Individual Market Research Project

Individual Market
Research Project

Table of Contents
Contents
EXECUTIVE SUMMARY.............................................................................................................1
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Company’s background...........................................................................................................1
Objectives as well as rationale for launching a new product................................................3
Market segmentation as well as targeting along with potential buyer persona for new
product.......................................................................................................................................3
Research methodology..............................................................................................................4
Data analysis and findings........................................................................................................6
CONCLUSION................................................................................................................................9
RECOMMENDATION...................................................................................................................9
REFERENCES..............................................................................................................................11

EXECUTIVE SUMMARY
This report is based on individual market research project in which market research is
carried by company for evaluating their requirement of launching new product so that they could
sustain in markets. This report briefly identifies about company’s background along with their
requirement and reasons for launching new products. There are different objectives which are
planned for identifying rational of launching a new product which is perfume. As for carrying
out this research project effectively different market segmentation as well as targeting along with
identifying buyer persona in terms of entering a new product into market for company. Along
with that there are various research methodologies which are used to carry this project effectively
are explained along with their data analysis and interpretation. As for launching a new product it
is necessary for company to carry market research so that company will be able to make more
profits.
INTRODUCTION
Market research is referred as a process of evaluating feasibility of a new product by caring
research directly through potential customers. This process allows companies as well as
businesses to discover their target market, collect as well as document opinions as well as make
informed decisions (Loosemore, Dainty and Lingard, 2019). Market research could be carried
directly by companies or could be outsource to agencies that have expertise in that process. This
report is based on individual market research project of marks and Spencer which is British
multinational retail company that deals in selling clothing, food products as well as home
products. This report States about launching a new product in their service which is perfume.
This report includes background of company, objectives along with rational for launching a new
product, market segmentation and targeting through a potential buyer persona for new product,
research method, data analysis and findings along with its conclusion and recommendations.
1

(Source: https://www.harpersbazaar.com/beauty/makeup/g6152/best-fall-perfumes/)
MAIN BODY
Company’s background
Marks and Spencer is said to be one of largest British retail clothing and food company
data headquarter in London (Tsai, 2018). It is one of the leading British retailer company that
serves quality, wide value of food, homeware products as well as clothing to various customer
across global limits. For extending their business more company is launching a new product in
their operations which is perfume. There is certain analysis that could be carried for analysing
competitive market along with strength and weaknesses of company so that according to them
company could launch a new product according to it. And for carrying out a new product in
market there are certain challenges that are to be faced by company and for that SWOT analysis
could be performed which is as follows:
Strengths  Company is having strong of rings in their aligned with
latest company trends.
 Marks and Spencer is having strong E-Commerce
infrastructure in their business.
 Company is highly effective for performing corporate
social responsibility (Pettit, Croxton and Fiksel, 2019).
 Company is having a strong focus on improving
customer experience.
Weaknesses  Marks and Spencer is having poor financial
performance.
 There is too much Reliance on UK market for having
2