Investigating Product Development Initiative
Your research firm has just been asked to bid a project by a leading consumer food manufacturer to investigate a new product development initiative for a revolutionary new cereal. The product definition is still indeterminate as to product scope and needs detailed investigation to develop the critical consumer marketing dynamics. Your proposal must outline the methodology to launch such a consumer cereal research project, define the scope of the research, comparative criteria to justify the attributes and levels of attributes needed to investigate such a product (hint investigate conjoint analysis), the critical features needed to fit each identified MULITIPLE market segment (a very critical aspect is who will the best target audience with substantiation and supporting data). Your proposal must highlight how data will be gathered (not just a survey but a survey plan that captures data in more than one research method), and what the desired results will be for the client company. Be very specific as to the outcome of your client proposal and provide a detail cost estimate of each and every phase. Use the Essay Format found under resources tab and submit your competitive proposal. Each paragraph should be written in complete sentences with attention paid to good grammar and spelling. Please double-space, use 12 point font, with one inch margins. Be sure to cite your resources and provide the references using APA format. Remember to reference all work cited or quoted by the text authors. You should be doing this often in your responses. |
Food is an essential part of our daily life. With the diverse lifestyles and the increasing number of lifestyle diseases, people have become choosy in the kind of food they take. While cereals play a critical role in people’s diet, it is important for consumers to be aware of what is contained in the type of cereals they eat. In modern life, new lifestyles, higher consumer awareness, and higher income have led to continuous high consumer demand for quality, innovation, and diverse cereals (East & Ang, 2017). Nonetheless, cereals have remained less changeable as compared to other food products.
Our company is a research firm which is dedicated to providing a thorough research on any new product in the market in order to provide essential information to the customers in the effort to market it. This paper presents a proposal for a bid project which investigates a new cereal product development initiative. While the product definition is still indeterminate, the proposal outlines the methodology to be used in launching the project. Our company aims at serving the customers using quantitative and subjective ways essential for dealing with customers (Hawkins & Mothersbaugh, 2016). We also do market research and provide full information and consultancy services. Our firm is also involved in product development and client research methods. Our firm exceeds the expectation in the methods to deal with customers and statistical surveying by making long-term associations in light of imagination, honesty, and market mastery (Hawkins & Mothersbaugh, 2016).
Methodology
The aim of the research is to investigate the development initiative for the revolutionary new cereal and provide a basis for critical consumer market dynamics. The project intends to use a logical review of scientific literature on Science Direct. In this project, several topics will be covered in order to extract the finest information regarding the new product proposal. Such topics include cereal development innovation, consumer observation and its role in the developing process, and innovation in the cereal production which will include the packaging and processing technologies (Ghanbari, Ghasemi & Mortazavian, 2017). Using this methodology, it will be possible to analyze the consumption subculture of the target audience. This will help in determining the market entry strategy to ensure that the audience has their cultural needs covered that pertain consumption. More research on the cereal will be conducted through surveys. This will include regular routes and telephone calls by the firm to converse with the consumers concerning the cereal elements and the cost. It will enable to determine the value run at which the customers will be required to pay for the product. In other words, it is an appropriate method to determine the pricing of the product in the already competitive market.
