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The Pure Confectionery Company has conducted market research for its new protein bar - Junior Cycle Business Studies - Question 18 - 2019
Question 18
The Pure Confectionery Company has conducted market research for its new protein bar. (a) (i) Explain why the Pure Confectionery Company would conduct market resear... show full transcript
Worked Solution & Example Answer:The Pure Confectionery Company has conducted market research for its new protein bar - Junior Cycle Business Studies - Question 18 - 2019
Step 1
Explain why the Pure Confectionery Company would conduct market research.
Answer
The Pure Confectionery Company would conduct market research to gather vital information about their competitors, including the prices they charge for similar products. Additionally, this research helps to identify consumer preferences, such as whether potential buyers would be interested in purchasing their new protein bars. This information is crucial for making informed business decisions, developing competitive pricing strategies, and tailoring the product to meet market demands.
Step 2
Explain the term target market.
Answer
A target market refers to a specific group of consumers that a business aims to reach with its products or services. It encompasses individuals who have a particular interest in the goods being offered and are most likely to purchase them. Understanding the target market allows businesses to tailor their marketing strategies and product features to meet the needs and preferences of these consumers effectively.
Step 3
Identify a suitable target market for the protein bar.
Answer
A suitable target market for the protein bar would be people who play sports, exercise regularly, or are health-conscious. This demographic is likely to be interested in protein-enriched snacks that support their active lifestyles and health goals.