Individual ProjectUnit: Importance of Marketing Research
Deliverable Length: 10-12 PowerPoint slides (not including title or reference slides), with in-depth speaker notes.
Marketing research can be summarized as a structured analysis carried out to provide information to guide marketing decisions. More specifically, it is the process of determining, acquiring, and analyzing relevant market data/information to find insights that mobilize an organization to take appropriate marketing actions.
During an office meeting, your marketing team asks you to prepare a presentation explaining the importance of marketing research in the development of BevCo's new beverage. The presentation should give your team an insight on how important research is when marketing a new product.
In this assignment you are asked to prepare a presentation of 10-12 PowerPoint slides with in-depth speaker notes. In your presentation, explain the importance of marking research and give recommendations on how to market BevCo's new beverage (use course materials, the Internet, and/or the library to support your work). Answer the following questions in your presentation:
What is marketing research? How is it important?
How does marketing research help a company?
When is research essential? When is research Unnecessary?
What is the difference between basic/pure research and applied research?
Which types of research should be considered in the development of BevCo's new beverage?
How can/will marketing research assist your company in the development of BevCo's new beverage?
Give at least 3 recommendations, to your team, about the strategies and tactics you would use in the marketing of BevCo's new beverage?