Marketing Research Tutorial

Question 5

The following organizations are likely to use marketing research which is (a) a manufacturer of breakfast cereals, (b) a manufacturer of nuts, bolts and other fasteners, (d) a hospital and (e) a computer software producer, except for (c) the World Trade Organization.

First of all, marketing research is defined as the process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups. Market research allows a company to discover who their target market is and what these consumers think about a product or service before it becomes available to the public. Market research may be conducted by the company itself or by a third-party company that specializes in market research. Test subjects are usually compensated with product samples and/or paid a small

stipend for their time. (Investopia, 2013)

a) Manufacturer of breakfast cereals

Most likely to use marketing research, as mentioned by Investopia, the manufacturer of breakfast cereals would use techniques such as surveys, product testing which are the ingredient in the cereal would be health benefit to consumers whom consume the cereals, and which group of people they most likely to target, for example Koko Crunch and Honey Star are targeted for the children, while OatBrans Cereal are targeted for the Adult, etc. In addition, with these research, it aids the manufacturer of breakfast cereals to make the best cereals than their competitors.

b) Manufacturer of nuts, bolts and other fasteners

Most likely to use marketing research, because the manufacturer of nuts, bolts and other fasterners would use techniques such as product testing, customers survey on the products they had manufacturer such as buts, bolts and fasteners, wherever its suit their need and wants. An example would be CBC fasteners (CBC Fasteners, 2013) who conducts product testing on nuts, bolts and fasteners and at the same time also conducted customer’s reaction and...