Answered

Match the four steps of formal market research on a new shampoo with the examples of scenarios for each of these stages.

1. Define a problem
- Analyze the data you have gathered to determine what needs are not being met by the current products in the market.

2. Develop a plan for the research
- Create a questionnaire to get more specific information about what people look for when buying shampoo.

3. Conduct the research
- Conduct a phone survey to find out when respondents last switched shampoos and why.
- Read secondary data on customer preferences and send a questionnaire by email to 500 potential buyers.

4. Interpret results and create an action plan
- Analyze the data you have gathered to determine what needs are not being met by the current products in the market.



Answer :

GinnyAnswer

Final answer:

The detailed answer explains the four steps of formal market research on a new shampoo with relevant examples for each step.


Explanation:

Steps of Formal Market Research on a New Shampoo:

  1. Define a Problem: Identify a research issue, such as determining unmet consumer needs in the shampoo market.
  2. Develop a Plan for the Research: Create a questionnaire to gather specific information on consumer preferences when buying shampoo.
  3. Conduct the Research: Send out questionnaires, analyze gathered data, and conduct phone surveys to understand consumer behavior and needs.
  4. Interpret Results and Create an Action Plan: Analyze the data to determine gaps in the market and plan for product improvements or launches.

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