the climate of the region, the population density, state in which the market is locate at and the market size mainly consisting of the population in the market that is ready to consume the product. The question raised in this class is what is the min attribute of the geographical market that is target for the new product? psychographic attributes refer to the different personalities, values, attitudes and lifestyle of the target market. The lifestyle of the individuals determines the type of products they purchase and so does their values and attitudes toward the different products offered by the market (Berkebile, 2009). The question raised in this analysis of the market based on psychographic attributes would be: what are the main psychographic factors to consider under about this market and how do they affect the product sale? Collection of data from the various analyses on the demographic, geographical and psychographic factors that would affect the market would be the use of the firm’s previous data records. These would provide information on how the various products have been hit by the factors in the current market. Choosing to use this method to determine the analysis is due to the cost that would be incurred in conducting other forms of research. To get more elaborate data, 5 the research should be done on the various other firms that are involved in software sales to determine the effects of the factors in question on the market. Multi-step product development process (Brands, 2013) The steps are involved in product developments outlined below. a. Idea generation- involves coming up with the idea for the new product to be developed. b. Screening the idea- involves carrying out the cost-benefit analysis on the new idea to determine its feasibility and profitability for the frim. c. Testing the concept- involves carrying out he market research on any similar product and the appropriateness of the product to the consumers. d. Business analysis-involves analyzing the market on the new product being developed and how it is affected. e. Marketability test- involving carrying out private tests on the marketability of the new product to determine the flow in the market and questions raised concerning the product. f. Product development- involves the development the final product incorporating the feedback given by the consumers in the previous stages. g. Commercialization-involves ensuring the flow of the product in the market, ensuring its availability in order to maintain the consumers. 6 References Berkebile, D. (2009, June 22). Branding Tips to Increase Sales. Retrieved from Brandwise: http://www.getbrandwise.com/branding-blog/bid/18622/What-are-marketingpsychographics Brands, R. F. (2013, may 27). 8 Step Process Perfects New Product Development. Retrieved from Innovation excelence: http://innovationexcellence.com/blog/2013/05/27/8-stepprocess-perfects-new-product-development/ Hartzel, K. (2003). How Self-Efficacy and Gender Issues Affect Software Adoption and Use. Lombardo, J. (2003-2016). Market Segmentation: Geographic, Demographic, Psychographic & More. Retrieved from Study.com: http://study.com/academy/lesson/marketsegmentation-geographic-demographic-psychographic-more.html
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Running head: MARKETING STRATEGY FOR A NEW PRODUCT

Marketing Strategy for a New Product
Name
Institutional Affiliation

MARKETING STRATEGY FOR A NEW PRODUCT

2

As the CEO of Geek Squad Company, there are some strategies I would choose in order to
expand to foreign market when marketing our company’s products need to be done. First, I
would need to plan very well on how I am going to expand my company to foreign market. This
kind of expansion would be looked on a number of ways. This include, increase of demand of
our company’s products, another thing is the increase in efficiencies, my line of production lines
to be new and my company should also have more diverse in the international market, and this
diversification needs to bring some kinds of function such as logistics or what we call
manufacturing.
As the company CEO of Geek Squad Company, I will be required to do the following:
➢ Identify the exact need for my expansion, and this needs planning.
➢ Come up with more defined estimates of the capital and the time that is needed for
implementing the efforts on expansion.
The steps in bringing the product in the market
1st step: look upon the exact reason for the expansion.
The main reason in planning for expansion in the foreign market ought to be looked toughly and
when the reason is found to be crucial is when I will move on with the procedure.
2nd step: look at the implication on the personnel regarding my expansion.
I will be required to hire workers on part-time basis to a point whereby full time employees
would be needed. I should also remember that the payroll for my workers should depend on the
increase in the revenues, not from the outside funding.

MARKETING STRATEGY FOR A NEW PRODUCT

3

3rd step: Develop programs in training my employee in the company.
I will be required to have facial communication for expansion and the goals with my
workers, and I will do this by having sessions on the training. I will choose my best employees in
the company and tell them to train.
Choosing the target market for the new product of equit...


Anonymous
Really great stuff, couldn't ask for more.

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