The Catbird Chocolate Company has decided to use the former method whereby the company wants to introduce a new slimming chocolate bar into the Australian market. The Catbird Chocolate Company was founded In 1932 and it remains the biggest manufacturer of chocolate In products In the world. The company has other product portfolios and other famous brands like snack, dairy milk range, time out bars, milk tray, carme egg and crunchier. To ensure that the customers become aware of the new slimming chocolate bar that the company is introducing in the market, intensive arrest research need to be carried out(Stone & Despond, 2007).
The type of market research methods Market research Is simply the collection and analysis of data to ensure that the customer needs and wants are satisfied. Market research helps in decision-making and reduces the risk the Catbird Chocolates Company may encounter when introducing the new slimming chocolate bar. Market research is vital in every business because the marketing executive learn about potential customers, potential competitors, consumer wants and consumer needs. Consumers have different tastes ND preferences, which determine the needs and wants.
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Carrying a market research will help the company to establish a target market hence providing a focus for marketing activities. The company will also be able to estimate the correct amount of the new slimming chocolate bar to manufacture and supply in the market. The type of research methods that would be the most appropriate for the Catbird chocolates to use will be the primary data. Primary data collection method is more focused and use of questionnaires, contacting consumers directly and carrying out general market observation (Grouch, 2004).
There are various methods that can be used to conduct a primary market research and they are discussed below. Conducting Interviews This is the most common method that is associated with market research. The interview can be face-to-face, telephone or over the internet. The advantage of telephone interviews is that it can cover a wide geographical area and it is cheaper than face-to face interviews. On the other hand, face-to-face interviews are conducted between a market researcher and a respondent. Conducting market research using this method ensures that the researcher gets a lot of information.
Face-to-face also allows the use of pictures and products that need to be introduced in the market. The Catbird chocolate company can also use internet whereby individuals who access the company’s website are requested to fill electronic questionnaires (Stone & Despond, 2007). Mail survey In most countries, the most appropriate method to use for the collection of primary data is mail survey. The Catbird chocolate company can design questionnaires and mail them to a number of respondents. To improve the level of response from the respondents the company may prompt or remind the respective respondents.
Focus group A focus group is made up of respondents who are based together in the same room. The market researchers from the Catbird chocolate company should work with the focus group to gather in depth qualitative feedback. The focus group can be composed of 20 to 30 respondents. Personal opinions, discussion and beliefs are encouraged and the market research will explore precise areas that are of interest to the Catbird chocolate company. The area of interest in this case will be to hear the views of various respondents concerning the introduction of the new slimming chocolate bar onto the Australian market.
This method is more effective because the research can be covered in depth. The researcher and the respondents have a chance to interact hence colleting the true personal opinions (Sigmund & Barry, 2013). Product test The Catbird chocolate company can display the new slimming chocolate bar to the market. Potential customers are given a chance to visit the store and their purchase behavior is observed and recorded. The market researchers will then contemplate the response of the customers towards the new slimming chocolate bar.
The market executives will also learn more about the packaging of the product and the way the Diaries The Catbird chocolate company can choose a number of customers and request them to complete a diary that lists and records their purchasing behavior on the new slimming chocolate bar at a specified period either weekly, monthly or annually. This method demands for substantial commitment from the respondent but it is very effective. After collecting this information, the company’s marketing executive will have a clear picture on the purchasing behavior of the customers (Adams & Birr, 2004).
The use of the above discussed market research methods is more effective than the SE of secondary method of data collection. This is because primary data collection method provides the marketing executives with the clear and real picture of how customers will respond to the new slimming chocolate bar when it is finally introduced in the market. How the Catbird Chocolate Company make use of Qualitative and Quantitative research? Justify your choices. Qualitative and quantitative researches are the two kinds of research employed in marketing research that will assist Catbird chocolates to be successful in their new product.
Quantitative and qualitative research will be useful since they come up tit data that is valuable in understanding the needs of consumers. The usefulness of quantitative and qualitative research in Caduceus is discussed below: Qualitative research When trying to introduce a product into a new market qualitative research is very effective. This is because it assists in getting to know what is inside the customer mind. Catbird chocolates will make use of Qualitative research as an exploratory research aiming at determining the consumer’s value and altitudes towards the new slimming chocolate bar.
Through qualitative research, there will be an in depth understanding on the need of introducing the chocolate bar in the Australian market. Qualitative research will help to explain the purchasing logic, which explains why individuals will buy the product. This will be the basis of identifying the real market segments for customers who will purchase the product. The research will also help in understanding the behaviors of customers and how they will respond to the new product (Grouch, 2004).
Qualitative research will also be a useful tool for determining the importance of the new product to a customer. In most cases, people are faced with difficulties of what o ask during the research but with qualitative research there will be a process, which identifies the issues and discovers what is important to customers and why. Since qualitative research relies on some interaction with the customer like observation, depth interviews and focus group a full range of responses will be given revealing areas that are either negative or positive.
The research will also determine the ideas that generate a number of responses. This is very useful to the ongoing generated (Stone & Despond, 2007). Qualitative research is familiar in the market research business and companies make SE of the focus group to test their products. Focus group in this case will help Catbird test their products and explore if the chocolate bar they want to introduce in the market will meet customers’ needs. Focus group delivers data that is descriptive and very rich; views of the respondents concerning the new product are also gathered.
Through the focus group, people who will be consumers share their insights since they have a lot of experience. Their attitude towards the product will also be examined and it will assist Catbird venture in the new market (Sigmund & Barry, 2013). Quantitative research The main reason for a business to conduct a quantitative research is to become aware of how people in a population share certain characteristics and ideas towards a certain product or service. Quantitative research is designed to produce reliable and accurate measurement that will allow statistical analysis.
In their introduction of a new product in the market Catbird will use quantitative research to measure the behavior, performance and attitude of their will be customers. They will become aware of the people who use their products and those who have interest in the chocolate bar that they will be introducing. Quantitative research is used to estimate the potential of a business and measures its size and the segments that exist in the market. This will assist Catbird conducts the need assessment and understand human behavior towards the new product (Adams & Birr, 2004).
Quantitative research through advanced statistical techniques like regression, cluster analysis and correlation will be used to create models that predict the consumer’s opinion towards the new sliming chocolate bar. Since it is deeply rooted in the statistics and numbers data is easily changed. This will be effective in measuring reduce awareness, determining the market size and establishment of customer profiles. Prudent recommendations will be compiled since quantitative research involves a large sample size of customers who are surveyed.
There is added advantage of making use of quantitative research because Catbird will come up with predictable data that is essential in defining their long term strategy (Sigmund & Barry, 2007). Quantitative research makes use of questionnaires that are administered too large number of respondents. This is important because it allows some statistical analysis such as calculating the percentage or mean score. Through the questionnaires, the new chocolate bar.
This means that there will be an understanding of the response of consumer’s towards the new product (Stone & Despond, 2007). Quantitative research makes use of survey to collect information regarding the customer’s views towards a product. Speaking to a large number of customers is effective because clear views are given. The survey can be repeated several times to monitor change in opinion regarding the new product. Face to face will work very well for Catbird because an explanation is needed and the new product needs to be shown to the customer.