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Market Research Feasibility Study

Table of Contents

Overview of the product.

Purpose of research.

Measurable symptoms of the root problem..

Identification and clarification of information needs.

Unit of analysis.

Relevant variables.

Statement of Decision maker’s purpose.

Research Question.

Data Requirement for the analysis.

Research Objectives.

Confirmation of value of the project.

Research Design.

Method of administration.

Measurement of tool and implementation plan.

Sampling technique.

Ethical considerations.

Potential limitations of the research.

References.

Overview of the product

V8 vegetable juice is the remarkable trademark name of the beverage products that are sold worldwide made of eight different vegetables. This company is owned since 1948 by the Campbell Soup Company. This is the vegetable juice product with the main ingredient of tomato and is sold with eight different vegetables (Kalal, Archana, KrithikaDevaiah & Kumar, 2018). The original product of V8 is concentrated with water and tomato and the other contents that are used are a hint of black pepper, lemon, low sodium, spicy hot, Picante, and organic. The juice Splash is cocktail juice that is sweetened with sucralose and high-fructose corn syrup. In Australia, V8 ranges from Tropical, Breakfast, Pineapple Passion, Apple Mango, to Orange Mango Passion. In the year 2015, the Power Blend range was also launched in Australia. It was the combination of fruit as well as vegetable juices.

Purpose of Research

The research on this company is to be conducted to identify the reason for slipping sales slipping. Also, there is a need to conduct consumer research so that a new advertising plan could be enabled for market growth. Campbell is the founder of this company and has developed the lines in nutrition shakes and bars by delivering the ingredients with conviction and consumers know. Innovations helped the company in growth as the shakes were made available in chocolate, chocolate raspberry, vanilla, and the bars were offered in oatmeal raisin, cranberries flavour, peanut butter, and chocolate pomegranate (Rabidas & Bowen, 2019). However, the problem lies in the discontinuation of V8 protein that was at a time with high demand for protein food and beverage products. In Americans, plant protein is gaining traction in a particular sense. The trend is always to be analyzed because it is not a guarantee that customers will purchase the products. This is the part in which Campbell was ineffective due to not using the trending ingredient. This was a clear picture that how the company went out of the protein line and reduced its customers. Although, this is all being sorted by the involvement of start-ups, and finding out new and exciting protein ingredients such as pea protein, milk, and soy milk. The protein line of Campbell was not able to get success from the customer's preferences (Mudrík, Nastišin & Horváth, 2016).

Measurable Symptoms of The Root Problem

The root cause of the problem is measured here in this V8 decline is the use of a website for online shopping, soon ending sales, inefficient marketing department, undefined potential customer, and return on investment is not seen.

Symptom 1 – Use of Website: The main goal of the company is to sell the products more and more to capture high business opportunities. The use of the e-commerce page is the approach that poses a measurable symptom for root problems.

Symptom 2 –Soon ending sales: The sales of the company should be such that they attract the customers naturally. But, here in the case of V8, the customers were shifting towards other brands.

Symptom 3 – Inefficient marketing department: The marketing department plays a greater role in improving the turnover figure. This is an important tool to analyze the possibilities for an automation process.

Symptom 4 – Undefined potential customer: From the intuitions and conclusions, it is clear that the sales are declining and some inbound strategies must be developed to attract the customers for product or service.

Symptom 5 – Return on Investment: Return on investment is an accurate estimate that shows that profits are earned by the company or not (Kim, Park & Yoon, 2018).

Identification and Clarification of Information Needs

The information that will be needed to do the research is an environmental analysis using SWOT analysis to identify the internal and external environment. PESTEL analysis would be needed to analyze the Political, Economic, Social, Technological, Environmental, and Technological analysis. The report on the market worldwide, consumption, global trends, market share, and market analysis is needed to do the research. Hence, consumer and industry trends would be needed to recognize the patterns of success (Wu, Chen & Li, 2019).

