1. Read the case study of D.A. Garden Supplies
2. Prepare a proposal for D.A. Garden Supplies
a. Market research is a key part of developing your marketing strategy. It’s about collecting information to give you an insight into your customers’ mind so that you understand what they want, how they gather information and where they come from. You can also do market research to get a better idea of market trends and what is happening in your industry sector.
The information you gather and analyses builds the foundation of good business decisions whether it’s deciding what product or service you’ll offer, where your business should be located, how to distribute your products or how you communicate with consumers. Market research is important for every business, and should not be just a one-off activity.
Successful businesses conduct research on a continual basis to keep up with market trends and to maintain a competitive edge. Regardless of whether you’re starting or expanding your business, market research is vital to understanding your target market and increasing sales.
b. To do the market research for D.A. Garden Supplies successful we need to ;
• Identify potential customers
Who is going to use your product/service? How old are they? Are they male or female? Are they married, single or divorced? Do they have children? Where do they live? What is their level of education? and so on.
• Understanding your existing customers
Why do customers choose your product over competitors? What do they value? Is it service, product quality or the prestige associated with consuming your product/service? Who influences their buying decision? What magazines do they read? What websites do they visit? What do they enjoy doing?
• Set realistic targets
From the information you collect you’ll be able to set realistic targets for areas such as growth, sales and the introduction