Anyone that knows much about marketing a product?
Hello All.
I’m doing a major marketing assignment for class and I have trouble understanding what to do for a specific section. Here is what the instruction’s say– If anyone can explain them to be that would be amazing.
B. Market Research- gather data on the product/service to address the issue with the product. You must include primary(1 type) -this is research that you have done, and secondary data (2 types), this is mainly internet research on pricing products, competition, and distribution strategies
1.List three questions you need to answer
2. Detail if they will be answered using primary or secondary research.
3. Outline your primary research
a.Where
b.When
c.How
d. Report it back here to the report
4.Outline secondary research
a. What questions will be answered
b. How-what website or research materials will you use?
c. Report your findings here
The question is somewhat vague, but I may be able to help. It seems the type 1 research would be the product/ service itself, e.g. you wouldn’t sell farm equipment in a large city, or ice makers to eskimos etc. The type 2 they mention might be basically be what your competition is doing, and what are there weak areas. I heard a story where a man wanted to open a dry cleaning business. He watched another dry cleaning store that was across the street from where he was going to open his. He noticed that between 5:00 and 7:00 in the morning, before the store was open, many people walked to a locked door. They were looking to drop off their clothes on their way to work, and pick them up on their way home. So he opened his business and made that option available. The dry cleaners across the street never caught on, and folded in a year or so. If you have time, a good book would be “The Peter Principle” by Raymond Hull. I hope that helps a little… good luck!
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