Develop a marketing research plan for a product.
The Product Marketing Research Plan
Research is becoming much more critical to all aspects of business as competition gets more intense and consumers can choose between a wider array of products online. You will address just the first two steps of the market research planning process to better understand what is really involved in marketing research.
Scenario: After your first couple of months as a product line manager with the new successful startup AHP Company, you are called into the marketing departments conference room. The marketing director announces that she has a product idea you need to research. She wants you to research the possibility of marketing a motorized wheelchair that converts into a bed since the engineering department says such a product is feasible.
Make sure to complete the Learning Activity in order to be more successful in completing this Assessment.
Instructions: Below is your task checklist. Respond to all the items in a minimum of 2- to 3-page paper with additional title and reference pages in APA format and citation style.
Checklist: (Steps 1 and 2 of marketing research planning)
Define the problem and research objectives you want answered in line with the company’s mission and objectives.
Determine how to go about getting answers to those research questions in the most time- and cost-efficient way while getting viable and significant data.
Explain what type of data you will you need, primary or secondary.
Explain the means of obtaining the data. Explain what type of research you will pursue. Will you use quantitative or qualitative data? Explain why.
Describe the sampling plan:
A. Who will you survey?
B. Sample size: How many people will you survey, knowing that all the people you intend to survey may not respond, or their survey will be incomplete, etc.?
C. Sampling procedure: How will you go about finding your sample population? What will be a statistically significant measure?
D. How will you contact the subjects? Will you email them, phone them, etc.?
Determine how you will ensure the data is significant enough to make a decision as to whether the product development engineers should proceed with product development or not.
Respond to all the items in a minimum of a 2- to 3-page essay with additional title and reference pages in APA format and citation style.