Unit of Analysis

In the research, individuals are the most common unit of analysis. At the individual level, the perception, beliefs, and attitudes matter to get the insights of business problems. This provides the visualization to the human resource department to study customer base and employees performance. This affects the behaviour and therefore becomes necessary to study customer satisfaction. The study will be useful if the study will include the crucial role of psychologists to disclose important facts.

The aggregate level will allow the groups, communities, and nations to be included under deep study for analysis. Group level will include interaction with more than one person who shares the same characteristics. This will help the study in analyzing the groups of the people and their group behaviour (Khan, 2018).

Relevant Variables

Marketing research is a significant investment done to analyze financial risks. The tools that are used to analyze the relevant variables are product launches, surveys, and focus groups to measure and understand the different elements of the marketing mix influence marketing results. Two types of variables are there:

  1. Independent variable: These are controllable factors that influence dependent variables. The elements of the marketing mix are price, place, product, and promotion. It has the purpose of marketing mix strategy and thus relates to marketing research. The independent variables are there to discover the interrelationships and impacts that are expected.
  2. Dependent variable: These are the variables that are uncontrollable by nature and are useful to see the impacts on outcome. These are such as pricing, sales revenue, and the distribution model (Muzaffar, Nasim & Ssoaib, 2016).

Statement of Decision Maker’s Purpose

The mission of the Company is to attract more and more customers to enhance the sales and profits for the company.

Research Question

What could be the various ways that can be chosen by the company to get success from the customer’s preference?

Data Requirement for The Analysis

While doing the market research analysis, the objectives of the research should be clearly stated. The researcher must realize that the information is needed to obtain the reports, published articles, and documents. The research would involve secondary research or desk research. The numerous resources will be used for the study to know the current status such as,

  • Government publications
  • Publications and websites by competitors
  • Own company’s record and publications
  • Newspapers, magazine articles, and journals.

Other information can be collected using primary data collection methods such as by conducting surveys and questionnaires to get the answer for objectives.

The secondary research, in this case, would be faster, less expensive, and easier than the primary research. As an example, the research is done by using the internet facility carefully for selected search items. The primary research is important and should not be neglected because of time consuming and expensive (Annual report V8 , 2019).

Research Objectives

Every research is based on some objectives. The objectives of this research are:

  1. To identify the variables and criteria that are used by the customer to understand the personal and social influence on buyer behaviour.
  2. To develop the knowledge of planning and advertising strategy.
  3. To gain an understanding of various customer attraction techniques.

Confirmation of Value of The Project

The study will provide us with factual findings that will contributeto researching with high quality to produce knowledge that is applicable outside the setting. Hence, it would result in research to get informed action.

Research Design

Amongst the several research designs, this study would be done with the help of a descriptive method. The descriptive method will help us to describe market characteristics and functions. The hypothesis would be formed to have a mark for prior formulation. Secondary data analysis would be done that will include structured pre-planned survey formats for data collection.Hence, this would be a quantitative research method that will include the derivation of results by applying statistical analysis.Secondary data will be analyzed taken from various reports and consumer behaviour analyses by collecting the data from the questionnaire.

Method of Administration

Questionnaires will be administered by the interviewer to yield the answers with respondents tending to give the possible answers. The advantages of these questionnaires will be:

  • Literacy is not needed in this concern
  • Clear responses and questions can be derived.
  • Additional information can be collected from this type
  • Open-ended and complex answers are possible for the analysis.
  • Assurance is there if the questionnaire is answered by the intended person.
  • Unanswered questions would be very less.
  • Personal contact will play a role to have more participants.

Measurement of Tool and Implementation Plan

Measurement would be done by filling this Dummy table such as,

Are you satisfied with the customer service given by the organization?

