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ASSIGNMENT INSTRUCTIONS:
Imagine you work for a breakfast cereal company that makes prepared products that are served cold. Your company wants to introduce a new hot breakfast cereal that would require some minimal preparation by the consumer. How would you propose forecasting initial demand for this product? Identify one quantitative and one qualitative technique. How do the techniques complement each other?
HOW TO WORK ON THIS ASSIGNMENT (EXAMPLE ESSAY / DRAFT)
Forecasting Initial Demand for a New Hot Breakfast Cereal
As an employee of a breakfast cereal company that specializes in cold, ready-to-eat products, I am excited to propose the introduction of a new hot breakfast cereal that would require minimal preparation by the consumer. In order to accurately forecast the initial demand for this new product, I propose the use of both quantitative and qualitative research techniques.
The first technique I suggest is a market survey, a quantitative approach to measuring consumer demand. A market survey can provide numerical data on consumer interest in the new hot cereal, as well as important information about factors such as price sensitivity and brand loyalty. This information can be gathered through online surveys, phone surveys, or in-person interviews with a representative sample of the target market. The results of the market survey can then be analyzed to estimate the potential demand for the new hot cereal.
The second technique I recommend is a focus group, a qualitative approach to understanding consumer behavior and preferences. A focus group consists of a small, diverse group of consumers who are brought together to discuss and provide feedback on the new hot cereal. This type of research can provide valuable insights into consumer opinions and expectations, and can also uncover any potential obstacles or objections to purchasing the product. The information gathered through a focus group can then be used to inform the marketing and product development strategies for the new hot cereal.
By combining both quantitative and qualitative research techniques, the company can have a more comprehensive understanding of the market demand for the new hot cereal. The market survey provides numerical data on consumer interest, while the focus group provides insights into consumer behavior and preferences. By combining these two techniques, the company can have a more accurate understanding of the market demand for the new hot cereal, and can make informed decisions about product development, marketing, and pricing strategies.
In conclusion, the use of both quantitative and qualitative research techniques can provide a comprehensive understanding of the potential demand for a new hot breakfast cereal. The results of the market survey and focus group can be used to inform product development, marketing, and pricing strategies, leading to a more successful launch of the new product.
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