Week 4 Assignment - Market Research

Overview

In this assignment you will conduct primary market research that will inform your marketing plans.

Scenario

You are now ready to learn more about the business, refining and researching the central questions or areas you identified in your engagement letter and more. You will need to understand factors including the service, geographic area, customers, competition, and pricing. Your findings will inform your marketing plan.

Your plan is to create a three-page primary market research document that:

• Outlines your methodology.
• Identifies source material.
• Includes relevant data on the topics above and your research area and research questions.
• Draws actionable conclusions that inform the marketing plan.

Preparation

1. Review your textbook chapters 1517.
2. Define your central research area/questions. What questions should you be asking? How and where should you spend your efforts?
3. Identify resources that will likely help you answer your questions.
4. Download and review the Market Research Template [DOCX]. You will use it to complete this assignment.
5. [Optional] Download and review the Market Research Ideas and Concept Sheet [DOCX]. Use it as a way to focus your thoughts as you begin your research. It is not to be turned in.

Instructions

Conduct your primary market research and document using the Market Research Template. The completed document should do the following:

• Define the research problem or challenge. (It should state the elements, questions, or problems that your research is designed to resolve)
• Summarize your overall research approach, focus, and methodology (How will you obtain the information/data).
• Present data (and its sources) that supports answers to your main research questions and stated challenge in an effective manner. It should minimally include data on:
  • The 4 Ps of Marketing.
    • Product (in this case, service).
    • Price.
    • Placement.
    • Promotion.
  • Competitors.
    • Number, services, location, market share, etc.
  • Customers.
    • Demographics, location, income, education, etc.