Premium Essay

Market Research Intro


Submitted By tomtom136
Words 399
Pages 2
Marketing decisions made by Boomers are made under conditions of uncertainty and risk, as Boomers doesn’t know how a newly designed product is going to stand in market, is it desirable and useful, or pointless. The desirability of a product will determine how well it sells, if it doesn’t sell as well as Boomers had hoped or intended, it would be either withdrawn and dropped from production or re-designed is some way, but as Boomer s designs and produces their products to mean their customers exact requirements, they do not have this problem as it will always sell to the customer who desired that exact product.
When Boomer makes the decision of what price they wish to charge customers for a certain product, it could have a great impact on the amount of that product which sells. This is due to the economy in which the customer operates in e.g. Euro or Dollar, as exchange rate fluctuate and it may not be cost effective for their customers to purchase of Boomer at the increased rate, and could possible acquire the same products at a cheaper cost elsewhere. Or maybe the customer can acquire the product cheaper elsewhere inside the UK, but as Boomers does not have a set price for one product, but determines a price for the complete order of the customer, they set a price on the work taken to produce that order and on the reputation and relationship with that specific customer.
Boomers may have to set up a marketing campaign in order to fund research on products, pricing and advertising, which can be costly, Boomers would have to determine how much if anything they are going to invest in this campaign to aid their products and business. As Boomers does not research their market a lot they do not fund this area much, as they prefer to work to their customers demand and needs, designing products specifically for the intended customer.
With advertising

Similar Documents

Premium Essay


...experience liquidity needs if benefits were increased by a certain amount. At regular period public companies must prepare documents called financial statements. Financial statements show the financial performance of an company. They are used for both internal-, and external purposes. When they are used internally, the management and sometimes the employees use it for their own information. Managers use it to plan ahead and set goals for upcoming periods. When they use the financial statements that were published, the management can compare them with their internally used financial statements. They can also use their own and other enterprises’ financial statements for comparison with macroeconomical datas and forecasts, as well as to the market and industry in which they operate in. Accounting is considered to be one of those complicated yet necessary chores that keep people’s financial affairs relatively clean. For the beginner who is just getting started, the process may not be the first obstacle. Often, it is understanding the special language used by accountants and those that...

Words: 630 - Pages: 3

Premium Essay

Wil Planet Exercise

...Wild Planet adheres to in their product development? Think about non-product benefits to the child and in the long term benefits to the Wild Planet which ensue. Wild Planet conducts Market Research for each of their products. It seems like they go through the whole marketing research process as explained in figure 4.1. They are addressing their customer needs by their value proposition, which is a combination of quality, service, and price. Their products enhance kids imagination, prompt them to be active. They design toys that kids find cool, and at the same time parents can afford and would want to buy for their kids, so they are taking care of both sets of customers, parents and kids. They do ethnographic research, watch kids in their play environment. They are also involving kids in the product development, by the Kid Inventer Challenge Program. They take opinion of kids about what kind of toys they want and they also test their newest toy ideas on the kids to get direct feedback from them. They are getting information from primary data source, which is more time consuming and expensive, but it is definitely paying off for their company, as they develop a relationship with the consumers. Specifically how does wild planet involve the children in their marketing process, what type of research is/are being employed? Wild Planet is involving kids at every step of their marketing process. Their consumer is “kids”. They are using marketplace and marketspace. They are taking...

Words: 873 - Pages: 4

Premium Essay


...1) The competitive strategy of the ALLTEL Pavilion is largely focused on differentiation. With no substantial competitors in the geographic region, they are looking to create an “experience” for the audience and thus maintain the sustainability of the venue. They do this primarily through solid Marketing efforts. They are focused on the making the venue and each event as profitable as possible, by making it as highly visible as possible. Working within an established marketing budget of $20,000 per event, the team analyzes demographics, options, and potential ROI in order to make decisions about how to spend this money. Looking beyond each individual event, they are also looking to build visibility for the venue.  However, in this case the strategy of differentiation should not work in a vacuum. Many experienced concert attendees may feel that the venue makes like difference to the experience that the performer brings. It is also wise to consider some cost leader strategies as well. This could be done through a more thorough look at ALLTEL’s SWOT analysis.   They have an identified strength in how best to utilize available marketing funds and appear to have a solid process in place for overall execution at the events. However, have they adequately analyzed their opportunities? How many events do they secure each year? Are there substantial gaps? Would a marketing spend that exceeds $20,000 yield a greater return with certain events? Are the present ancillary vendors providing...

Words: 269 - Pages: 2

Premium Essay

Coca Cola the world since 1886. Coca-Cola is the first international soft drink brand to enter the Indian market in the early 1970’s. Till 1977 Coca-Cola was the leading brand in India; later, due to FERA (Foreign Exchange Regulation Act), they left India and didn’t return till 1993. Coca-Cola had to face many issues regarding its quality, resource exploitation and market exploitation along with price-quality trade-offs. People all over India are challenging Coca-Cola for its abuse of water resource. Coca-Cola had affected both quality and quantity of ground water. Due to its waste extracts, Coca-Cola was criticized for polluting the nearby fresh water and ground water and soil; because of this issue, farmers are suffering from water scarcity. Despite all these social and cultural issues, customers are using Coca-Cola due to its strong brand reputation all over the world. This is because Indians are now using more soft drinks and the youngsters are more in this category. However, with many studies and policy changes, Coca-Cola will be able to establish its brand reputation and increase its market share in the near future. This report is prepared from an organizational point of view. The point here is to prepare a report from a consultant point of view, as Coca-Cola has hired us to do a market study and analysis on the cultural factors the company is envisaged to face in the Indian Market. Read further to gain better understanding about the impact of culture on business processes and activities...

Words: 3353 - Pages: 14

Premium Essay

Research Applications Paper

...Research Applications Paper Valerie Smith University of Phoenix HRM/558 Research in Human Resource Management Human resource is where you define the strategy and plan that is necessary to implement the company’s mission, goals, and vision. Also, human resources strength in decision making and implementation of strategies and hiring process is very important to the company’s bottom line. In this paper, the goals of research in HR will be discussed, the comparison of the applications of primary and secondary research, and an explanation of how reliability and validity are used and why they are important to human resource research. The goals of research in HR are to understand the resources that are available to a company. Also, research will help a company understand what weaknesses they have and also its strengths. Research in HR is also important to understand if the company is achieving the goals that they set out to do when the creation of the company was being done. Research will provide information on how to get a project started, what resources are needed, and how many employees are needed to achieve these goals. When trying to find the right employee for the company, human resources use two types of applications for research and they are primary and secondary research. Primary research is designed to answer specific questions and data is gathered directly from the market or field (Devault, 2013). Focus groups, surveys, field tests...

Words: 536 - Pages: 3

Premium Essay

D2 Mr Grinrod Btec Business

...To: Mr Grinrod From: Cameron Nwanze Subject: D2 Make justified recommendations for improving the validity of the market research used to contribute to the development of selected organisations marketing plans All tests are designed to measure something; hopefully something specific. If the test does indeed measure what it is intended to measure, then we can say that the test is valid (or has validity). In psychology, tests are usually judged according to their validity and their reliability (if the test produces similar results each time the test is taken). Tests that are valid are also reliable. However a test might be reliable without it being valid. For example, let's say you go to class and your teacher says that he or she has learned that the weight of your head determines the likelihood of you getting cancer. So, each day at the beginning of class the teacher weighs everybody's head on a scale. This continues for one week. Across each day of the week, the weight of your head is going to remain approximately the same; thus we can conclude that the test is reliable. This sourced from the btec business book. Define validity Validity asks whether the research measured what it intended to. Validity implies reliability: a valid measure must be reliable. But reliability does not necessarily imply validity: a reliable measure need not be valid. Validity is usually considered more important than reliability because if an instrument doesn't accurately measure what...

Words: 475 - Pages: 2

Premium Essay

Ifb Project

...A Project Report On “A Market Survey of Consumer Durables Product of Samsung Electronics Ltd” Submitted in Partial Fulfillment of the Award of Degree of Bachelor of Business Administration (BBA) 2007-2010 Project Guide Submitted By Mr.Jagat Jyoti Barua Vaibhav Bansal Lecturer,MAIMS Enrollment No. : 0411471707 BBA (Gen) VI Semester Sec A Maharaja Agrasen Institute of Management Studies Affiliated to Guru Gobind Singh Indraprastha University, Delhi PSP Area, Plot No.!, Sector 22, Rohini Delhi 110086 Student Declaration This is to certify that I have completed the Project titled “A Study Of Consumer Durable Market For Samsung Electronics Ltd” under the guidance of “Mr. Jagat Jyoti barua” in partial fulfillment for the requirement of the award of the degree of Bachelor of Business Administration at Maharaja Agrasen Institute of Management Studies, Delhi. This is an original piece of work and I have not submitted it earlier elsewhere. Vaibhav Bansal 0411471707 BBA (Gen) VI semester Sec A CERTIFICATE This is to certify Project titled “A Market Survey of Consumer Durables Product of Samsung Electronics Ltd” is an academic work done by “Vaibhav Bansal” submitted in the...

Words: 4628 - Pages: 19

Premium Essay

Customer Satisfactionj Surveys a product or service, we expect it to be right. We don’t jump up and down with glee saying “isn’t it wonderful, it actually worked”. That is what we paid our money for. Add to this our world of ever exacting standards. We now have products available to us that would astound our great grandparents and yet we quickly become used to them. The bar is getting higher and higher. At the same time our lives are ever more complicated with higher stress levels. Delighting customers and achieving high customer satisfaction scores in this environment is ever more difficult. And even if your customers are completely satisfied with your product or service, significant chunks of them could leave you and start doing business with your competition. A market trader has a continuous finger on the pulse of customer satisfaction. Direct contact with customers indicates what he is doing right or where he is going wrong. Such informal feedback is valuable in any company but hard to formalise and control in anything much larger...

Words: 5068 - Pages: 21

Premium Essay

Kudler Fine Foods

...this paper the important elements needed in Kudler Fine Foods goal towards advancement in marketing and the role of using the competitive intelligence tactics. This could include other ways to successfully achieve goals of growth. Marketing Research “Although marketing research isn’t perfect, it seeks to reduce risk and uncertainty to improve decisions made by marketing managers” (Armstrong, , 2011) . Marketing research can help develop new product ideas and offer a fine tuning in slimming down products and services. Businesses use market research t o help determine who will be interested in purchasing their products and services. Marketing research will reach out to a target group of people based on certain feelings, needs, income and age. Mrs. Kudler conducted surveys to reach out to customer and receive feedback in areas of potential improvements. Pointing them in the directions of the company’s ,strengths and weakness seen by current customer. Marketing research will help Kudler to develop a plan to help with the company’s expansion goals. In addition this marketing research allows for Kudler to reach out to new customers, new areas within the market and developing new sales promotions. Kudler Fine Foods conducted a market...

Words: 963 - Pages: 4

Premium Essay


...Celcom was invested in 2008 with 100% shareholders and one of the market leaders of mobile communication provider in Malaysia. They have the widest coverage area with 9.2 million users on its network. Its business provides pre-paid and post-paid mobile service. Celcom Ace targets consumer users as their market, which has high social life and need to communicate regularly with their colleagues. Celcom has segmented their target market specifically, which are Generation Y and Millennial as secondary target market. In order to gain more market share by 5.4% within 1 year, Celcom are trying to come up with new innovation of pre-paid card services, which can fulfill its target market needs and wants. By innovating Celcom Ace with unique features, such as free SMS, Group Call, and credit transferring Celcom can compete in the market to reach the marketing objective. Moreover, Celcom Ace will be distributed in every Celcom branch, Blue Cube outlet, and participating dealer, such as convenient stores, and cell phone shops. In order to promote Celcom Ace, Celcom will use broadcast advertising as their primary promotion media as broadcast ads can reach nationwide coverage. The market research is conducted to identify the needs and behavior of the target market. Celcom also conduct focus group and survey, to analyze the customer’s attitude towards competitors products. The focus group was conducted to gain reflection of the satisfaction level towards Celcom Ace. And lastly, we predict...

Words: 258 - Pages: 2

Premium Essay

Research Proposal on Impulse Buying Behaviour

...Impulse Buying Behavior | Shristi Shakya Term VI | Table of Contents Chapter 1 1 Introduction 1 Background 1 Objectives of the Research 2 Statement of problem 2 Research Questions 2 Hypothesis 3 Need of the study 3 Limitations of the research 3 Chapter 2 3 Review of Literature 3 Literature Review 3 Theoretical Framework 3 Chapter 3 3 Research Design and Methodology 3 Research Design 3 Description of Population and Samples 3 Instrumentation 3 Data Collection Procedure: 3 Statistical tools used 3 Measurement: Scaling, Reliability and Validity 3 Bibliography 3 Chapter 1 Introduction Background An impulse purchase or impulse buy is an unplanned decision to buy a product or service, made just before a purchase (Wikipedia). Impulse buying is a sudden, compelling, hedonically complex purchase behavior in which the rapidity of the impulse purchase decision precludes any thoughtful, deliberate consideration of alternatives (Kacen, 2002). The speed of purchase decision prevents from any thoughts, considerations and studying other options or alternatives. Rook (1995) defines an impulse buying as follows: when a consumer experiences a sudden, often powerful, and persistent urge to buy something immediately. The impulse to buy is hedonically complex and may stimulate emotional conflict. The research on impulse buying behavior has many practical benefits and by revealing the relative importance of factors affecting the impulse buying behavior...

Words: 3478 - Pages: 14

Premium Essay

Market Research

...Market research is the process of collecting valuable information to help you find out if there is a market for your proposed product or service. The information gathered from market research helps budding entrepreneurs make wise and profitable business decisions.The key to any successful business is to understand what it is that your customers want and giving this to them in a way that is profitable for you. purpose of market research Gain a more detailed understanding of consumers’ needs – Marketing research can help firms to discover consumers’ opinions on a huge range of issues, e.g., views on products, prices, packaging and recent advertising campaigns. Reduce the risk of product/business failure – There is no guarantee that any new idea will be a commercial success, but accurate and up-to-date information on the market can help a business make informed decisions, hopefully leading to products that consumers want in sufficient numbers to achieve commercial success. Forecast future trends – Marketing research can not only provide information regarding the current state of the market but it can also be used to anticipate future customer needs.  Firms can then make the necessary adjustments to their product portfolios and levels of output in order to remain successful. Primary research is new research, carried out to answer specific issues or questions. It can involve questionnaires, surveys or interviews with individuals or small groups. Secondary research...

Words: 254 - Pages: 2

Premium Essay

Marketing Database Segmentation Importance

...1. What is the importance of segmentation to marketing, and how is it used in database marketing? To execute different marketing actions and strategies, segmentation is a must. Especially in the increasingly divided market. One size fit all doesn’t work anymore. Without segmenting, marketing efforts would be completely lost and profit not maximized. Segmentation provides a road map for the marketer, to know exactly which product is most suitable for which segment of the market. Moreover, segmentation helps predict future behaviors and market trends. In order to properly segment a market, information needs to be collected that represents the market to analyze their needs, wants, buying behaviors etc. This is where database marketing comes. Segmenting the customer database into submarkets allows for more effective marketing of products and services. 2. What variables might be used in database segmentation? Industry category, Household size, Geographic location and Psychographics. 3. Describe how tabulation techniques are used to segment a database. Based on historical information databases large samples are created. After that the samples data is divided in three ways based on an analysis of historical response data in conjunction with marketing assumptions. Recency of purchases, frequency of purchases and money spent are elements used to segment the data. 4. What is RFM and how is it used to segment a database? What are the limitations of formal RFM techniques? ...

Words: 444 - Pages: 2

Premium Essay

Business Development Planning

...has a few branches in Klang Valley. The main objective for my company of year 2012 is to increase the image and exposure of the company, thus improve the position of the company in the same industry. Here is my planning: "To establish a flagship store cum customer and product services center at one of the 5 mega shopping mall centres within Klang Valley that provide widest selection of merchandise and high quality of service before 2nd quarter year of 2012" 2.0 Introduction on the goal/objective to be achieved 1) Expand market share Opening a flagship store in one of the 5 mega shopping mall will definitely increase the exposure of the company due to the population. Furthermore, flagship store in Malaysia is not too common, this will attracted public curiosity. Then the public will come to visit the store; virtually will increase the company's level of awareness in the market. Then naturally will increase the business, thereby expanding the market share. 2) Improve company image and build up the brand. We are the first in these industries to set up a flagship store, this not only improve the company's image but also allows the consumer feel more confident about our company and products. Then consumer will start purchasing our product and feel satisfied after use. Slowly our product will being recognized and popular. This would be helpful to strengthen or build up our own brand. 3) Increase in competitiveness among competitors. When...

Words: 2802 - Pages: 12

Premium Essay

Kudler Fine Foods

...Fresh Bakery and Pastries � Fresh Produce � Fresh Meat & Seafood � Condiments and Packaged Foods � Cheese's and Specialty Dairy Products Market Research Market research comprehends all the areas of marketing, right from the thought for a new product to after sales service. The information which is accumulated and examined with the help of marketing research can efficaciously be applied for internal directs or for making substantial strategic decisions. The process of market research extends a scientific platform, in contrast to traditional non-rational approach of decision making by company managers, which used to engage a large amount of resources of organization at a risk (Kotler, 2002). Significance of Marketing Research in Kudler Fine Foods The environment for marketing has become vivacious and chaotic. Without adequate grounding, it is not simple for organizations to survive in such an environment. Companies need to assemble information about their customers' likes and dislikes and the grounds for them. Peculiarly in case of a food company, it is very essential for it to distinguish the taste and orientations of its customers as tastes of consumers in respect to their food habits change often. To resolve all these market related troubles, company can make use of market research like Kudler Fine Foods. Market research alleviates it in...

Words: 1298 - Pages: 6