250 word minimum. ---------------------------------------------------- You work

Question

250 word minimum.

----------------------------------------------------

You work for a U.S.-based company in the soft drink industry (think Coke or Pepsi with a healthy, organic spin). Your company is considering expansion into parts of the European Union and you've been tasked with gathering market research. You find some good secondary research sources, but none of them provide the answer you're looking for - would consumers in these countries pay a few dollars more for organic soda?

You realize you need to conduct primary research. Walk through the six-step primary research process and describe what your approach would be for each step. Identify key decisions you would need to make and how you would go about making those decisions. Be specific.

Explanation / Answer

Step 1: Objective and Problem

The problem is I am not able to find the secondary data that is reliable so I need to find the primary data which can be used for the European market entry strategy. The objective is to develop a process that can help me in gathering the required data from the primary research. After the research, we should know which country in Europe will be ready to pay few extra dollars to buy our product.

Step 2: Research Design.

I will make use of the following methods of primary research to collect the required information:

I will talk to people who are of the age group 18 to 35 from different European countries. I will choose the participants from different educational and financial backgrounds. I will gather their opinion towards our new product to be launched in Europe. I will create a questionnaire and collection the data in the form of both online and offline surveys. I will also study the existing marketing data on the consumption of the soft drinks in different countries in Europe and what is the price they are paying for it.

Step 3: Design the research tools

I will make use of the google forms for the online survey and create questions to ask during the offline survey. I will identify the people to talk to directly from different parts of Europe. I will create the questionnaire for the focus group as well and send out invites to the participants to take part in the activity.

Step 4: Data Collection:

The data will be collected from the above-mentioned activities and a small database of the information collected will be stored.

Step 5: Data Analysis:

The data collected should be able to answer the question we have. The data should tell us which country will actually pay for the new product and the product becomes a success. The data should be analyzed based on a set of pre-determined KPIs and the performance should match with the required benchmark we have set for the product launch.

Step 6: Data Visualization:

The data should be visualized after the analysis to make sure that all the stakeholders involved in this project will understand the data clearly. The same data should also help them in making the business decision of which country they need to target in Europe to launch the product.

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