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In: Economics

Question 1 You are the marketing manager of an organization in your country. Your organization has...

Question 1

You are the marketing manager of an organization in your country. Your organization has decided to enter a new market with one of the products from its product line. After conducting extensive secondary research, you have decided to conduct primary market research to uncover some market characteristics.
Using the -market research process, de"ribe how you would perform market research in your Chosen niarket. Identifi' the problem and describe what you should do at each step of the prpcess. For each step justifr your proposed actions' and analysis.
You must identify the country, the product that you will introduce and the main problem that you have chosen to perform market research for, so that the marker can assess the appropriateness of you answer.

Solutions

Expert Solution

For market research i have choosen a toothpaste as my product to be sold in India.

For marketing my product i have to follow a primary market research which involves certain steps like

1 Identification of problems and opportunities i.e with this new market what kind of problems we will face and what opportunities i will grab. For problems there will be existence of substitutes, rivilary among current players, bargaining power of suppliers and bargaining power of suppliers etc and opportunitites are that if my product is complimentary to my main product then it will lead to growth in profits of my organisation.

2 development of reaseach plan i.e how i will do the reaearch which will include analysing the nature of my product and is my product a necessity of life and the reaction of customers towards other competitors of my product

3 collection of data i.e i will collect all the relevant data and will figure out how i can tackle the forecasted problems

4 analyse and report i.e i will analyse all my findings and make a report to explain it to my other team members for better co ordonation and esprete de corpe.

5 taka action- at last i will implement my plan and will continuously check the variances and take suitable actions against all odds.

Rahul Sunny answered 1 year ago
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