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The Pure Confectionery Company has conducted market research for its new protein bar - Junior Cycle Business Studies - Question 18 - 2017
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 - 2017
Step 1
Explain why the Pure Confectionery Company would conduct market research.
Answer
The Pure Confectionery Company would conduct market research to gather crucial information about consumer preferences and trends. This includes understanding what potential customers are looking for in a protein bar, which flavors are popular, and what nutritional features are valued. Additionally, they would want to analyze competitors' products and pricing strategies to ensure that their offering is competitive. This research helps minimize risks by enabling the company to make informed decisions regarding product development and marketing strategies.
Step 2
Explain the term target market.
Answer
A target market refers to the specific group of consumers that a business aims its products or services at. This group is identified based on characteristics such as demographics, interests, and buying habits. Businesses use this segmentation to focus their marketing efforts effectively, ensuring that their messaging resonates with the people most likely to purchase their goods or services.
Step 3
Identify a suitable target market for the protein bar.
Answer
A suitable target market for the protein bar would be individuals who engage in sports or exercise, as well as those who are health-conscious. This could include athletes, fitness enthusiasts, and people who follow diet plans focused on protein intake. By targeting this demographic, the company can align its product features and marketing strategies with the needs and preferences of these consumers.