Sweet cookies is planning to launch a new line of cookies and want to asses the market size
Answers
Explanation:
Sweet Cookies is planning to launch a new line of cookies and wants to assess the size of the market. The cookies have a mixed chocolate-pineapple flavor and will be targeted at the premium end of the market. Discuss the type of research design that could be used.
Step-by-step solution:
Step 1 of 3
Descriptive Research:
Descriptive research is used to describe characteristics or functions. It is conclusive research wherein the structure is already defined and the researcher proceeds to data collection in order to describe some market variable.
Descriptive research is used to do the following:
• Describe something, usually market-related characteristics or market-related functions.
• Estimate how much of a certain unit displays the necessary or sought after behavior(s).
• Determine how produce characteristics are observed and understood by consumers.
• Determine marketing variables’ association and influence on consumers.
• Make certain predictions about the impact or future of a product with respect to consumers.
Step 2 of 3
Exploratory Research:
Exploratory research is used in situations where the problem requires detail and specifics. It must be precise, the relevant courses of action must be identified, hypotheses must be formulated, or additional insights gained before an approach can be developed.
Step 3 of 3
S Cookies Research Design:
The type of research design for the S Cookie applied problem is exploratory followed by descriptive research.
The six Ws of a descriptive research design might be:
1. Who is a consumer of mixed chocolate pineapple cookies? Potentially as follows:
Cookie purchasers
Premium priced cookies purchasers
Chocolate cookies purchasers
Sweet Brand cookies purchasers
2. Where to contact for the required information? Potentially as follows:
In the grocery store
At home
In the parking lot
3. When should the information be obtained? Potentially as follows:
Before groceries are bought
While shopping for their groceries
Immediately after buying groceries
Within 2 weeks of buying groceries
4. What information should be obtained? Potentially as follows:
Demographics
Psychographics and Lifestyles
Attitude toward the cookies
Attitude toward the price
5. Why are we obtaining information? Potentially as follows:
Determine consumer perception of and reaction to the new cookie
Determine the market size
6. Way – The possible ways in which we are going to obtain information. Potentially as follows:
Observational techniques
Scanner Data
Personal interview
Mail interview
Telephone interview
Electronic interview
Answer:
The whole process of assessing the market size for the given scenario of, "Sweet cookies is planning to launch a new line of cookies" has been provided :
Explanation:
Define the target market: Determine the demographic and psychographic character istics of the people who are most likely to buy Sweet Cookies' new line of cookies. This could include factors like age, gender, income, interests, and dietary preferences.
Conduct market research: Conduct surveys or focus groups with potential customers to gather information about their buying habits, preferences, and attitudes towards Sweet Cookies and their compe titors. This can help you understand the size of the potential market and how much of it Sweet Cookies can capture.
Analyze competitors: Evaluate the competition to determine the market share of each competitor and their strengths and weaknesses. This will give you an idea of how much of the market Sweet Cookies could realistically capture.
Calculate the total market size: Use data from your research to estimate the total number of potential customers for Sweet Cookies' new line of cookies. This can be done by multiplying the estimated number of potential customers by the average amount they are willing to spend on cookies per year.
Determine the share of the market: Based on the data collected, determine how much of the total market Sweet Cookies could potentially capture with their new line of cookies. This will give you an idea of the potential revenue that Sweet Cookies could generate from this new product.
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