Young Marketers Elite Program - Assignment 2.1 - PhucCuong


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Young Marketers Elite Program - Assignment 2.1 - PhucCuong

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Young Marketers Elite Program - Assignment 2.1 - PhucCuong

  1. 1. • Problem Identification Research: - Market Potential Research: identify the need and demand of loyalty as well as potential consumers for Smart Watch - Market Share Research: identify the presence of identical products in the market (SmartWatch is new, only Sam Sung and Sony have introduced to the world) - Market Characteristics Research: identify key characteristics of the product line that can affect customers choices - Forecasting Research: forecasting the trends and behaviors of customers towards our product – the iWatch . - Business Trends Research: identify the opportunity to develop of this new product line and, what potential factors will become the leading trends. - Consumer Research: consumers needs, behaviors, attitudes towards this line of product - Competitor Research: understanding the strengths and weaknesses of competitors as well as the feedback of consumers towards their products • Problem Solving Research (Solution – Evaluation – Revision) - Segmentation Research: Determine the basic of segmentation, establish market potential and responsiveness for various segment, select target markets, create lifestyle profiles: demography, media, product image characteristics - Product Research: Test concept(Internal Research, Consumer Research, Market Research) , determine optimal product design, package tests, product modification, brand positioning and repositioning, test marketing, control score tests - Pricing Research: Pricing policies, importance of price in brand selection, product line pricing, price elasticity of demand, initiating and responding to price changes - Distribution Research: determine types of distribution, attitudes of channel members, intensity of wholesale & resale coverage, channel margins, location of retail and wholesale outlets
  2. 2. MARKET RESEARCH (both primary & secondary) Pre launching Phase Launch Maturity Growth Decline Market understanding research Trademark (Brandname) research Customer needs, behaviors research Promotion Effectiveness + Satisfaction Communication messages Package test Repositioning Test Customer Satisfaction Detailed Ad Testing Sales force objectives Pricing research Brand performance Life cycle management Competitive Analysis Market forecasting
  3. 3. Define the market and explain its dynamics 1. Market and Strategic Overview 2. Background and Role of the Research helps researchers understand where this project fits in the overall strategy, vision and values, and business objectives: the most important part of the brief specifies where the research fits in your marketing activity, and more specifically, the types of decisions and plans that will be made on the basis of the research: Major players and key competitors Past and current activity Target markets and factors (regulations, seasonality, distribution, pricing, communication,…) Reasons for the research Where does it fit into marketing programme development? Which business units does the research impact and who is involved? Make sure you identify any constraints on the action you can take as a result of the research Business objective - this is the objective of the marketing project the research is for, it is the overall strategic objective 3. Objectives 4. Suggested Approach & Research Target(s) There are usually two types of objectives that need to be explained: Identify any preferences you might have: Research objective - detailed objectives of what you need to know e.g. attitudes, behavior, usage expectations, perceptions. Is it to understand, evaluate of explore (more qualitative objectives) or is it to measure, record, or ascertain (more quantitative objectives) Are there ant specific groups or subgroups you are interested in researching?
  4. 4. Topline or final report only 5. Reporting requirements Identify any requirements you might have: Word report and/or PowerPoint Presentations and/or Workshops 6. Timing Specify any real constraints that exist. However, please be realistic about whether your objectives can be met within that timeframe. 7. Budget helps define the scale of the project, providing some financial guidelines to work within. helps researchers to work on providing the best solution within your means 8. Existing research or other information Share any other relevant research or information helps refine how the research is done. It also means that covering old ground can be avoided, and this research builds on what is already known
  5. 5. Example: 1/ Market and Strategic overview: Smart watch market is becoming increasingly important tool to foster productivity as well as new trends of fashion. At present there is very little market analysis conducted before, it is very much dependent upon the resources that are available At Apple we would like to change the way customers think and lead the new trend. 2/ Background & Roles of the research: The findings will have a direct impact on how we introduce iWatch and what information we gather prior to this introduction. 3/ Objectives: Business Objective: Our overall aim is to introduce new iWatch that are well received by loyalty customers as well as potential ones. Research Objectives: To identify how potential customers choose to buy iWatch 4/ Suggested Approach & research targets: Phase 1– Qualitative: One on one discussions with selected Apple fans and non-Apple users/ Focus groups with potential consumers Phase 2 – Quantitative: Widely distributed quantitative questionnaires to allow robust analysis by a variety of audiences. 5/ Reporting requirements: A PowerPoint presentation is required + 2 physical presentations are also required 6/ Timing: The presentation date will need to be before the beginning of February 1st, 2014 Research proposals should be submitted no later than [10 – 14 calendar days after brief is sent out 7/ Budget: $35k available for this project 8/ Existing research or other information: If you would like to discuss this brief further please contact: Mr. Puku Nguyen - 096 751 3866