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BTEC Unit 10 Market Research In Business M3 (Merrit)
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BTEC Unit 10 Market Research In Business M3 (Merrit)
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M3:Make a detailed plan for a new company that wants to launch a
new product. Give them tips on how their research and marketing
plan should be implanted.
In this assignment I am going to make a detailed plan for a new
company that wants to launch a new product. Give them tips on how
their research and marketing plan should be implanted.
Before launching a new product, you need to have a product, try to
produce a product which is unique, so a customer can only buy from
you. Ask for advice from people who have experience in this
business. After you have decided which product you are going to
market you can; Ask yourself; `if I was the customer would I buy this
and why or why not.`
1. Identify your target customer
The first step for launching a successful product is to understand your
target market. Try deciding your target audience based on their; Age,
Income, Likes, Dislikes, Gender or Interests. Your target audience are
the people who will finally buy your product, so it is important you
aim at the right people.
2. Set goals for your product launch
It is important that you set achievable goals for your product. After
you have chosen goals you need to think about how you are going to
achieve these goals. Examples of goals for the launch could be; selling
1.000 pieces in the first week or make the product a market trend.
3. Plan where you will launch or promote your product
It is important you choose a place which is easy accessible for
customers because they will not like to stand between factories or
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