A4.0 Justifying a Project Through Market Research

Introduction

Market research can be a critical component in the justification of a problem. Large companies spend millions of dollars on direct market research each year to help improve existing products or services or to inform the design of new products and services. In this project students are asked to perform direct market research through direct observation or solicitation of consumer feedback through interviews, surveys, or focus groups. It is most likely that students will choose to conduct a market survey since this is the simplest method and can generate the most data in a short time. However, encourage students to consider utilizing one or more of the other methods of research, even if on an informal basis with a small group of subjects. Each member of a project team could interview two people or observe how one person tackles the identified problem in a natural setting. Even a small number of potential customers, if the customers are objective and truthful, can provide valuable information about the market.