One of the goals of marketing research is to study market facts, industry tendencies, and consumption behaviors so that organizations can continue producing goods and services that create value for diverse consumers.
This week, you have been hired as a market researcher to complete an exploratory study brief on innovative market sectors such as:
· Aerospace, aircrafts, and drones
· Games, apps, and social media
· Green technology
· Biotechnology, drugs, and genetics
· Nanotechnology
Choose only one innovative market sector, and using the Plunket Research Online Database, the class textbook, and at least one article from a marketing journal, complete the following:
1. Consumer behavior
A. Anticipated consumer behaviors
B. Anticipated consumer needs
2. Research goals
A. Scrutinize results and propose a question that have not been answered by the market or consumer behavior analyses
B. Choose any of the research collection methods described by Solomon et al. (2016) to collect data. Examples of data collection methods include observations in natural settings, conducting focus groups, interviewing market experts, or surveying public, among others)
C. Discuss how you would conduct primary research for this product
3. Use the traditional introduction, body, and conclusion outline.
4. Use APA for both in-text citations and slide of references.
· Biotechnology, drugs, and genetics
Generic Drugs Have Biggest Market Share by Unit Volume, but not by Total Revenues
U.S. patent policy grants drug manufacturers the normal 20 years’ protection from the date of the original patent (which is most likely filed very early in the research process), plus a period of 14 years after FDA approval. Once the patent on an existing drug expires, competing drug companies may be allowed to market cheaper generic versions which are nearly-identical chemical compounds. (However, the FDA must approve the generic version, which may require several years of effort and a substantial financial investment on the part of the generic manufacturer.) Generic prescriptions as a percentage of all U.S. pharmaceutical sales rose from 49% by volume in 2000 to 91% in 2015 (but accounted for a significantly lower percentage of total drug expenditures), according to PhRMA. Some drugs sell in such low volume that they aren’t taken up by generic manufacturers even though they have gone off-patent.
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