BSBRES401 Carol Corrected.docx - BSBRES401 BSBMKG408...

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BSBRES401 + BSBMKG408 Assessment Task 1 Part A: Case Study: Marketing Research at Nivea What group of consumers was NIVEA targeting its marketing of Pearl and Beauty at? For Pearl and Beauty, the desired target market was 18-35 year-old women who were beauty- orientated, followed fashion and looked for products with extra benefits. Set out a brief definition of Market Research and New Product Development. Market research is the process by which businesses find out about customers’ needs, wants and desires. It makes possible the successful development of new products. Explain two main ways in which the Market Research and New Product Development processes were interlinked in the development of Pearl and Beauty. Consumer insights drive New Product Development. This information takes into account their behaviours, attitudes and beliefs. It is an expression of their wishes and desires. Businesses use consumer insights to create opportunities for their brands. It is the starting point that enables brands to fit meaningfully into consumers’ lives. What is the relationship between consumer insights and product concepts? Identify ways in which consumer insights for Pearl and Beauty led to aspects of the development of the new product. Consumers showed a need for a ‘beautifying, caring deodorant’. The team generated ideas on how to address the consumer need. From these ideas the marketing team created ‘product concepts’. These describe the product benefits and how they will meet the consumer needs. Several concepts were written in different ways. These explained and expressed unique product attributes. The company needed to know which concept was preferred by prospective consumers. It carried out market research to test whether the concepts would work. The research was conducted amongst the desired target market.
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How effective do you think qualitative research is in helping businesses to develop products for international markets? It is effective because it helps team to understand beliefs and emotions of consumers when using or buying the products. Assessment Task 2 Part A: Prepare Your research Introduction A renamed Brazilian gym franchise, called Smart Tech C is looking into opening franchises in Australia. The company operates at low cost and focuses on attracting a large number of customers by providing basic gym services. In order to understand Australian Market, the company conducted a market research. Research Objectives: How it compares to competitor offerings How many people find the product appealing New product needs that consumers have How many people are likely to buy our products Are there any threats for our business Which segments find the product most useful Finding out the customer profile Market research methods Primary Collection method A face-to-face survey of customers Competitor (price and other features) comparison Interviews with industry professionals Secondary research: Australian Bureau of statistics/ Census data Competitors website
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