Name: Asjad Abbasi

ID: 22151
Course: Consumer behavior
Submitted to: Ma’am Asma Rehman

1. Describe the purpose of Market Research?

Market research is a subset of marketing that informs companies like Kellogg's about what
consumers need, how to design products to meet those needs, and how to market those
products to consumers. Market research entails more than simply discovering what consumers
are thinking right now. It can predict what customers will want in the future. In this way,
market research assists a company in making more informed decisions. This reduces the risks
associated with the development of any new product. It also increases the likelihood that when
products are launched, they will be well received by consumers. Kellogg's is focused on the
market. This implies that the entire organization is focused on the needs of its customers. As a
result, it is essential that it identifies and anticipates changing consumer needs prior to the
development of new products. By identifying consumers' needs, market research adds value to
companies like Kellogg's. It helps Kellogg's in planning ahead of time, such as determining which
products or extensions to develop and for whom. It focuses the company on the needs of its
customers. A company that does this can increase its competitive advantage.

Gain a more detailed understanding of consumer needs-marketing research can assist

businesses in discovering consumers' opinions on a wide range of issues, such as product prices,
packaging, and recent advertising campaigns. Reduce the risk of product and business failure -
While no new idea is guaranteed to be a commercial success, accurate and up-to-date market
information can help a business make informed decisions, hopefully leading to products that
consumers want in sufficient numbers to achieve commercial success.

Forecast future trends - Marketing research can be used to not only provide information about
the current state of the market, but also to predict future customer needs. Firms can then make
the necessary adjustments to their product portfolios and output levels to ensure their
continued success.
2. Explain the differences between the Primary research and Secondary research?

The collection of original primary data constitutes primary research. It is frequently undertaken
after the researcher has gained some understanding of the issue through the review of
secondary research or the analysis of previously collected primary data. It can be done using a
variety of methods, such as questionnaires and phone interviews in market research, or
experiments and direct observations, among others. In market research, questionnaires and
telephone interviews are used, as are experiments and direct observations.

Secondary research, as opposed to primary research, entails summarizing existing research. In

most cases, this entails gathering data from third-party sources such as marketing research
reports, company websites, magazine articles, and other publications. However, any previously
gathered information, whether from external or internal sources to the marketer, such as
accessing material from previous market research conducted by the marketer's organization,
old sales reports, accounting records, and many others, falls under the heading of secondary
research.

3. Analyze why an organization like Kellogg's would use both qualitative and quantitative data.

Primary market data may be gathered through qualitative or quantitative research. Both types
of data are useful in determining what consumers want or require. Qualitative data is more
concerned with opinions, feelings, and attitudes. Quantitative data is numerical in nature and is
typically collected from a large sample of respondents. Qualitative research initiates a dialogue
with customers. It elicits consumer reactions to new product ideas, for example, and assists
researchers in understanding what they think of it, how it makes them feel, and why they find it
interesting or not. Questionnaires distributed to a large number of respondents may be used in
quantitative research. This enables statistical analysis, such as calculating the mean score or
percentages. Its goal is to provide a representative picture of what consumers think of a new
product concept or a new food. This study focuses on the creation of Crunchy Nut Bites, a more
recent addition to the Crunchy Nuts brand. It was critical for Kellogg's to conduct both
qualitative and quantitative research because qualitative research allowed the company to
learn about the consumer's preferences for potential flavors and textures. The findings of the
qualitative research enabled Kellogg's to discard some concepts. Other ideas were appealing to
consumers but needed refining and further development. Quantitative research was also
important. As Kellogg's released a number of products, these products were shown to large
groups of representative consumers in a quantitative survey. They were asked to rate those
ideas on a variety of scales so Kellogg's could determine which product ideas consumers liked
or disliked the most.
Q4. Evaluate why market research can reduce the risks of a new product launch.

A Market research is a subset of marketing that informs businesses about what customers
want, how to design products to meet those needs, and how to advertise those products to
customers. Market research entails more than simply discovering what consumers are thinking
right now. It can predict what customers will want in the future. In this way, market research
assists a company in making more informed decisions. This reduces the risks associated with
the development of any new product. Market research enables a company to investigate
various types of products that consumers may be interested in. Screen those ideas by gathering
quantitative information about consumer preferences from them. Testing the product in the
market, conducting market research on the product's success, and finally launching the product
in the market. A thorough market research before launching a product reduces the risk of the
new product failing.