Market Research

ScenarioYou are now ready to learn more about the business, refining and researching the central questions or areas you identified in your engagement letter and more. You will need to understand factors including the service, geographic area, customers, competition, and pricing. Your findings will inform your marketing plan.Your plan is to create a three-page primary market research document that:Outlines your methodology.Identifies source material.Includes relevant data on the topics above and your research area and research questions.Draws actionable conclusions that inform the marketing plan.PreparationDefine your central research area/questions. What questions should you be asking? How and where should you spend your efforts?Identify resources that will likely help you answer your questions.InstructionsConduct your primary market research and document using the Market Research Template. The completed document should do the following:Define the research problem or challenge. (It should state the elements, questions, or problems that your research is designed to resolve)Summarize your overall research approach, focus, and methodology (How will you obtain the information/data).Present data (and its sources) that supports answers to your main research questions and stated challenge in an effective manner. It should minimally include data on:The 4 P’s of Marketing.Product (in this case, service).Price.Placement.Promotion.Competitors.Number, services, location, market share, etc.Customers.Demographics, location, income, education, etc.Synthesize your research: Describe and prioritize two or three research conclusions that will likely guide your marketing plans. Make sure to highlight and summarize pertinent information from your sources that support your conclusions.Additional RequirementsResources: Cite 6–8 sources used in your research. Choose sources that are credible and relevant. For help with research, writing, and citation, access the library or review library guides.The specific course learning outcome associated with this assignment is:Conduct market research to inform marketing strategy and planning.

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