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Market Assignment - Research Paper Example

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MARKET RESEARCH Name Market Research “Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary research which is collected direct from a respondent” (DJS Research Ltd, 2011)…
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Market research Assignment
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Download file to see previous pages Energy drinks are products that became popular in the year 2000 and their popularity kept on increasing since then. These products are really suited for those individuals who have to work at night hours or have a hectic nature of work on their shoulder. The launch of a 12 hour energy drink would be considered a market leader product in a market where the current offering is only a 5 or a 6 hour version of the energy drink. As it is considered to be newer version of the product in the existing market, it would be really beneficial if a market research is conducted to analyze whether the product will succeed in the market or not. As the company in question lacks the budget to conduct a survey or the focus group research analysis, the only option left would be to use public information on the energy drink market that would help in identifying the target markets for such an energy drink. On the basis of the information and the current buying behaviors of individuals, it seems obvious that the target market for a 12 hour energy drink would be the age group of 16 to 30 years old. The recent trend of advertising for the energy drinks currently focus on the young generation of such age group. This age group is can further be divided into athletes, gamers, party lovers and workaholics. Now it would be really difficult to target all these different target groups with a uniform/similar product but since the product brings an extension to the time period i.e. 12 hour version, it may be possible that it can serve all the different target groups with a uniform product i.e. similar product, packaging, etc. By identifying the target market, a segment of the market would be identified. This market segmentation would help in reduced marketing costs for the company. For a successful market segmentation and target market, proper consumer data would be analyzed with respect to the energy drinks. Using the public information, both quantitative and qualitative would be analyzed. Quantitative data would include such as age group, the age group of 16 to 30 years old would be the perfect market as far as the age group is concerned for the 12 hour Power O energy drink. The income factor would not be much of a concern as far as the target market is concerned, the prices of such energy drinks are cheap and these can be easily bought by the target age groups. As far as the qualitative data is concerned, there would be no effect based upon the education of that particular target market. The occupation of the target market may come into question with regards to the occupation. People working at night hours are deemed to be fond of energy drinks, hence a 12 hour Power O energy drinks would really help them. The only question that would really matter would be the fact that such 12 hour energy drink would have ingredients that might have negative effects on the users. Such 12 hour energy drink would have heavy amount of caffeine that can be considered to have negative and harmful effects on the users of such energy drinks. Hence at the target age range of 16-30, it could be excessively harmful and it can create legal restrictions on the sale of such energy drinks (as is the case in Norway and Iceland where under 16 sales is prohibited) because of the increased amount of caffeine ...Download file to see next pagesRead More
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