For my MKT-337 Market Research class, I have been asked to select a Fortune 500 company and come up with a concept product the company is considering launching. I will then be tasked with applying market research knowledge and concepts in a marketing brief to determine if this would be a successful product for the company to develop.
For this assignment, I decided to go with the company PepsiCo. Pepsi has recently had much controversy buzzing around their marketing and advertising. Read this article to learn more about the Kendall Jenner ad that sparked it all. I chose this company because they have taken risks with their marketing tactics, that may have not necessarily paid off, but it intrigues me.
Due to the energetic fur ball that I have recently added to my family, I have also been inspired by puppy products. Therefore, the concept product I chose for this class project is a soda made for dogs.
Marketing research follows a six-step process. Barry Babin (2015), the author of The Essentials of Marketing Research, defines these six steps as “1) Defining research objectives. 2) Planning a research design. 3) Planning a sample. 4) Collecting data. 5) Analyzing data. 6) Formulating conclusions and preparing a report” (p. 61).
For my final MKT-337 project, I will be following these six steps. As I define my Research objectives, I will need to first develop the business problem. For my company, this business problem will be: Should the company invest resources into producing a soda made for dogs?
Next, I could conduct preliminary research to determine what I specifically need to explore further to focus my project. To do this, I can look at previous research, literature review, pilot studies, or focus groups (Babin, 2015).
I have two main research objectives for my final brief. 1) Determine if there is a market for a dog soda. 2) Identify if the company will see a profit if they invest resources into launching this product.
The next step is planning my research design. I can gather research data for this project in four main ways, observations, secondary data, experiments, or the most common, surveys (primary data) (Babin, 2015).
For this research project, I have chosen to utilize surveys as my main researching method. In an article titled 8 Scalable User Research Methods for Product Development, the author discusses how surveys are “one of the most popular quantitative research methods” (Grabowski, 2015, para. 36). He discusses how having a larger test size can provide you with better results. He also argues that a survey is one of the best ways to test a hypothesis in a scalable manner (Grabowski, 2015).
The next step is to determine how to administer the survey and who will be participating in it. This concept product will have a specific target market, dog owners. Therefore, I would choose to administer the survey via mail/E-mail. This would allow the company to target their desired potential customer base. The participants would be the known dog owners. This data may be obtainable through browsing history, geo-demographics, or a data collection company such as Nielsen.
Follow me through my journey to conduct market research for this Pepsi for Pups!
Do you think a soda marketed towards dogs would sell?
Babin, B.J. (2015). Essentials of Marketing Research, 6th Edition. Cengage Learning, 20150401. VitalBook file.
Grabowski, P. (2015). 8 Scalable User Research Methods for Product Development. Retrieved from https://community.uservoice.com/blog/scalable-user-research-methods/
Picture sourced from Imgur. (2011). http://imgur.com/gallery/5s5Iu