Market Research Proposal

Market Research Proposal
Student’s Name
Institutional Affiliation
Market Research Proposal
The consumer’s decision process plays an essential role in to an organization’s management in understanding and deciding what changes to make on the brand to make it more appealing. It helps the management to comprehend the factors that influence the outcomes of the purchasing decisions. Specific characteristics, such as personal customization of specific products or limited products influence the decision of the customers to purchaser the said products (MaGee, 2021). It is, therefore, important to assess how these personal custom or limited products affect the customer’s purchasing decisions and make them prefer such products. The decisions that such clients make is attributable to the level of impact that the customization of limitation of the product appeals to their sense of urgency or beauty. It varies depending on the impact of the product on the individual’s background, their preferences, personality, motivations, and their economic status.
Research Objectives
To determine the impact of custom or limited products on a company’s economic benefits
Research Question
1 Does product customization or limited products have an impact on the company’s economic benefits?
Research Review
Several researchers have tried to explain the concept of brand loyalty in various ways. Among the researchers is Blackwell and Kollat (1999), who posit that a positive behavior of a customer towards a brand emanates from three different factors: emotional attachment, brand evaluation, and behavioral aspects of the brand (Mugwe & Kagiri, 2015). Therefore, brand bias is evaluative, emotive, and behavioral. The theory of brand loyalty helps explains the relationship between the customer’s psychology with a specific brand. It determines how much a customer likes or dislikes a product. Therefore, it is important for a business to ensure that it provides consumers with what they want. Once a customer likes a product, it takes a lot of effort from the competitors to make them dislike such products. Similarly, once a customer dislikes a product, the company will have to use more resources to change the client’s mind.
Many companies have in the recent past opted to personalize their products as a way of increasing their appeal to the consumers and ultimately change their economic impact. These development come in light of the increasing consciousness with which people are purchasing, using, and celebrating brands that respond to their demands of the market. For example, Nike allows its customers to customize their shoes and let their imagination run wild (Nike, 2020). The company allows its customers to see the various styles they can use to customize both their lifestyle and performance shoes. Through the “Customize” and “Design Your Own” images as the customers shop, the company has been able to understand the needs and expectations of their target groups (Nike, 2020). Consequently, it has adjusted its products to suit these preferences.
Another multinational company that has successfully used personal customization to appeal to more customers is the Coca Cola Company. The company’s success is attributed to its potential to create a favorable image of its products on the minds of its customers. This approach has been effective at marketing the company. A recent analysis of 21,400 brands and 1 billion households in 49 countries around the world showed that Coca Cola was the world’s most chosen brand, followed by Colgate (Cawthray, 2019). These figures show Coca Cola’s influence through its creative customization or personalization of products.
Coca Cola is famous for mass targeting in advertising its brand rather than segmentation. Instead of spending their resources on market research, the company opts to observe the competitors’ performance and their negative public relations. Whenev...