Colorado Technical Researching the Market & Marketing Environment Homework
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.
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.
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