Market Research for Entry of Kellogs Nutribar Free Essays

Defining the research problem: MID: Develop market entry strategy for Kellogg nutria by studying consumer behavior towards unnatural Determine product features, pricing, SKU (small and big packet) and postulating Sub problems: Sub Problem: to understand the relationship between the Kellogg brand and the consumer Research Questions: 1 . What does the customer, identify the Kellogg brand with? 2. What is the demographic profile of the Kellogg consumer? Sub Problems: to understand consumer preferences about nutrias and canvasbacks Research Questions: 1 . We will write a custom essay sample on Market Research for Entry of Kellogs Nutribar or any similar topic only for you Order Now What is the extent of customer knowledge about nutrias? 2. What are the major usage patterns of nutrias and canvasbacks? 3. Which attribute of canvasbacks do consumers dislike? 4. Who Influences the customers buying decision? 5. What would be the recommended price-point for the Kellogg nutria? 6. Is the unnatural considered an Indulgence? Research Design The product under consideration Is Kellogg Unnatural. We have Identified the target segment to be young children between age groups 6-15. We have positioned it to be a delicious and healthy, nutrient filled snapback. After conducting a secondary search the following parameters are identified The main problems which are identified for the research are 0 to understand the relationship between the Kellogg brand and the consumer 0 to understand consumer preferences about nutrias. We have designed a necessary questionnaire for conducting a cross sectional survey and found that proportionate stratified sampling will be apt to get the necessary consumer Insights. Sampling Design There are many methods of sampling when doing research. We have to choose the most Ideal sampling method giving us the maximum probability of getting the results hat are needed to develop the best entry strategy. Proportionate stratified sampling will be carried out giving due weight to the various age-groups’ representation in the Indian population. This will be conducted, ideally, at an urban/semi-urban geography. Simple random sampling, which is the most ideal, is seldom used since the luxury of time or money to access a whole population is hardly ever available. Hence, Stratified Sampling is the sampling method that should be implemented. The survey will be an anonymous one, with no mention of gender or name. This will not affect results, hunger being universal. Appropriate weight will be given to all age-groups In the survey, In line with their representation In the Indian population. Insights from exploratory research Market research was carried out at xx, and a sample size of 50 respondents was obtained. xx was chosen on account of it containing urban and semi-urban areas anonymous survey and respondent gender profiles weren’t considered. The profiles of these respondents were chosen so as to meet the requirements of Proportionate Stratified Sampling. A number of insights were obtained from this exploratory market research survey. They are: The young age groups wanted taste benefits from any eatable product and the old and middleware age groups were more in favor of the health benefits of eatables 0 As long as the consumers believe they are getting value-for-money, price of the product is not a big issue 0 Consumer awareness about nutrias is significant, but much distance remains to be covered. The advent of the internet and social media have impacted youngster awareness, with it being significantly higher than the mean 0 Nutrias are largely perceived as snack bars that are healthy by the majority of consumers Data analysis The data was obtained from a sample size of 50 respondents, done via proportionate stratified sampling. Data was analyzed in an MS – Excel Workbook, using basic Excel tools. Demographics of the respondents were analyzed and the results are: Age-wise: Age Group 6-15: 24% Age Group 16-29: 24% Age Group 30-59: 38% Age Group 60 above: 14% Secondary Research Extensive secondary research was carried out using the internet and the main findings were that user economic status didn’t really matter, with the bar’s relatively low perception. To parents, health benefits were more important. To their children, it was taste. We have selected the middle-class and above as our serve sample group, the product being perceived as an indulgence and the poor having no money to buy it. We extrapolated, from their U. S pricing that Kellogg could supply nutrias in India at the price points RSI 10 20, which are psychologically important. Final recommendations findings Findings: 0 Residents of the age groups 6-15 and 16-29 gave higher importance to taste (in decreasing order) 0 Residents of the age groups 30-59 and 60 above gave higher importance to health benefits 0 The Kellogg brand is identified with healthy breakfast cereal by he customer 0 The average demographic profile of the Kellogg consumer is that if the age groups 6-15 and 16-29 0 These two age groups have the most knowledge about nutrias. They can accurately distinguish them from similar canvasbacks 0 Nutrias are largely considered an indulgence, hence they aren’t consumed frequently, with most consumers having them at most once-a-week 0 By contrast. Canvasbacks are consumed regularly by the 6-15 age-group. Here, smaller SKU sizes are prevalent, egg: RSI 5 and RSI 10 0 The major attribute of canvasbacks disliked is their unhealthy nature. How to cite Market Research for Entry of Kellogs Nutribar, Essays