Market Research Plan
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Market Research Plan
Washing powder is a product developed to clean laundry, items, surfaces, or materials. The primary role of a detergent is to remove dirt and grease from surfaces, including treated wood, plastics, and metals. The medium-priced washing powder branched will be introduced in Hungary. The target market for the washing powder is the people who need to wash dishes or clothes. Notably, the washing powder targets both genders that are men and women, as the detergent will ease the task of cleaning.
Market research is critical because it assists in obtaining information about markets, target population, customer satisfaction with products, and market trends. The market research for the washing powder will involve identifying the competitors in the industry in the Hungarian market (Brace, 2018). The approach will assist in identifying some of the strategies the competition uses to satisfy the needs of the customers. The approach will help identify effective tactics that the new washing powder team will utilize to sell their products in the Hungarian market.
Market research would not be possible without using sampling techniques as it is impossible to reach every customer. Various sampling techniques exist, including systematic sampling, cluster sampling, and simple random sampling. When conducting market research for the new washing powder in Hungary, the simple random sampling method will be used (Hibberts, Johnson & Hudson, 2012). Notably, the simple random sampling method involves selecting people from the target population, with every person having an equal probability of being selected. The reason for using the simple random technique is because it is easier to use and provides accurate results. Besides, it is best for research when using a large population sample.
References
Brace, I. (2018). Questionnaire design: How to plan, structure, and write survey material for effective market research. Kogan Page Publishers.
Hibberts, M., Johnson, R. B., & Hudson, K. (2012). Common survey sampling techniques. In Handbook of survey methodology for the social sciences (pp. 53-74). Springer, New York, NY.