I need some help in understanding what I need to do here.
Assignment: Marketing Plan Exercise
Resource: p. 136 of Marketing: Real People, Real Choices.
Review the Marketing Plan Exercise found on p. 136 of the textbook.
Answer questions 1 – 5 of the Marketing Plan Exercise.
Include 2 to 3 outside references to support your answers with research.
Select a company that produces a product that you use and
with which you are familiar. For the company to make decisions
about developing new products and attracting new
customers, it must rely on marketing research. These decisions
feed into the company’s marketing plan. For the firm
you selected:
1.Define one specific problem it could address through
marketing research.
2. What type of research design do you recommend for
addressing that problem, and why?
3. What is the most appropriate way to collect the data?
Justify your choice.
4. How will you ensure high validity, reliability, and representativeness
of the data?
5. Design an appropriate sampling plan
1. Study: the Marketing Plan Exercise found on p. 136 of the textbook.
2. Answer: questions 1 – 5 of the Marketing Plan Exercise.
Include 2 to 3 outside references to support your answers with research.
3. Select: a company that produces a product that you use and
with which you are familiar.
4. Follow the directions: in 1 - 5 above.
Since no one else said it I will, Thank you Ms. Sue . :)
To complete this assignment, you can follow these steps:
1. Read the Marketing Plan Exercise: Start by reading the Marketing Plan Exercise on page 136 of the textbook "Marketing: Real People, Real Choices". Understand the purpose of the exercise and what is expected of you.
2. Select a company and product: Choose a company that produces a product you use and are familiar with. This will help you better understand and analyze the marketing research problem.
3. Define a specific problem: Identify one specific problem that the company could address through marketing research. This problem should relate to developing new products and attracting new customers. For example, the problem could be related to declining sales or increasing competition.
4. Select a research design: Recommend a research design that would effectively address the identified problem. Consider quantitative, qualitative, or mixed methods research designs. Support your recommendation by explaining why you believe it would be the most appropriate approach for gaining insights into the problem.
5. Determine data collection methods: Choose the most appropriate way to collect the data based on your research design. Depending on the chosen research design, data collection methods can include surveys, interviews, observations, or secondary data analysis. Justify your choice by explaining how the selected method will provide reliable and valid data.
6. Ensure data validity, reliability, and representativeness: Explain how you will ensure high validity, reliability, and representativeness of the data collected. Validity refers to the accuracy and relevance of the data, reliability means consistency and stability of results, and representativeness refers to the extent to which the sample reflects the target population. Consider factors such as sample size, sampling techniques, data collection procedures, and data analysis methods.
7. Design a sampling plan: Design an appropriate sampling plan to select the participants or elements for the research study. Consider the target population and how you will ensure a representative sample. Discuss the sampling technique you would use (random, stratified, etc.) and justify your choice.
8. Include outside references: Support your answers with research by including 2 to 3 outside references. These references can be from scholarly articles, books, or reputable websites that provide relevant information on marketing research and the chosen company.
Remember to organize your answers in a clear and logical format, and use proper citations and referencing for any sources you use.