Prior to beginning work on this discussion forum,
Read
- Chapter 1 of the course text, Principles of Marketing
Watch
- of the Marketing, Research and Segmentation video
Scenario
Every year, millions of dollars are spent marketing products (or services) that fail. Companies would love to get all that money back.
Fortunately, you happen to have a functioning time machine that you bought on Craigslist. As a result, you have one chance to fix what went wrong in the marketing research process and convince one of those companies not to spend that money.
We learned that there are five main steps for the marketing process. In Step 2 before marketers decide on the value proposition and the USP and positioning, they need to conduct indepth market research to gain an understanding of their target market and the consumer behavior (i.e., their needs and wants). The market research process has six main steps that, if not followed correctly, will result in the failure of the marketing plan and, at the higher level, the product or service. You are tasked to analyze one of these failures.
