Expert answer:50 word Response to Each Student Discussion
Answer & Explanation:1.
ORIGINAL
QUESTION:
Suppose McDonald’s® was considering bringing a new
kind of hamburger to its stores. What kind of research would it need to do in
order to have some confidence that the new product would sell well, not just in
the United States, but in its locations all over the world?
STUDENT
RESPONSE:
McDonald’s should use qualitative and quantitative
research. Quantitative research uses graphs, tables, and charts to analyze
information. Qualitative research uses consumers’ perceptions on services and
products. McDonalds is doing market research to see if their new hamburger will
sell. Qualitative research will give McDonalds an idea on how their customers
will feel about the new hamburgers that will be sold. McDonalds can see what
the consumers like and dislike about the new hamburgers. Quantitative research
will help McDonalds present the numbers to corporate by using charts and graphs
to see how well the new hamburgers sold or did not sale across the world.
McDonalds could use other market research, but I feel this would be best.
Reference:
Business Case Studies. (2014). Types of market
research – Discovering customer needs through research – Barclays | Barclays
case studies and information | Business Case Studies. Retrieved from http://businesscasestudies.co.uk/barclays/discovering-customer-needs-through-research/types-of-market-research.html#axzz3puB3dfJk
2.
ORIGINAL
QUESTION:
What are the trade-offs among all the types of
research addressed? Suppose you are a manager of a small start-up firm with a
limited budget. What kinds of research would be the most valuable? Why?
STUDENT
RESPONSE:
As with everything in life there are trade offs , the
same holds true for marketing research. For instance there are focus groups
these are a real good picture of what people think and pretty unbiased and
scientific, however they can be expensive and as a small start up may be out of
your budget. Surveys can be useful but not always accurate, people want to get
off the phone quickly and may not give accurate answers yet again by mail
they may never get returned, the best survey would be by social media.
I feel the most valuable research would be face
to face sampling, you get instant feedback and can ask follow up
questions of the customer. There is very small cost involved in this type
of research as well.
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