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Expert answer:Researching the Market ip - colle writers

Expert answer:Researching the Market ip

Solved by verified expert:Now that you have evaluated the marketing environment and established some marketing goals for MM, it is time to get started with the new product plan. The first step is to research the mobile phone market. Without knowing who is buying phones in certain market segments, Michelle won’t know how to market MM’s new product. She needs your help to determine who the market is for the new product. Primary Task Response: Write a 1–2 page memo (excluding cover and reference pages) that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas. Michelle knows that MM needs to determine who the target customer is for the new product. She knows that marketing research needs to be done as part of this market segmentation and product development processes, but she is not well-acquainted with some of the details that are involved in the processes. She has stopped by your office to ask some questions. “Thanks for canceling your other meeting this afternoon,” she says. “No problem,” you say. “I rescheduled my meeting with multimedia; it actually works out better for them, too.” “I’ve heard about quantitative and qualitative research, but I’m not sure I really understand the difference between the two,” she begins. “I’m sure there are advantages and disadvantages to each of them, but without knowing, I’m not sure which type of research we need to conduct. What do you think?” Before you can respond, Michelle’s cell phone vibrates. “Excuse me, I have to take this,” she says. Michelle takes her call and then stands up. “Well, I’m sorry to do this, but I have an emergency that I have to deal with right now,” she says. “Would you do me a favor? Send me a memo that explains the two types of research and include brief explanations about the advantages and disadvantages of each as related to how they could be used by MM. I’d like to be able to speak intelligibly to this at the next board meeting.” “Sure,” you respond, thinking that this will make for a pretty lengthy e-mail. “I’ll also include how each method can help us define our target market. Will that help?” “Yes, great idea,” she replies. “Ok! I’ll get that to you by close of business tomorrow,” you say. Michelle has asked you to send her a memo that explains the target market for MM’s new product. Because a global market is under consideration, she wants you and Elena to meet for an in-depth discussion of the different characteristics of your target market before sending her the information. Elena meets you for coffee the next morning to explain her reasons for advocating the global market. As you finish your discussion, Elena stops and says, “We’ve discussed a lot of different market segments to target with the new product, but the choice comes back to you,” says Elena. “What’s your final decision on the target market that we should focus on? Are you going to propose that we try to market this product globally? You sigh, knowing this is a key decision in your marketing strategy. “I appreciate our discussion today. I’m going to have to do some more research to determine the exact market and if we should go global or not.” You know Michelle is expecting a detailed description of your targeted market segment including justification for selecting the market. You also need to remember to include your recommendation for or against marketing globally. What are the demographic characteristics of your target market and why are they important? Where is your target market located geographically and why is that important? What psychographic characteristics define your target market? How do these impact your marketing strategy? What behavioral characteristics are shared by your target market? Why are these important? Please keep all work as other questions with this follow and I would like to choose you again for the assignment

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