marketing research analysis copy3

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Feb 20, 2024

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1 MARKETING RESEARCH ANALYSIS Marketing research Analysis Kami Thorpe American Intercontinental University 3/1/2023

2 MARKETING RESEARCH ANALYSIS Marketing research Analysis I've been asked to evaluate John and Ellen's marketing strategy based on a scenario of establishing a grocery delivery store in a city with 250,000 to 750,000 people. John and Ellen must first conduct marketing research to address their issue with the demographic market they are targeting. Their target market comprises senior citizens, busy executives, and young families. John and Ellen must address various essentials tailored to the demographic requirements of their primary customer base. I will discuss the significance of marketing research and insights, describe the steps of the marketing research process as well as the problem-solving function of marketing managers, and provide examples of primary data. I will introduce various research and experiments that monitor the satisfaction of multiple constituencies with a significant stake in a company's performance. Additionally, the distinction between qualitative and quantitative research methods will be explained. In particular, I will inform John and Ellen which phase of marketing research is the most expensive. Importantly this analysis is essential as it will assist John and Ellen in comprehending what is required to create and maintain a marketing plan. While Market research can be expensive, businesses need to conduct it because it will help them understand their targeted customers' requirements, create a base of returning customers, and establish a business plan. First, Marketing research is essential for businesses to conduct because it will support the understanding of targeted customer needs. The 5 steps for marketing research is explained by Tomasetti (2019) stating marketing research involves defining the business's problem and opportunity, creating a research plan, collecting data, analyzing the data, and making it actionable. By following these steps, companies can ensure they're creating a product or service that people want or need. One of your business's issues includes the intensive need for Marketing

3 MARKETING RESEARCH ANALYSIS research to determine your customer demographics needs. In association with the new grocery delivery store, preliminary information already gathered contains the descriptive objective for potential market opportunities. Likewise, the desire for grocery delivery services has exploded in recent years. However, there is significant competition between current services, from Amazon's Whole Foods to Instacart to Fresh Direct. It seems plausible that implementation differentiation research co uld help with top competitors.it seems logical that starting both a brick N mortar and online business would be the best approach to winning over the competition. Similarly, other issues involve start-up businesses that can be costly to develop and maintain, especially if you were to add on a brick N mortar location. Post-pandemic grocery stores with a smooth shopping experience will succeed (Redman,2020). If affordable, opening a brick-and-mortar store with your online delivery service is the most sustainable option. Other factors that did not change during the pandemic include traditional drivers of preference, location, convenience, product quality, etc. According to Redman (2020), Shoppers prioritized product availability over price perception. Customers are choosing to do business elsewhere due to lack of product availability and safety concerns. Following, marketing research will create a returning customer clientele base, in the business plan of an online startup firm, marketing managers must predict or solve the following tasks: branding and image research, sales analysis, market segmentation, and other research. Consistent with your online grocery delivery store would need to attract customers and grow loyal customer relationships, along with evolving and maintaining profitably. Offering loyalty programs like points and matching vendor deals with shopper history, personalized coupons, and more will help drive sales with your varied customer base. To better understand their diverse demographic needs supporting your target customer base and your grocery service need intensive

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4 MARKETING RESEARCH ANALYSIS marketing research to help business customer relationships thrive and facilitate better customer service. To make good choices, managers must know their customers, what they want, and what their competitors do. The research design outlines how the researcher will answer the manager and researcher's research question(s), according to Fillmore(2022) (clearly explaining the problem into a researchable question is extremely important). Clear objectives drawn from research question(s) specify the information sources from which data will be collected, the sort of data, the design technique(s) (survey, observation, experimentation, etc.), the sampling methodology and procedures, the schedule, and the budget. Based on the study question and goals, the research design should be justified. One of three goals drives marketing study. Sometimes the aim is exploratory—gathering preliminary information to define the problem and suggest hypotheses. Descriptive purposes include describing a product's market potential or buyers' demographics and views. Sometimes the aim is casual—to test cause-and-effect ideas (Koch, n.d). To meet many specific customers' needs, the grocery delivery service needs help. To beat the competition with a wide variety of targeted consumers, a triangulated research process is best. Coming next, there are many different types of research methods and data to support the development of a successful business plan. In accordance with research primary research, according to Hartford (2023), usually costs more and often takes longer than secondary research, but it gives conclusive results. You hire someone or conduct primary research directly to the source, usually customers. In this case, the direct source would be prospective customers in their target market, asking questions while gathering information. Although its findings are conclusive, primary study is more expensive and time-consuming. • Interviews (telephone or face-to-face) • Surveys&Questionnaires (online or mail) • Visits to rivals' locations • Focus

