Researching the Market

User Generated

Xbashal

Business Finance

Description

Now that you have evaluated the marketing environment and established some marketing goals for MM, it is time to get started with the new product plan. The first step is to research the mobile phone market. Without knowing who is buying phones in certain market segments, Michelle won’t know how to market MM’s new product. She needs your help to determine who the market is for the new product.

Primary Task Response: Read the dialogue below. Within the Discussion Board area, write 500-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Michelle knows that MM needs to determine who the target customer is for the new product. She knows that marketing research needs to be done as part of this market segmentation and product development processes, but she is not well-acquainted with some of the details that are involved in the processes. She has stopped by your office to ask some questions.

“Thanks for canceling your other meeting this afternoon,” she says.“No problem,” you say. “I rescheduled my meeting with multimedia; it actually works out better for them, too.”
“I’ve heard about quantitative and qualitative research, but I’m not sure I really understand the difference between the two,” she begins. “I’m sure there are advantages and disadvantages to each of them, but without knowing, I’m not sure which type of research we need to conduct. What do you think?”
Before you can respond, Michelle’s cell phone vibrates.
“Excuse me, I have to take this,” she says.
Michelle takes her call and then stands up.
“Well, I’m sorry to do this, but I have an emergency that I have to deal with right now,” she says. “Would you do me a favor? Send me a memo that explains the two types of research and include brief explanations about the advantages and disadvantages of each as related to how they could be used by MM. I’d like to be able to speak intelligibly to this at the next board meeting.”
“Sure,” you respond, thinking that this will make for a pretty lengthy e-mail. “I'll also include how each method can help us define our target market. Will that help?”
“Yes, great idea,” she replies.

“Ok! I’ll get that to you by close of business tomorrow,” you say.
IN 500-600 WORDS

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Hey, because of time. I am marking this as final answer but will be here if you need any changes

Qualitative research is a method of research used by many disciplines like market research, in
this case, to gain a deep understanding of people’s motivations, underlying reasons, and
opinions. This type of research is main for exploratory purposes since it focuses on answering
the questions why and how instead of just where, when, what and who. Qualitative research is a
wide methodological style that incorporates many research methods. MM could use this type of
research to discover trends opinions and thoughts and dive deeper into what the current market
for phones is all about. The sample size for conducting qualitative research is usually small.
Some of the methods that can be used to conduct this kind of r...


Anonymous
Nice! Really impressed with the quality.

Studypool
4.7
Indeed
4.5
Sitejabber
4.4

Related Tags