|Introduction and background notes (vocational context)
|Assignment Context and Scenario:
Consider yourself working in a medium-size coffee packaging company in the greater London region as a coordinator for new product development from this year. Your previous food and beverage production experience and then marketing experience for over 5 years with the current firm has been useful to work in your new role as the product development coordinator.
The company management is very much interested in introducing a new coffee-based drink for coffee shop customers. The senior management team would like to know the emerging trends in this market in order to determine the size of the potential market based on a solid market potential analysis. T hey would also be looking for the financial viability of introducing this new product.
This requires you to consider the following four tasks as outlined in the following page in order to complete this assignment and present to the senior management.
Recommended word count is 3,000, excluding any introduction, appendix and the reference list. You may use a one-page introduction to describe your hypothetical company, if you desire.
|What you must do
Plan and carry out a research to determine the consumer profile, preference, attitude and buying behaviour related to coffee drinks using primary research. You need to explain the data collection methods used, including sampling techniques as well as the pros and cons.
Plan and carryout a secondary research to understand marketing principles data such as the size of the market for coffee drinks, competitors, market structure and market shares of key players.
|P 1.1, P1.2, P 1.3 M 1 P1.1, P 1.3
Using appropriate techniques analyze and summarize the data collected from primary and secondary research. This requires you to use such techniques as averages, quartiles/ percent i l es, dispersion and correlation coefficient analysis.
|P 2.1, P 2.2. P 2.3, P 2.4 M 2, D 1
Prepare a report in appropriate format using the information derived from the above analysis in order to present to the senior management. Your report should include tables, graphs, charts and other appropriate methods such as trend lines along with good interpretations.
|P 3.1, P 3.2, P 3.3, P 3.4
Develop and present a project plan for the development of the new product based on the above information to the senior management. The plan should include MFRD (management of financial resource & decison making) resource allocations, including project costing, business analysis based on the projected revenue and cash-flow, and other supporting evidences regarding financial viability of the project.
|P 4.1, P 4.2, P 4.3 M 3, D 2
|1. Be able to use a variety of sources for the collection of data, both primary and secondary
|1.1 create a plan for the collection of primary and secondary data for a given business problem 1.2 present the survey methodology and sampling frame used 1.3 design a questionnaire for a given business problem
|2. Understand a range of techniques to analyse data effectively for business purposes
|2.1 create information for decision making by summarising data using representative values 2.2 analyse the results to draw valid conclusions in a business context 2.3 analyse data using measures of dispersions to inform a given business scenario 2.4 explain how quartiles, percentiles, and the correlation coefficient are used to draw useful conclusions in a business context
|3. Be able to produce information in appropriate formats for decision making in an organisational context
|3.1 produce graphs using spreadsheets and draw valid conclusions based on the information derived 3.2 create trend lines in spreadsheet graphs to assist in forecasting for specified business information 3.3 prepare a business presentation using suitable software and techniques to disseminate information effectively 3.4 produce a formal business report
|4. Be able to use software- generated information to make decisions in an organisation
|4.1 use appropriate information processing tools 4.2 prepare a project plan for an activity and determine the critical path 4.3 use financial tools for decision making
1. Be able to use a variety of sources for the collection of data, both primary and secondary.
1.1 Create a plan for the collection of primary and secondary data for a given business problem.
It is significant to make good decides for the long term growth of business. It includes scanning different types of sources and then adopts a technique which includes gathering of the data, storage of the data, developing useful information out of the data and then at last presenting the data. This assignment is all about discussing the methods of the collection of data so that better business decisions can be made. (Malhotra & Birks, 2013)
I am working in a coffee packaging company which is medium sized in London and I have to coordinate the development of the new product as I have good experience in the industry, which is a coffee based drink for the consumers of coffee shop. It is required to know the current market preferences to launch any new product in the market and to know that what the potential market for the particular product is. (Aaker & A. Day, 2012)
For finding out the potential market and the current trends in the market, it is required to determine the sources of the data collection and to collect the data by the sources. There are two sources of the data collection: primary sources and Secondary sources.
Primary data:Primary data is the data which is collected for the first time by the researcher himself. Survey can be conducted to know the current needs and preferences of the customers. Surveys can be through telephone, emails or personally. I can conduct a survey to know and investigate whether the customers of coffee shop will adopt the new product of coffee based drink or not. (Brace, 2010)
Questionnaire can be prepared so that the customers can fill that and that can be used to know about the choice and tastes of the consumers. Interviews can be taken or observation is also a good method to get the data. I can post a questionnaire online so that the customers who are interested can fill it and it helps in gathering the data which can be used for developing and launching a new product in the market. (Bird, 2015)
Secondary data: Secondary data is the data which is already available and is scrutinized by the researcher for the purpose of taking business decisions. In this case, the secondary data can be collected through the directories which contain the details of existing coffee shops and the menu of the other competitive coffee products. The information about the population is must to know that how this population can be targeted. (Malhotra & Birks, 2013)
It is very important to gather suitable data which provides the useful information and which is used to take effective decisions for the business and help to add up the value to the business and its operations.
ReferencesAaker, D. K., & A. Day, G. (2012). Marketing Research, 11th Edition. Bird, D. (2015). How to create effective customer questionnaire. Retrieved 11 05, 2015, from http://www.marketingdonut.co.uk/marketing/market-research/questionnaires-surveys-and-focus-groups/how-to-create-effective-customer-questionnaires Brace, I. (2010). Questionnaire Design: How to plan, structure and write survey material for effective market research, 2nd Ed. London: Kogan Page. Malhotra, N., & Birks, D. (2013). Essentials of Marketing Research. harlow: Prentice Hall.
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