BUS 330 BUS330 Week 1 Discussion 3 Interactivity 2: Market Research Time Machine
BUS 330 Week 1 DQ 3 Interactivity 2 Market Research Time Machine
Every year, hundreds of millions of dollars are spent marketing products (or services) that fail. Those are millions of dollars that those companies would love to get back.
Fortunately, you happen to have a functioning time machine that you bought on Craigslist. As a result, you have one chance to fix what went wrong in the marketing research process and convince one of those companies not to spend that money.
What to Do (and How to Do It):
You’re going to investigate and document the story of a famous new-product flop (and market research failure) and explain how you went back in time to fix it. Since we’re marketers, we’re going to do this all in stylish, Web 2.0 fashion with Storify.
• Identify and research a prominent new-product/service failure.
o The press loves failures, so you won’t have any problem finding examples.
o Identify the following: product/service name, the company who marketed it, the year it was introduced, and where it was introduced (particularly if not in the U.S.).
• Find a sample ad for your failed product/service.
o YouTube is great for TV ads; image searches are great for printed ads. If you can’t find an ad,
you probably haven’t picked a big enough flop! o Copythelinkforyourad.
• Refer to section 2.3 of the text as needed, and answer the following questions about the market research process:
o Whatarethestepsinamarketresearchprocess?Provideabriefexplanationofeachstepand relate it to your product as possible.
o Wherewasthefailureinyourproduct’smarketresearchprocess?Whichstepwasmissing,not followed correctly, misinterpreted, or misrepresented?
o What, in a single sentence, is the market research finding that you’re going to go back in time and share with management to stop this introduction?Package all this information into a Storify story.
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