Problem Introduction:
Saltine Cracker Company is well known for its existing product that is salt cracker. The company is planning to introduce a new range of whole grain crackers in the market. Consumers preferences are changing and they are becoming more health conscious. Whole grain products are considered healthy because they are rich in fiber. Company wants to test the target market, Consumer behavior and to finalize marketing and communication strategy with the help of market research.
Research Objectives:
The major objectives of the research are as following –
In-depth analysis of competitor’s strategy like their pricing, margins, product promotions, advertisement and unique selling propositions.
Analysis of effective communication channels according to target audience and effective promotional programs.
Analysis of effective distribution channels and sales strategy.
Research Methodology:
Under the study a mixed methodology will be used hence both primary and secondary research will be carried out. Under the primary research potentials consumers, suppliers and retailers will be interviewed. Consumer will provide insight on their preferences and requirements whereas suppliers and retailers will provide us information on supply chain and margins. Senior management of different companies involved in strategy making and marketing will also be interviewed. Under the secondary research a literature review of existing studies and analysis of existing information will be carried out.
Sampling methodology:
Under the study senior management of top three companies will be interviewed. Top five retailers in terms of sales of the competitor products and five large base suppliers to understand supply chain and margins will be covered. The sample size of consumers will depend upon the coverage area of the study.
Time Frame of the Study:
The study will be completed in total six weeks. A progress update will be discussed with other members of the team and other departments at a regular interval of two weeks. In progress update, the existing scenario of the study along with problem occurred during the study and other important issues will be discussed. The break-up of the study is provided in below chart:
finalization of Data Collection Tools
Questionnaire
Focus Group Discussion Guideline
Collection of Secondary Information from various sources
Progress Update
Collection of Primary Information:
Interviews of senior management, Suppliers and Retailers
Collection of Primary Information:
Interviews of Potential Consumers
Progress Update
Data Analysis and Draft Report
Review with other departments.
Finalization of study report and presentations
Budgeting:
Total cost of study will be around $ 60,000 which will be include human resource cost, logistic charges, technology charges, printing & stationary charges and other miscellaneous charges.
Study Deliverables:
The findings of the study will be delivered in the form of detailed reports and presentations. The raw data can be delivered in soft format. In the report objective-wise findings will be given.
Recommendations:
Recommendation will be made for all the established objectives Based on the findings of various activities carried out under the study. Detailed findings on Consumer preferences, competitor analysis, products strengths and weakness, opportunities and threats will be presented. Marketing and communication strategy will also be provided at the end of research.
