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NMIMS
Master of
Business Administration - MBA Semester 4
Marketing Research
Q1. As a
researcher, you need to study how many kirana stores in Mumbai sell Lizol brand
and range of products (Surface cleaner, Bathroom power cleaner & Kitchen
power cleaner.) Which non-probabilistic sampling method would you use to
complete your research? Also state the reasons behind choosing that method.
Also explain as to how you will proceed ahead with choosing the areas /
localities in Mumbai to conduct your research along with timelines.
Answer. Sampling
is the process of selecting a suitable sample, or a representative part of a
population for the purpose of determining characteristics of the whole
population. The main aim of sampling is to draw inferences about populations
from samples, rather than a complete enumeration (a census) of the population.
To study a portion rather than the whole is cheaper and more convenient. A
population is a group of persons, individuals, items or objects from which
samples are taken for measurement. A sample is a finite part of a statistical
population whose properties are studied to gain information about the whole.
When people are involved, it can be defined as a set of respondents (people)
selected from a larger population for conducting a survey i.e., it is a part of
target population, carefully selected to represent the population.
Q2. You are
the Head of a Market Research Organisation. Your client has recently introduced
“iD Traditional Filter Coffee Decoction”. Your client wants to understand how
customers are reacting to their recently launched Filter Coffee Decoction.
Draft a Questionnaire containing not more than 20 questions that would
succinctly address the query posed by the client.
Answer. A
target market customer profile identifies the customer most likely to buy your
product or service. While some companies create products around a customer
profile, others identify the customer profile once marketing strategies are
developed. The target customer profile identifies shared characteristics,
behaviors and attitudes the target customers have, and this knowledge is used
when creating captivating marketing materials and promotions. Having a solid
and suitable target customer profile may increase your company’s profits
because people in need are buying the products or services.
A questionnaire is a series of questions asked to
individuals to obtain statistically useful information about a given topic.
When properly constructed and responsibly administered, questionnaires become a
vital instrument by which statements can be made about specific groups or
people or entire populations. Questionnaire is a source of collecting primary
data. These are frequently used in quantitative marketing research and social
research. They are a valuable method of collecting a wide range of information
from a large number of individuals, often referred to as
Q3. You
have been recently appointed as a “New Product Development” Head for Kellogg’s
Corn Flakes which operates across pan India. You have been asked to develop 2
new innovative products as part of their Menu.
a. Explain
the process in detail to arrive at the creation of your 2 new products
b. Is there
a need to conduct Test Marketing post creation of the 2 innovative products? If
Yes or No, please state your reasons to support your answer.
Answer. a)
New product development process
Concept generation and market structure identification:
The first stage of new product’s evolution begins with an idea for the product.
Hence this stage is also termed as ‘idea generation’. Here company has to
create two innovative products for the customers so concept is creating two
products. The next step in the process of new product development process is to
implement a market structure. This process delineates the consumer’s perception
of market. In this step, the potential of a new product entry into the market
structure is estimated. The purpose of developing such a model helps in
establishing a rough estimate of the size of the business potential. Later,
ideas collected are scrutinised to eliminate those inconsistent with the
product policies and objectives of the firm. The main intention of this phase
is only to eliminate unsuitable ideas as quickly as possible. Basically, by
this time, you made your mind about your new product and how will you proceed
further to develop it. You should check the quality, features, taste, price and
initial response
Get fully solved
assignments.
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