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

MARKET RESEARCH - Essay Example â€Å"Different kinds of market research need 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 Kellogg’s, market research adds business value and improves the company’s competitive advantage. Before launching a new product, Kellogg’s 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 quantitative 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 meth ods adopted in quantitative research. Qualitative research focuses on smaller groups, on the other hand, the quantitative one deals with larger groups. The former one spends more 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. â€Å"Kellogg’s has flourished through skilful marketing of good products, and by creating and sustaining a highly valuable brand name† (Kellogg’s: Revitalizing a valued character, n.d). Kellogg’s company faces the problem 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 only be reduced by introducing new innovative products, which is possible through market research. The problem of substitute goods is faced by th e company, 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 must and so further qualitative and quantitative research is required. Section 2- Findings from marketing research: Critically analyze the 4 stages that Kellogg’s underwent in order to launch the new Crunchy Nut bites. Provide a critical analysis for each stage. Also provide 2 suggestions to improve Kellogg’s marketing research in this instance. Kellogg’s is concentrating on importance of market research during the launch and development of Crunchy Nut bites. Kellogg’s undertook four different stages of research in order to develop this new product. Stage 1: Discovery: Kellogg’s is a market oriented organization, wherein, market oriented means that the entire organization focuses on the needs of its customers. So, in order to find the needs of the customers, Kellogg’s has done a research to identify a set of new food ideas that would be appropriate 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. â€Å"Kellogg’s have a world-class food research and development facility, Kellogg’s food scientists, nutritionist and engineers turn wholesome grains and other