Step 2 - Conduct Market Research

  • Companies conduct market research surveys to help them make decisions.    As you create a new product, you will have many questions.  You will need to know what people want in your type of product.  You will also need to know what the people (parents and kids) are willing to buy.  Your market research will help you answer those questions.
    For example, if you were using Cold Cereal as your product, you might want to survey kids and ask them to rank the following items regarding what they want in their cereal:  Sugar Coating, Color, Unique Shapes, Marshmallows, Fruit, Nuts, Reduced Calories, Extra Nutrition.  You may want to survey parents and ask them to say what is most important to them:  Price, sugar, nutrition, etc.
    Please note that it is much more time effective to go with a set of items to have the consumers RANK their choices rather than a open ended questions.  Consider the following survey questions:
    • Question 1:  What do you want in a new cereal?  
    • Question 2:  Which is the most important to you in a new cereal:  Nutrition, Flavor, Prize, Box Covering?
    In Question 2, people who are answering do not have to come up with an idea out of the blue. They can use your expertise and then tell you which they like best.
    Your assignment is to develop a survey similar to the ones below, which are examples of Cold Cereal Surveys.  You will need to survey 30 students during your study hall.  You need to have two separate questions and each question should have at least three choices.
    Once you have completed your surveys, analyze the market research (figure totals and percentages) so you can put a slide in your presentation to the board that describes the results.  The results of your research must be included with your final presentation to the Board.

    You should create the following slides in a PowerPoint to prepare for your presentation to the board:

    Slide 1:  Title Slide (Company or Product Name with the name of each member of the group)
    Slide 2:  Statistics for Question 1 using the format below
    Slide 3:  Statistics for Question 2 using the format below
    Question
    Choice 1:  20/30  66%
    Choice 2:  5/30   17%
    Choice 3:  5/30   17%
    Slide 4:  Describe your decisions based on what you learned through your market research. Then write 2-3 sentences describing your decisions about your product and WHY you made those decisions.   (We are going to make chocolate flavored cereal because 56% of the students surveyed wanted chocolate.) Remember, you have to live with those decisions and they will be part of your product as you complete the rest of the assignments in this unit.

    Print your PowerPoint presentation - 4 SLIDES PER PAGE - so that it prints on one page.  Hand it in for a team score.

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