Edible Arrangements: Market Research

The purpose of this paper is to develop a market research plan that will provide a better understanding and solution to the yearly 5% decline in the consumer and business segment sales of Edible Arrangements® franchises in New York, NY. This marketing research plan will illustrate the ten-step market research process which includes “problem definition, information needs, research objectives, type of study, test instrument, analysis plan, data collection, data analysis, conclusions, and reporting”, that are “used to identify marketing opportunities and problems” (Winer & Dhar, 2011, p. 62). This market research process will also use secondary data sources to develop a primary data plan for Edible Arrangements® New York franchises. Moreover,

Information Needs – Establish “what kind of information is most appropriate for solving the problem” (Winer & Dhar, 2011, p. 61). There are two “kinds of research information available” for market research planning. Secondary information sources are “sources of information that already exist and were not developed for the particular problem at hand”; and primary information sources are “sources of information that are generated for the particular problem being studied by the marketing manager” (Winer & Dhar, 2011, p. 61). This market research plan will use external Internet information along with focus groups, surveys, and panels in order to evaluate the market potential of a new

Research Objectives – are a key component of planning a marketing research strategy, and “the criterion by which the success or failure of this marketing research strategy is to be measured” (Winer & Dhar, 2011, p. 36). They are the “overall goal to be achieved” upon the completion of this research (Winer & Dhar, 2011, p. 37). Edible Arrangements® research objectives are to gain competitive advantage and increase yearly sales profits by 10% over the next 3 years through increased customer traffic by raising public awareness through the promotion of a new product, and gaining new customers (McEachron, 2012).

4. Type of Study – there are three types of study in this research plan: exploratory, descriptive, and causal. Exploratory studies are studies “we do not know much” about, and use “trying to establish some basic facts” (Winer & Dhar, 2011, p. 61). Descriptive studies are what we think the major segments are, and “need to collect some information establishing the relationship” between target market and sales revenue; and causal studies are “needed to establish what caused the recent decline in sales and market share” (Winer & Dhar, 2011, p.