Market research is vitally important. Without the use of imperative information gathered from this, it could be seen as someone capable of driving into the dark of night with no headlights. It involves research that is able to give direction and offer essential information much needed in the business environment. It coincides with wants and needs of the consumer, together with product features and decision makers, pricing, distribution channels and the differentiated factor. Green and Tull1 have defined marketing research as follows:"Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing." Throughout this document I proposed a practical market research plan for a new product called Shrinkable Garden Hose; touching on aspects relevant for further profitable development of this product such as objectives, process and findings.
I am attempting the use the SMART approach with regards to my aims and objectives. Ensuring that these goals are specific, measurable, attainable or achievable, relevant and time bound; keeping in line with the acronym SMART. As I consider the product in question, Shrinkable Garden Hose, I am trying to determine if there is in fact a market for the product. Through the use of primary research, obtain quantifiable data to assist in the measurable aspect of my objectives. An external agency will be employed to assist in conducting an opinion panel with the aim of gathering the information in a timely manner. The need to assess if the venture would be profitable has to be determined. Questions pertaining to who comprises the targeted market are looked upon. Timing as well is considered, the triumph of the introduction of a new product to the possible market will centre on timing. Obtaining a baseline for pricing is another important aspect seeking to be determined from this research plan.
The manner in which this process...