w02mkt241_document_analyzeMarketResearchResultsAssignment - 1

.docx

School

Brigham Young University, Idaho *

*We aren’t endorsed by this school

Course

241

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

2

Uploaded by ConstableAlpacaMaster973

Report
Analyze Market Research Results Assignment Name : Karen Morais You have been tasked with assessing the following independent marketing research survey results. Analyze the question and determine what the next steps for the companies should be. 1. Consumer Electronics Company Survey : A survey by a consumer electronics company revealed that 65% of respondents prioritize device durability over design. Only 15% consider the brand name as a major deciding factor. Given these results, what steps should the company take to align its product development and marketing strategies? The corporation should concentrate on producing durable products. Given that most consumers value longevity over design, the corporation should invest in materials and technologies that extend the lifespan of its products. In their marketing, they might also emphasize how long-lasting their products are. The corporation can concentrate less on branding because only a few individuals are concerned with the brand name. Alternatively, companies might allocate their cash towards enhancing the quality of their products and promoting their longevity. 2. Retail Store Feedback : A retail store conducted a survey and found that 40% of customers felt their product range was outdated. How can the store utilize this feedback to improve its product offerings and customer satisfaction? Discuss the role of ongoing market research in this process. The store should revise its assortment of goods. To begin with, they can look at current market trends to determine which products are in demand. They should consider what their competitors are offering, as well. This helps them to decide which things to put in or take out of their business. Ongoing market research is crucial. It assists the store in adapting to shifts in consumer preferences. They may maintain the attraction and freshness of their product line by routinely monitoring consumer trends and preferences. 3. Survey Question Design : Design two survey questions for the retail store to assess a) the specific types of products customers want to see more of, and b) their perceptions of the store's current product trends. a) "What kinds of products in particular would you want to see us stock more of? Kindly indicate the three that you think are best."
b) "In terms of keeping up with current trends, how would you characterize the present product selection in our store? Select from these options: Very trendy, Very outdated, Neutral, Somewhat trendy, and Somewhat antiquated." By asking these questions, the store may learn more about the things customers want and how they feel about the ones it currently carries. Their product line can be modified with the help of these comments.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help