1 – Strongly Disagree

2 - Disagree

3 – Neutral

4 – Agree

5 – Strongly agree

The scoring can be as follows for the questionnaire:

Customer satisfaction

Count

Percentage of Total

1 – Strongly Disagree

40

20

2 - Disagree

20

40

3 – Neutral

80

60

4 - Agree

40

80

5 – Strongly Agree

20

100

Total

200

100

Sampling Technique

In the research, sampling means the process of getting opinions from the chosen group from the whole population. Therefore, it is a very careful analysis and design to draw information about the given market.

Hence, in this research, the concept that would be more suitable will be a simple random selection. This will permit the justifiable inference from the sample to the population, at the quantified levels of precision. This will also reduce bias in a way so that the research could be performed with full convenience.

Advantages of this sampling method are:

  1. Easy to calculate and estimate the population and sampling error.
  2. Simple to interpret and design.

The sampling frame will be decided based on the total population that will specify the target population with clear and complete representation. The target population will be the sampling frame identified from existing registers and lists. This could also be geographical to get more valuable information.

Ethical Considerations

The ethical considerations are important to consider in research to miss any type of failure. The ethical considerations that will be taken in this research are:

  1. The participants will not be harmed in whatever ways.
  2. The priority would be taken to maintain respect and dignity.
  3. The consent would be taken from the participants before the study.
  4. The privacy of the results would be maintained to ensure the protection of views.
  5. The anonymity of the organization and individuals participating in the research is to be ensured.
  6. Any type of exaggeration or deception about the objectives and aims of the research will be avoided.
  7. The conflicts of interest, forms, and sources of funding will be declared in the early phases to reduce any kind of confusion.
  8. Honesty and transparency would be maintained for communication about research.
  9. An adequate level of confidentiality will be maintained in the research.
  10. Representation of the primary data will be done in the correct way to reduce any kind of bias.

Potential Limitations of The Research

Every research plays a crucial role in presenting the problem. It is the way to understand and treat the customers in a more effective way than competitors. Satisfaction can be given to the customer if the marketer maintains close contact with the target market by doing research. It is the modern of analyzing the trends of marketing. The limitations of this research could be:

  1. Effect of extraneous factors.
  2. Time gap should not be there as it makes the research irrelevant
  3. Cost consideration
  4. The problem of rapid change
  5. The problem of accuracy and trust
  6. It will aid in problem-solving but is an appropriate technique to get the problem solved.
  7. Subjective or biased results.
  8. Risk estimation cannot be derived from decision-making
  9. Use or applicability.
  10. Difference between the decision-makers, field officers, and data analysts.

References for V8 Vegetable Juice Marketing Research Proposal

Kalal, S. S., Archana, B. G., KrithikaDevaiah, A., & Kumar, M. V (2018). Market research feasibility study for prospecting potential market & segments & geographies.

Khan, M. S. A (2018). Relationship between Customer Relationship Management and Marketing Performance.

Kim, R. B., Park, J. M., & Yoon, D. H. (2018). Marketing Accountability of Korea Corporate: The Relationship between Branding Investments and Financial Performance. Engineering Economics29(3), 332-340.

Mudrík, P. M., Nastišin, Ľ., &Horváth, M. J. (2016). Destination marketing and its importance in the context of e-commerce and e-marketing on the Slovak virtual market.

Muzaffar, A., Nasim, A., & Ssoaib, M. (2016). Role of Brand Profile Affecting People’s Perception: A Mediating Role of Celebrity Profile. Sindh University Research Journal-SURJ (Science Series)47(1).

Rabidas, M. C., & Bowen, G. (2019). Viral Marketing Consumer Purchase Intentions: a Theoretical Review.

Wu, X., Chen, H. X., & Li, X. (2019). The moderation effect of social factors on marketing factors in consumer research. Transnational Corporations Review11(2), 157-165.

Annual report V8 (2019), Available at: https://www.campbellsoupcompany.com/wp-content/uploads/sites/31/2019/10/Campbell-Soup-Company-2019-Annual-Report.pdf

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