(This task addresses P2)
P2: Explain how different market research methods have been used to make a marketing decision within a selected situation or business As you have created a clear overview of the main types of research methods, you should explain how these research methods are being used to make a marketing decision. Specify your answers to an existing organisation. Your answer must show how different types of marketing research would be helpful in identifying whether there would be a market for this business in the city that you live. Show how the different research methods (especially qualitative and quantitative data) complement each other. How will they help you tom make a marketing decision?
For this assignment I am required to explain about how different market research methods have been used to make a marketing decision within a selected situation or business. I need to choose a product and and apply the life cycle on it. The life cycle is: development, growth, maturity, decline.
My choosen product is the Sony Vaio. I will explain the life cycle of it.
Definition: Developing and introducing new products/services is an essential activity for all organizations. Although very few innovations are the direct result of market research, market research does play a role in determining the need for most new products or services. More specifically, market research provides valuable insights into the unmet needs and a thorough understanding of the marketplace in which the product or service would be offered. The most effective types of market research at this stage are needs-based assessments and concept testing. Here are key that should be addressed in any development/introduction stage research. Research: Sony Vaio became of the best laptops, not only because of the quality, but also because of the many customers they had. The company was developing very fast in marketing. The reasons speak for themselves, the...