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Mba 5502 Unit Ii

In: Business and Management

Submitted By clendof
Words 710
Pages 3
Unit II Assignment
MBA 5501
February 18, 2014

The business elected for this assignment is Splendor, a new but recognized name in hair styling products. Splendor is developing a new styling tool and is getting ready to launch in Spring 2015. The name of the new product is Lola, representing Splendor’s usual use of English names to its products. Lola is an innovative heating flat iron that has interchangeable bases, allowing the consumer to change apparatuses for the desired styling effect.

Question One
1. Describe what type of marketing research your company will need to use in order to support its marketing strategy. Create a list of questions or issues that your company will need to settle using marketing research.
Focus groups will be the main source of marketing research. Based on our companies’ researchers, three groups of 15 to 25 women will be selected to participate in a demonstration and testing of our new product Lola. Company researchers will select women based on demographics and other components based on interest and other competent factors. Participants will use individually use the product to test the products agility, manipulability, manageability, and accessibility.

Questions and issues to settle in our use of marketing research

Some of the key issues we will target specifically through our research will be: 1. Establishing a customer base and a determination of consumer needs of the product (Lola). 2. Determine characteristically, the potential markets segments and users. 3. Determine a price point for the product. 4. Determine key market that will launch Lola. 5. Research competitors and products being released as well as those already on the market. 6. Determine the level of consumer approval of the new product.
Questions
1. Do you currently own any type of heated styling tools in your home?…...

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