Market Research Plan for Your Company Assignment Paper

Market Research Plan
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Market Research Plan
Market research refers to the process of gathering information about the market. The market involves many factors such as the competition, consumers and goods and services. It provides a chance for potential entrepreneurs to identify the market size, customers’ wants, the feasibility of the product or service, helps the entrepreneurs to promote their products and to establish and embrace competitive strategies. Lip balms are applied on the lips to moisturize them and maintain their softness. The plan used to collect market information determines whether the information gathered will facilitate the intended business to overcome all the challenges in the market and make a profit. It is important to understand when, why and how to conduct a successful market research plan (Chen, 2015).
There are two critical methods used by entrepreneurs to collect a market research plan. The primary method is used to provide first-hand data, is more involving and expensive than the secondary method which is used to search for existing data. It is more cost efficient and less engaging compared to the primary method (Stanek, Babkin and Zubov 2016). Lip balms are very sensitive products as they might interfere with the user’s taste and physical appearance. Different consumers have different tastes hence the need to get first-hand information about how customers perceive the product.
The primary method, despite being more expensive and involving than the secondary one is the best way to collect information about lip balms for both genders. It applies different tools such as interviews, focus groups, surveys, task analysis and usability testing. Focus groups are organized groups of 2 to 8 people that take place for around 1 to 2 hours brainstorming about the lip balms. Information on general attitudes about lip balms will be collected and also understand why a customer chooses to buy one type on a lip balm over ...