Cadbury chocolates would like to introduce a new slimming chocolate bar onto the Australian market. Which type of research methods would you recommend Cadbury chocolates use? Is primary data or secondary data more important?
The biggest challenge facing existing companies globally is sustaining continued growth and expansion. The two main methods that can be adapted by companies to expand their operations are the introduction of new products in the market or expanding organically by updating on the already existing product. The Cadbury Chocolate Company has decided to use the former method whereby the company wants to introduce a new slimming chocolate bar into the Australian market. The Cadbury Chocolate Company was founded in 1932 and it remains the biggest manufacturer of chocolate in products in the world. The company has other product portfolios and other famous brands like snack, dairy milk range, time out bars, milk tray, crème egg and crunchie. To ensure that the customers become aware of the new slimming chocolate bar that the company is introducing in the market, intensive market research need to be carried out(Stone & Desmond, 2007).
The type of market research methods
Market research is simply the collection and analysis of data to ensure that the customer needs and wants are satisfied. Market research helps in decision-making and reduces the risk the Cadbury Chocolates Company may encounter when introducing the new slimming chocolate bar. Market research is vital in every business because the marketing executive learn about potential customers, potential competitors, consumer wants and consumer needs. Consumers have different tastes and preferences, which determine the needs and wants. Carrying a market research will help the company to establish a target market hence providing a focus for marketing activities. The company will also be able to estimate the correct...