EKON Essay Example | Topics and Well Written Essays - 1500 words

EKON - Essay Example Looking at the demand or need of any certain product can bring innovation. EKON has been lucky enough to find a need for chairs that cater the customers with back problems and also those customers who require sympathetic chairs. With need we even have to see the target market of our new products, apply marketing mixes and assess whether the product would be successful or not. This report would brief us on things to consider before launching the new products. Ekon will first have to research on the products that they plan to launch by the help of marketing research process. Through this process we will systematically design, collect, analyze and report on data and findings relevant to our launching of the two new products. We can even outsource this process or form our own marketing research team. The marketing research process takes place in six steps: (see reference list for the source). 1. Define the problem and research objectives: marketing management will inform the research team about the two products being launched, but the management will have to be careful not to define the problem too broadly or narrowly. With the problem defining, decision alternatives and research objectives will have to be made clear. The team would be covering the customers falling under the backache problems or in need of sympathetic chairs. Now what kinds of things do the customers want in the prescribed form of chairs would be found after the process ends. 2. Develop the research plan: after we make clear objectives of our research the team will have to come up with the most efficient plan to gather the information needed. Like data sources (primary and secondary data), research instruments (questionnaires, surveys, behavioral data and experimental research). The EKON team will have to see the feasibility and available budget before forming the plan. The retrieval of data from any source may vary in terms of cost. EKON plans to