Please keep each of your responses to one page in Word for each question, using the same font and formatting I have my content in here (Calibri 11). You can use bullet points if you can get your point across appropriately and thatÃ¢â‚¬â„¢s a format, youÃ¢â‚¬â„¢re comfortable with. You may not need to fill each page, just answer the question in as much detail as you think is appropriate.
You should read through all of the questions before starting so that you donÃ¢â‚¬â„¢t accidentally answer questions redundantly.
The scenario and questions will be attached below
Each question will focus on a different part of the market research process. Some of these questions are very vague. This is intentional, as market research isnÃ¢â‚¬â„¢t like a math problem where there is one right answer. All I care about is your thought process. There are likely multiple correct answers for these questions if you structure it in a way that makes sense.
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
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.
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 itÃ¢â‚¬â„¢s not evident in how you describe your rationale. There are many correct ways to answer
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 canÃ¢â‚¬â„¢t say Ã¢â‚¬ËœsurveyÃ¢â‚¬â„¢ 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.
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.
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 youÃ¢â‚¬â„¢ve 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 Ã¢â‚¬Ëœthey would make a profit,Ã¢â‚¬â„¢ or Ã¢â‚¬ËœI think
the market is big enough.Ã¢â‚¬â„¢ You can draw on more market research topics than just what was addressed
so far in this assignment.
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