market research

Imagine you are the marketing manager for a new healthy snack brand entering the market. Your company plans to launch a plant-based protein bar targeting college students and young professionals. However, leadership is unsure about:

• Which flavor to launch first
• What price point customers will accept
• Which marketing channels will be most effective

Your job is to recommend how marketing research should be used before launch.

Initial Post (Minimum 300 words)

In your response, address the following:

1? Define Marketing Research (LO 5-1)

• In your own words, define marketing research.
• Explain why marketing research is important for decision makers in this scenario.
• What risks might occur if research is not conducted?

2? Exploratory vs. Conclusive Research (LO 5-2)

• Explain the difference between exploratory and conclusive research.
• Provide one example of exploratory research the company could conduct.
• Provide one example of conclusive research the company could conduct.
• At what stage should each type be used?

3? The Marketing Research Process (LO 5-3)

Briefly describe the five basic steps in the marketing research process and apply them to this scenario:

1. Defining the problem
2. Developing the research plan
3. Collecting relevant information
4. Analyzing data
5. Taking marketing action

Be specific in how each step would apply to the protein bar launch. Be specific in how each step would apply to the protein bar launch.