I’m working on a marketing writing question and need support to help me learn.
Congratulations! You just got hired as a junior market researcher at MacPhee Research Inc. Your very first job is to plan and execute a market research project for a new start-up. Your very talented, smart, funny, and all around great boss has given you an overview of the company and has asked you to start the project.
Three Snake Audio is a new manufacturer in the audio market for video game applications. They know that the headphone market is ready for innovation and want to learn about their market before they commit to a design, price point, target customer group, geographic market, and channel strategy. They have hired MacPhee Research Inc. to help them answer these questions. They have a large budget and are willing to make a product that solves real problems for customers instead of just putting another Beats copy on the market. The company has not committed to any design or product features yet. They simply want to provide a high quality audio experience that is better and/or different than what is available on the market right now for video game players. In summary: they want to improve the lives of gamers, wherever in the world they might be. This may mean they may not make headphones; they might do something completely different.
Question 1 (5 points)
In order, what are the first three tasks you would undertake as part of your market research project for Three Snake Audio. Please tell me why you selected each task, and why you put them in the order that you did if its not evident in how you describe your rationale. There are many correct ways to answer this.
Question 2 (10 points)
Three Snake Audio wants to make sure they are solving real problems for people who play video games.
Please tell me three groups of people that you want to collect information from. Tell me what market research techniques you would use, and why, to gather this information (I expect you to identify three different techniques, you cant say survey for each one), and finally tell me how you will sample (i.e. recruit participants) from these groups so that your data is as representative as possible. You can assume COVID-19 is not an issue. Lastly, identify which of your three data collection activities that you expect will be the hardest to execute, and why. I suggest using a table for this, feel free to landscape the page or start with a fresh one if you need to.
Question 3 (5 points)
Three Snake Audio has decided to create a wireless, noise cancelling, extended battery life gaming headset that will sit near the top of the market in terms of price, performance, luxury and status. They now need to know how many likely customers are available for them to sell to what the likely value is for this market. Please outline the process you would go through to identify the likely market value for this product. You can assume you have a clear customer persona that they will target.
Question 4 (5 points)
The final step in your market research project is to make a recommendation for whether or not they should pursue this business, based on all that youve learned through market research in this course. In answering this question, please discuss what factors you would consider and how you would analyze the scenario to make a recommendation to Three Snake Audio. You can make up fake data here if it helps you in answering the question. Your answer must be more detailed than they would make a profit, or I think the market is big enough. You can draw on more market research topics than just what was addressed so far in this assignment.