One of the goals of marketing research is to study market facts, industry tenden
ID: 391010 • Letter: O
Question
One of the goals of marketing research is to study market facts, industry tendencies, and consumption behaviors so that organizations can continue producing goods and services that create value for diverse consumers.
This week, you have been hired as a market researcher to complete an exploratory study brief on innovative market sectors such as:
Aerospace, aircrafts, and drones
Games, apps, and social media
Green technology
Biotechnology, drugs, and genetics
Nanotechnology
Access DeVry Library through Course Resources located in the Introduction and Resources. Click on "Access Student Resource Center" and then click on "Library" and locate and click the "Database" menu. Look for the database Plunket Research Online (you will be prompted to log in to the library), and explore the diverse tools in this Database to complete your research.
Choose only one innovative market sector, and using the Plunket Research Online Database, the class textbook, and at least one article from a marketing journal, complete the following:
Consumer behavior
Anticipated consumer behaviors
Anticipated consumer needs
Research goals
Scrutinize results and propose a question that have not been answered by the market or consumer behavior analyses
Choose any of the research collection methods described by Solomon et al. (2016) to collect data. Examples of data collection methods include observations in natural settings, conducting focus groups, interviewing market experts, or surveying public, among others)
Discuss how you would conduct primary research for this product
Use the traditional introduction, body, and conclusion outline.
Use APA for both in-text citations and slide of references.
Explanation / Answer
Games, Apps and Social Media
1. Consumer behavior
A. Anticipated consumer behaviors
Consumer behavior towards electronic games, applications, and social media are very aggressive in the leisure part of many lives. They are known to occupy a significant portion of one’s day and in turn have become a significant need. Such creators behind these necessities are always eager to reach the very best concerning motion graphics, sound effects, etc. They are still in the knowledge of the latest trends (as endorsed by celebrities). These contribute to enhancing the consumers to partake on the “hype” because the more it is exposed or promoted through the media, the more intense it must be. According to plunkettreasearchonline, the global video games industry is so vast that it far surpasses the categories of adult and children’s books regarding total revenues. This only says the consumer tends to invest more in virtual society than real-world human society.
Anticipated consumer needs towards electronic games, applications, and social media are quite demanding. As a developer, you must first think like a customer. Then, get to know your customer. This helpful strategy will help keep such consumers. It will be beneficial to update your platform to satisfy loyal and potential buyers continually. Being a developer requires you to be on the lookout for the latest trend. The last thing you want to do is to bore your customer. In result, they will quickly switch to another electronic game, application or social media.
2. Research goals
A. Scrutinize results and propose a question that have not been answered by the market or consumer behavior analyses.
Question: Why does the game application not have any users (or download) in the past couple of months?
Answer: With the application being old and better products on the shelf, this may be a probable cause for its’ low sales. A solution is to enhance the product and promote the new features so the ratings will grow, along with the purchase.
A Focus Group is the technique that market researchers employ most often for exploratory research. Focus groups typically consist of five to nine consumers who have been recruited because they share specific characteristics (they all play golf at least twice a month, are women in their twenties, etc.)(Solomon, Marshall, & Stuart, 2018). This type of data collection gives much of its’ focus on the product. Different opinions regarding the outcome will be discussed within the group. Such conference will elaborate on how the product is currently holding up in the market, what should be enhanced, what can be improved, and just more ways to make the product more appealing. Such exchange of views is used as a beneficial tool to endorse the product. Brainstorming with the same goal in mind is the very reason for this collaboration. Conducting focus groups is a qualitative research method that allows researchers to collect a significant amount of data from a substantial group of people in a relatively short amount of time. Focus groups explore how people perceive, feel about, or view an individual service, product, topic, etc. (Wilson, 2016)
C. Discuss how you would conduct primary research for this product.
If asked to choose a method for this product, I would use the one I think is most efficient, which is The Focus Group. An analysis formed by a handful of people holding different types of ideas will help in knowing what the product lacks. It will serve as consultants to bring out what is keeping its’ trend. I will embrace all of these opinions, for my primary goal is to enhance my productivity. This will benefit in increasing sales and laying out what is palatable to my consumers.
3. Use the traditional introduction, body, and conclusion outline.
4. Use APA for both in-text citations and slide of references.
Bibliography
Solomon, M. R., Marshall, G. W., & Stuart, E. W. (2018). Marketing. New York: Pearson.
Wilson, V. (2016). Research Methods: Focus Groups. Evidence Based Library and Information Practice, 44-46.
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