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Describe the market research approaches

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Reference no: EM131290483 , Length: 1250

Describe a new fictitious product idea that you believe would be a logical fit for your chosen organisation and its brand promise as well as commercially successful in a new international market of your choice.

Describe the market research approaches you chose that you believe would be most effective in determining the relevant segments and demand for this new product.

Your post should explain why you believe they would be most effective in allowing you to better understand three of the following topics in terms of market demand:

- Current brand strength (e.g. measures of brand equity)

- Market and segment size and growth o Customer segment characteristics

- Competitors and alternatives o Buyer behaviour and the buying process (i.e. choice criteria)

- Potential for the use of digital marketing processes (e.g. ecommerce, social media) to support the customer buying process.

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The paper is about finding the new innovative idea for a product to become commercially successful in the international market for the insurance sector. So the new technology in the form of Drone has been used for spreading the awareness about the product in the market, for making the brand familiar among all the people and thereby increasing its demand. Also, the different market research approaches have been used which are very effective in finding out the relevant segments for the product and has shown its importance. The paper has been prepared in Microsoft Office Word Document.

Reference no: EM131290483

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