5 MARKETING RESEARCH ANALYSIS groups, The Shopify Staff (2022) defines a focus group as 6-10 people who discuss a product, customer experience, concept, or marketing campaign for a small fee. Focus groups could provide local feedback on your new business service and marketing campaign. Primary research typically yields two types of data: Exploratory qualitative research. Qualitative research reveals thoughts and motives (DeFranzo, n.d.) It clarifies or generates quantitative research theories. Qualitative research shows thought and opinion trends and deepens the problem. Qualitative data collection is unstructured. Focus groups, interviews, and participation/observations are common. Responses are quota-based and small. Quantitative research produces statistics, according to DeFranzo (2020). It quantifies opinions, behaviors, and other variables and generalizes from a larger sample. Quantitative analysis uncovers patterns and facts. Quantitative data is more structured than qualitative. This detailed study addresses an exploratory analysis issue. Formal talks are needed (The Hartford, 2023). Consider secondary or primary studies. Primary research is costly. Research software organizes large-scale surveys and requires descriptive findings. Snap XMP has many powerful features for quantitative data collection and analysis. This could help your grocery startup deliver. Related, Experiments are the most scientifically valid and popular primary data collection method for causal research. Young's Metrics study quantifies, compares, and interprets success (2008). In many situations, metrics can be used. A customer performance scorecard, another marketing research tool that can support customer relationships and improve business performance, tracks the satisfaction of various constituencies with a vital interest in the company's performance. Taken together these finding market research can be costly, although all of these marketing keywords connect together to generate a strong business plan. Marketing research is essential for businesses to conduct research marketing helps reduce the risks associated with

6 MARKETING RESEARCH ANALYSIS product development, such as spending time and money on something customers don't need. It's also an excellent way for companies to gain insights into customer preferences and competitor strategies. Now, you can utilize the information you have learned in this analysis to start building your grocery delivery service business plan by defining the problem, collecting data, analyzing the situation, and implementing solutions with the marketing research methods and data sources available this is a lot easier today the ten years ago.

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7 MARKETING RESEARCH ANALYSIS References DeFranzo, S. E. (2020, September 7). Difference between qualitative and quantitative research . Snap Surveys Blog. Retrieved February 26, 2023, from https://www.snapsurveys.com/blog/qualitative-vs-quantitative-research/ Fillmore, K. (2023, January 17). I ntroduction to marketing research scientific research approach and problem definition . ZABANGA Marketing. Retrieved February 27, 2023, from https://www.zabanga.us/decision-making/introduction-to-marketing-research-scientific- research-approach-and-problem-definition.html The Hartford. (2023). T ypes of market research: Primary vs secondary . Business, Home & Car Insurance Quotes | The Hartford Insurance. Retrieved February 25, 2023, from https://www.thehartford.com/business-insurance/strategy/market-research/primary- second-research Koch, J. C. (n.d.). Marketing research - strategy, examples, manager, definition, model, type, company. Encyclopedia of Small Business, Business Biographies, Business Plans, and Encyclopedia of American Industries. Retrieved February 25, 2023, from https://www.referenceforbusiness.com/management/Mar-No/Marketing-Research.html Redman, R. (2020, September 18). Online grocery to more than double market share by 2025. Supermarket News.Retrieved February 25, 2023, from https://www.supermarketnews.com/online-retail/online-grocery-more-double-market- share-2025 Tomasetti, B. (2019, October 2). The 5 step marketing research process . SmartBug. Retrieved February 25, 2023, from https://www.smartbugmedia.com/blog/the-5-step-marketing- research-process

8 MARKETING RESEARCH ANALYSIS The Shopify Staff. (2022, November 18). What is a focus group? Definition and guide . Shopify. Retrieved February 25, 2023, from https://www.shopify.com/blog/what-is-a-focus-group Young, J. (2007, May 13). Metrics— What they are, how they're used . Investopedia. Retrieved February 25, 2023, from https://www.investopedia.com/terms/m/metrics.asp

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