MARKET RESEARCH Essay Example | Topics and Well Written Essays - 1500 words

MARKET RESEARCH - Essay ExampleDifferent kinds of commercialize query select to be conducted during different periods in the life cycle of a company and those of a product (Hewitt, 2011). For a market oriented company like Kelloggs, market seek adds business value and improves the companys competitive advantage. Before casting a impudent product, Kelloggs usually conducts a market research to understand the preference of consumers concerning new products and this helps them to reduce the chances of failure. The major difference between qualitative and duodecimal research are that the qualitative one is subjective and the quantitative one is mainly objective. Inductive method is used in qualitative while the deductive method is used in quantitative research. The qualitative research is text-based whereas the quantitative one is number-based. The method used under qualitative research involves focus groups and in-depth interviews while surveys and structured interviews are the m ethods adopted in quantitative research. qualitative research focuses on smaller groups, on the otherwise hand, the quantitative one deals with larger groups. The former one spends to a greater extent time for selecting subjects, while the latter takes more time on data processing. The data collected using qualitative research is unstructured whereas quantitative research collects structured data. Kelloggs has flourished through intellectual marketing of good products, and by creating and sustaining a highly valuable brand name (Kelloggs Revitalizing a valued character, n.d). Kelloggs company faces the conundrum of innovation when compared to other competitors. Further qualitative and quantitative research is necessary to know the consumer preference and to increase the demand for commodities. Competition from other companies can merely be reduced by introducing new innovative products, which is possible through market research. The problem of substitute goods is faced by the c ompany, which can be tackled only through perfect knowledge about the market and this further increases the need for market research. To expand market internationally, the knowledge of foreign market is a mustiness and so further qualitative and quantitative research is required. Section 2- Findings from marketing research Critically analyze the 4 stages that Kelloggs underwent in order to launch the new Crunchy Nut bites. Provide a critical analysis for each stage. Also provide 2 suggestions to improve Kelloggs marketing research in this instance. Kelloggs is concentrating on importance of market research during the launch and go badment of Crunchy Nut bites. Kelloggs undertook four different stages of research in order to develop this new product. Stage 1 Discovery Kelloggs is a market oriented organization, wherein, market oriented means that the entire organization focuses on the necessarily of its customers. So, in order to find the needs of the customers, Kelloggs has done a research to identify a set of new food ideas that would be leave for developing the new Crunchy Nut product. The company has also conducted secondary research to find out modern trends in the cereal market and to acknowledge new products, flavors and food from around the world. Kelloggs have a world-class food research and development facility, Kelloggs food scientists, nutritionist and engineers turn wholesome grains and other