StudentShare solutions
Triangle menu

Market Research - Essay Example

Not dowloaded yet

Extract of sample
Market Research

Because of the developments in technology over time, the marketing industry has evolved greatly where marketers now have to embrace social media as an invaluable marketing tool. This is because social media has facilitated instant consultation among consumers and this has led to reversal of traditional branding where consumers now have more power owing to influence through social media. In addition, traditional media sources such as televisions have been rendered ineffective as computer networks have come up, rapid online communication and multiple sources of information have become available (Patino & Pitta 234-235). Snacks and pastries business This paper looks into the marketing research process of a snacks and pastries business to be undertaken close to a university/ college and office buildings. The idea is to lease out a truck that would serve as the ‘shop’ and kitchen for the business from which snacks such as samosas, kebabs, sandwiches, cupcakes, doughnuts and soft drinks. This is because my friend and I have noticed that we are usually lacking time to sit down at a restaurant for breakfast and lunch. Sometimes even for dinner we end up ordering out as we are tired from school and extracurricular activities. The only free time we have is Saturday evenings where we do our cleaning and because we both enjoy cooking, experiment on new recipes. She loves meat so she tries out meaty snacks while I, having a sweet tooth, try out pastries and cakes recipes. This pinpoints a need in the market, which is a part of the process involved in market research. Next, we identified that there isn’t competition nearby, the closest food truck is about ten minutes away. Still, people are fond of it ourselves included; therefore, we intend to compete with this by offering fresh, quality snacks and pastries at affordable prices. Because we are passionate about cooking, we intend to come up with innovative recipes for our products, which will give us competitive advantage. Statistics on the product Cinnamon rolls and cupcakes are listed among the top 25 most American foods which is an indication of their demand and high preference across all age groups. The list also includes meaty snacks such as beef burgers and chicken sandwiches thus, we intend to make our meaty snacks using chicken and beef initially (Lutz). In addition, dried meat snacks were reported to bring in sales of $1.19 billion in 2012 which is a 12.4% rise compared to the previous year. This coupled with the fact that Hillshire Brands’ CEO stating that consumers desire protein in their snacks which creates a need in the market and indicates earning potential of the business (Riell,). Due to the fact that the meat jerky was reported as being resilient in the course of 2007 to 2012, despite the economic recession, we intend to use this in our sandwiches- mostly chicken and beef. This has been attributed to the fact that meat jerky has a low price that has continued to sustain consumer sentiments. Notably also, because it is a dried product it can be stored longer making it favorable for our business idea (IBISWorld). Target Audience and Cost Considerations The main target audience for the business is college and university ...Show more

Summary

Instructor Date Snacks and Pastries Business Market Research Introduction Acquiring timely and accurate information about the marketplace as well as the overall environment is what defines market research. The information acquired should drive the business to better business strategies, products, decisions and actions, which mean that researchers should be able to understand and adjust information collected while considering the underlying business issues…
Author : annabellcorwin
Market Research essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Market Research"
with a personal 20% discount.
Grab the best paper

Related Essays

Market research
As such, various groups of voters have varied perception on each of the candidates. This calls for proper calculations and data analysis in order to determine who sells best. In so doing, a research on determining best candidate must take care of all the voter region’s composition and numbers as per a common view on the influential opinions.
4 pages (1000 words) Essay
Market Research
the managing director of Balmas Institute (BI) and it highlights the type of market research that will have to be undertaken when considering entry into new overseas markets. This report is structured in the following sections: 1. Research Objectives These provide the basic direction to the research and guide how the research is to be conducted and data collected and analysed.
12 pages (3000 words) Essay
Market research
Known for its highly innovative spirit, Kellogg’s proudly showcases around 500 brands worldwide (Kellogg’s 2011). New product development is an activity loaded with high risks. Not only it calls for huge amounts on investments in terms of time and money, it is fraught with an abysmal success rate.
8 pages (2000 words) Essay
MARKET RESEARCH
The market research method is important for a market-oriented company due to various reasons. Market research prevents the company from taking wrong decisions regarding the launch of new products. This type of research is mainly done to determine the consumer’s needs, to reduce chances of failure while launching a new product and to estimate future trends.
6 pages (1500 words) Essay
Market research
liography 10 Executive Summary Kellogg offers lots of cereal products to the general public. Kellogg always aimed towards serving the people through new and improved means by exploiting opportunities in the food industry. The continuous process of new product development requires market research through quantitative and qualitative techniques.
7 pages (1750 words) Essay
Market Research
and knowing the marketing and management methods of the dynamic world market. Market research can be used to determine which portion of the population will purchase a product/service, based on variables like age, gender, location and income level." Market research involves the systematic gathering, recording and analyzing of data about customers, competitors and the market.
10 pages (2500 words) Essay
Market Research
(Spaeth, 2000) However if the answer is no (that they do not think a skin care product would be any good for them), then there is a definitive
2 pages (500 words) Essay
Market Research
er to achieve this, it is necessary to take the initiatives to conduct an extensive market research so as to acquire such important information (McDonald, 2007). Hence, it implies that it is incumbent upon any investor to organize and thoroughly study the market situation before
2 pages (500 words) Essay
Market Research
Reading various journals on the firm gives a lot of customer satisfaction gap. It has been a force to reckon in the catering industry due to its affordable pricing strategies and product differentiation. It strong side superior products with various prices and
2 pages (500 words) Essay
Market research
This refers to the information that is utilized in identification and definition of marketing problems and opportunities. This often refines, generates,
2 pages (500 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation