Reply to these discussions on thoughts

1.)

There are many reasons why a company might want to re-launch a product such as, to enhance the value of the present product, to increase market share, etc. When re-launching a product, it is important that the packaging is one the consumers are drawn to. The consumer's point of view is the most crucial in the decision making process of developing a business strategy. This is so management has a better idea of the upcoming trends and demands. In this case, I believe the best type of research would be primary data which can be obtained multiple ways. Primary data is collected by the processes of surveys, interviews, field observation, and experiments. One of the best things about primary data is the relevance of the data because it is always conducted in a current period. A suitable method for gathering the information would be through surveys. Survey respondents are expected to record their own opinion through questionnaires. The questionnaires can be open ended, to gather exact facts, or close ended, to get a general view. This information gathered is then analyzed using statistical tools for decision making of how to design a new package. This gives consumers a feeling of involvement in the business process as well. Surveys are a fast and easy way of obtaining consumer opinions without the hassle of spending more money. The only downside to surveys is the risk of being biased with the questions you ask. Therefore making sure you frame the questions carefully as well as correctly.

2.)

Primary data is the kind of data collected specifically for a research project. It is collected for the purpose of solving a problem, which means this data is not only authentic and reliable, but also objective. Primary data has more advantages that disadvantages. The advantages are that the researcher is able to collect the data that is being represented or collected. Even though the researcher can take accountability and ownership of the data being collected through primary data, which gives them the right to even sell it if they would like or put it out publicly. Primary data is legit data that is collected at the right time with updated information and not from old resources. The data being obtained is accurate without any bias, which makes it trustworthy. The researcher can decide to do nything really with the data such as changing the design etc. This is really good of the researcher, especially if the data collected can impact the market and if they chose to publish it publicly. There are some cons in primary data as some may argue that is much more expensive that secondary data etc. This is also why it is difficult for the researcher to collect primary data because it is not only expensive, but it may also take you a lot of time. Primary data can be a big commitment for some because of its complexity. Even though it may be difficult to get primary data due to the expenses and time consuming, but the outcome can really be worth it.