Market Research Before Beginning Any

Market Research

Before beginning any marketing research, it is necessary to set specific research objectives. The basic element that needs to be learned for any product or new company entering the market, or simply changing their advertising strategy, is exactly what it is that the market wants from a given product -- determining taste is a complex and often difficult but essential piece of any market research (Tutor2U). Both primary and secondary data can be gathered to analyze current and developing market tastes, helping the company find the right way to advertise the product (AllBusiness, 2009). To accomplish this, it is necessary to find out what the consumers say they want, which is primary data, but also what other marketing strategies have been proven to work in the current market, which is secondary data that provides additional insight into exactly what it is the consumers in the market have a taste for (KnowThis, 2009). This knowledge is important in the development of the product itself and the design of its packaging in terms of brand awareness and protection in addition to advertising (KnowThis, 2009)

Other specifics details that should be learned form market research are the target market, the possible and likely details of distributor interest and costs depending on locale, optimum pricing, and of course consumer response to various advertising tests (AllBusiness, 2009; KnowThis, 2009). Each of these elements is directly applicable to it's Popcorn Time!. The issue of taste is paramount to this purveyor of gourmet popcorn treats; sales records could provide some data as to what the most popular flavors made by the company were, and additional consumer panels could be formed to taste existing and developing products to determine if a change should be made at he production level. In addition, the results of these panels could suggest areas where increased advertising might increase sales of low-sales flavors.

The panel tests would be one form of qualitative research that I would recommend. These studies can be beneficial in providing direct human responses, and though such data is not appropriate for statistical analysis, it can provide tremendous insight into the feelings of the average consumer and lead to some creative new ideas (Tutor2u). Surveys could also be sent out or even included in product packages to determine tastes and satisfaction levels, and even advertising awareness and response (Tutor2u). The drawback to such research is that both surveys and panels will only return a handful of responses at a time, and tastes may range greatly between individuals and regionally, making it necessary to conduct many panels over all of the regions which it's Popcorn Time! Wishes to sell to. Still, the benefits of this type of research -- true human insight into the consumer's wants -- far outweigh the limitations.