Shogenj_MKT7101_5

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Running head: TARGET MARKETS 1 Analyze Possible Target Markets Jihan Shogen MKT 7101 Assignment #4 Dr. Sarofim

TARGET MARKETS 2 Brand research is an integral part of the branding and marketing process. It can help a brand establish its own personality within a marketplace and grow relationships with its client base (Allwood, 2012). It includes a variety of different methodologies used to identify the potential success or failure of a particular marketing technique in relation to the brand itself. Brand research helps to create an ongoing marketing management plan to carry out the brands success throughout its life span. It can include the launch initiatives and lead through to the development of further assets (Fry, 1982). Table Analysis of Findings The type of research method utilized will depend on the desired outcome. It is likely that both qualitative and quantitative design methods are used during the research lifecycle of a brand. Some types of data are going to be easier to obtain than others and it is dependent on the outcome to see which the best way is to collect. Between the two types of analysis, quantitative and qualitative, one deals with statistics and numbers (quantitative) data, while the other deals with meanings of the word, whether verbal or written (qualitative). Qualitative research methods include focus groups, interviews, observations, case analysis, and literature reviews. The focus of these methods is to establish a theory or idea from a subjective point of view. These methods rely mainly on human behavior and can be biased in outcome (Nguyen, et al, 2013).

TARGET MARKETS 3 Quantitative methods include surveys, sampling, graphs and charts, experiments and statistical analysis. The focus for these methods of research are to test concepts to establish a theory. These research methods are objective and less generalized. The results are often valid and reliable because they are based on science and math rather than human opinion. Qualitative methods are often broad and exploratory whereas quantitative methods aim to establish focused conclusive data and answers. Qualitative research methods are best used in the early stages of the research timeline, and quantitative methods are best used later in the cycle. Tools used in the research are also varying. Qualitative research strategy uses verbal tools such as those used in interviews and focus groups, whereas quantitative methods use equipment that will analyze the measured data gathered in experiments and sampling (Visentin et al, 2013). While both methods are seeking to gain answers, qualitative research methods are focused on human behavior and subjective reasoning regarding the brand. Quantitative research methods are seeking objective answers and targeted responses. Both of these methods will reveal much for the brand and its marketing plan, yet each will offer a new perspective. By using both of the methods together, many different aspects of the brand research can be covered. Conclusion. Brand research helps a company and brand understand their customers and audience better than they could without it. Research allows for an understanding of the clients’ value system and whether it aligns with that of the brand. Marketplace standing is also something that can be determined through the research process. Competitors and the role they will be in regard to a brand launch and longevity are all things that can be established and examined through various types of research methodology. Brand research can be used from time to time within the life cycle of the brand to help keep track of the consumers awareness of the brand, desire for change, and overall experience (Zaltman, 2014).

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TARGET MARKETS 4 The best and perfect brand research strategy is going to be different in every situation and for every brand…meaning there is not a one size fits all approach to research strategy. The best method will likely be a mixed methodology utilizing various data sources and unique tools to match the brand need and industry. Identified the primary and secondary target markets that would increase your product’s market share. 2Summarized and verified how you would conduct research (think about the methods you explored in Week 3) to identify the possible bases of segmentation and thet arget markets.3 3Includedexamples of the variables analyzed

TARGET MARKETS 5 References Allwood, C.M. The distinction between qualitative and quantitative research methods is problematic. Qual Quant 46, 1417–1429 (2012). https://doi.org/10.1007/s11135-011- 9455-8 Fry, G., Chantavanich, S. and Chantavanich, A. (1981), Merging Quantitative and Qualitative Research Techniques: Toward a New Research Paradigm1. Anthropology & Education Quarterly, 12: 145-158. doi:10.1525/aeq.1981.12.2.05x1889q Nguyen, B., Melewar, T. C., & Chen, J. (2013). A framework of brand likeability: An exploratory study of likeability in firm-level brands. Journal of Strategic Marketing, 21(4), 368–390. https://doi-org.proxy1.ncu.edu/10.1080/0965254X.2013.790472 Visentin, M., Colucci, M., & Luca Marzocchi, G. (2013). Brand measurement scales and underlying cognitive dimensions. International Journal of Market Research, 55(1), 43–57. https://doi-org.proxy1.ncu.edu/10.2501/IJMR-2013-006 Zaltman, G. (2014). Are You Mistaking Facts for Insights? Journal of Advertising Research, 54(4), 373–376. https://doi-org.proxy1.ncu.edu/10.2501/JAR-54-4-373-376

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