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Market research Assignment
Pages 3 (753 words)
MARKET RESEARCH Name Course Date of Submission Market Research “Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary research which is collected direct from a respondent” (DJS Research Ltd, 2011).
Energy drinks are products that became popular in the year 2000 and their popularity kept on increasing since then. These products are really suited for those individuals who have to work at night hours or have a hectic nature of work on their shoulder. The launch of a 12 hour energy drink would be considered a market leader product in a market where the current offering is only a 5 or a 6 hour version of the energy drink. As it is considered to be newer version of the product in the existing market, it would be really beneficial if a market research is conducted to analyze whether the product will succeed in the market or not. As the company in question lacks the budget to conduct a survey or the focus group research analysis, the only option left would be to use public information on the energy drink market that would help in identifying the target markets for such an energy drink. On the basis of the information and the current buying behaviors of individuals, it seems obvious that the target market for a 12 hour energy drink would be the age group of 16 to 30 years old. The recent trend of advertising for the energy drinks currently focus on the young generation of such age group. ...
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