Market research encompasses finding out what consumers want

Market research encompasses finding out what consumers want

Week 6: Survey, Market Research, and Observation 

        Market research encompasses finding out what consumers want, keeping tabs on the pricing of various goods, and determining what competitors provide. A market survey provides information on the target clients, including the goods they like to buy, if they use rival products, and how interested they are in the new products being offered. Market surveys provide businesses with better data to make smart decisions about price, design, and flavor.           

            On cereal brands, we questioned 15people and asked them 20 separate questions (Frosted Flakes, Cheerios, and Honey Bunches of Oats). 15 diverse customers participated in the survey, which was distributed through social media, email, and grocery store shoppers. Several of the outcomes were predicted, but others came as a complete shock to everyone. As a result of the poll, we learned that competitive pricing was essential to 38.9 percent of those who took part in it. 27.8 percent, on the other hand, believed it was necessary to have a lesser-known box at a more affordable price. 33.3 percent of those polled said it was unimportant whether they bought a certain brand of cereal or not. These buyers did not care about the brands because the total price was the most significant factor to them.  

            The fact that 33.3 percent of people are reluctant to purchase Frosted Flakes if they are available in a variety of tastes is also fascinating. Customers enjoy the original flavor of Frosted Flakes, as evidenced by this study. According to the survey, 38 percent of respondents are extremely inclined to purchase Cheerios just because of the brand name. With a 22 percent response rate, both men and women said they would purchase Honey Bunches of Oats provided the product was fairly priced, indicating that the product had a mixed response.  

            The general conclusion of the poll, which included responses from 18 different customers, is that pricing is crucial, but that individual brands are not that significant. A healthy breakfast option had a mixed response, with 22 percent saying it was essential and the rest saying it didn’t matter. Using this information, we may compile it and assist the products in determining what the most essential aspects are and concentrating more on those.            

Reference Page: 

·         Garcia , E. (2020, November 13). Observational techniques in marketing research. Small Business - Chron.com. https://smallbusiness.chron.com/observational-techniques-marketing-research-44563.html. 

·         Bianca, A. (2019, March 4). Examples of marketing research problems. Small Business - Chron.com. https://smallbusiness.chron.com/examples-marketing-research-problems-23051.html.

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