1. Review the Stimulus Resources
  2. For one (1) of the target markets that you previously identified for this product, explain how you would conduct market research about your product and customers (prospective, current and future). Use the 4Ps of Marketing – Product, Price, Promotion and Place as a means to organizing a research focus. (For more information consult Optimising the marketing mix in Core Foundations of Successful Marketing (PMKT101).)
    • Product: For example, how would you know that this product’s features and benefits are aligned to what your target customer wants / needs? Would you use primary or secondary research? Why? How would you receive customers’ input and feedback, and incorporate it into the product? Would online surveys, face-to-face interviews, small focus groups about product features / benefits provide you with the information you needed to bring the product to market, and throughout its lifecycle?
    • Price: For example, how would you research the competition to determine the correct price for the product? How would you determine what to charge for the product?
    • Promotion: For example, what promotional methods work for building awareness in the marketplace? How would you measure their effectiveness? Trial and error? Anecdotal information (i.e., reports from others)?
    • Place: For example, how would you research the cost and effectiveness of distribution channels for your product. Is online or mail-order the right approach? Would you ask your customers – what form will this take – a quantitative or qualitative survey? And, over what period of time? Would this change as the product matures over its lifecycle? What research activities need to occur for you to have an accurate measure of how distribution channels are performing?

  • Don’t forget to use the course tag #PMKT102 in your blog post.
  • Respond substantively (i.e., not rah-rah postings) to at least two (2) of your peers / colleagues who have made blog posts. Look in the Learning challenge register to find their post.