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Unit 10: Market Research in Business

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Added on  2021-02-22

Unit 10: Market Research in Business

   Added on 2021-02-22

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Georgina ArnoldP2Unit 10Explain how different market research methods have been used tomake a marketing decision within a selected situation or businessKELLOGG’S MARKET RESEARCH- Kellogg’s is the leading producer in cereals and its products are sold in over 180 countries and made in 18 different countries. Kellogg’s has been a leader in health and nutrition by providing consumers a wide variety of food products for more than 100 years. Kellogg’s focuses on developing the businesses to meet the needs of consumers today while respecting the needs of future generations. This is known as sustainable growth.Market research is a specific area of marketing that informs Kellogg’s about the consumers wants and needs, how to design the products and how to advertise them. It does not only show what consumers want now but also what is wanted for the future. Market research adds value to the business by identifying consumers’ needs. Launching a new product is a risky strategy and market research is essential in order to reduce risks. CRUNCHY NUT BRAND EXTENSION- PRIMARY AND SECONDARY RESEARCH Kellogg’s commissioned primary research in order to extend the brand of crunchy nut. This research will be collected first hand by the company. The information they collect will be specific to the project. Although it is more expensive and time consuming it is a more reliable and is specific for the project. Primary research data may include qualitative and quantitative data and both are valuable in understanding the wants and needs of the consumers. Qualitative data is based on opinions, beliefs attitudes and intentions. Quantitative data is based on statistics and data. Kellogg’s would also have carried out secondary research. This research is quicker than primary research. However it does have its disadvantages and a major one is that it is not as relevant or specific to the project. MARKETING DECISIONSKellogg’s wanted to identify a new food ideas in order to develop a crunchy nut product.They used a main primary research technique to collect data. They used focus groups which meant that could show the consumers the new food ideas in the form of different(real) food prototypes. The group captured and attitudes and feelings of the consumers
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