Companies who want to grow their markets rely on market research to help determine consumer behavior and the most likely new potential marketplaces. Some companies design and conduct their own market research (primary research) while others choose to utilize data from existing market research conducted by other firms (secondary research). Simulated Business Scenario Vanessa is the owner of a well-known brand of handmade decorative items such as dream catchers and candle holders. The brand, Sirrah, has a reputation for designing and selling high-quality items at premium prices. Considering current economic conditions and the increasing influx of similar but inferior products from foreign suppliers, Vanessa is interested in expanding Sirrah into new markets. Vanessa knows she needs to research various aspects of new potential marketplaces to determine customer insights and if a new market will tolerate new competition from her Sirrah brand. She is on a limited budget so, she is faced with two choices: Design and conduct first-hand market research which is tailored to her specific marketing needs (primary research). Much more costly to implement but much more exacting to Vanessa's brand expansion. Purchase or license existing research that is available from government agencies, trade associations, and marketing research firms that sell research reports (secondary research). Less specific but much less costly. Questions What are a few examples and pros and cons of primary and secondary research?
Companies who want to grow their markets rely on market research to help determine consumer behavior and the most likely new potential marketplaces. Some companies design and conduct their own market research (primary research) while others choose to utilize data from existing market research conducted by other firms (secondary research). Simulated Business Scenario Vanessa is the owner of a well-known brand of handmade decorative items such as dream catchers and candle holders. The brand, Sirrah, has a reputation for designing and selling high-quality items at premium prices. Considering current economic conditions and the increasing influx of similar but inferior products from foreign suppliers, Vanessa is interested in expanding Sirrah into new markets. Vanessa knows she needs to research various aspects of new potential marketplaces to determine customer insights and if a new market will tolerate new competition from her Sirrah brand. She is on a limited budget so, she is faced with two choices: Design and conduct first-hand market research which is tailored to her specific marketing needs (primary research). Much more costly to implement but much more exacting to Vanessa's brand expansion. Purchase or license existing research that is available from government agencies, trade associations, and marketing research firms that sell research reports (secondary research). Less specific but much less costly. Questions What are a few examples and pros and cons of primary and secondary research?
Chapter6: Target Markets: Segmentation And Evaluation
Section6.2: Mattel Uses Market Segmentation To Stay On Top
Problem 1C
Related questions
Question
Companies who want to grow their markets rely on market research to help determine consumer behavior and the most likely new potential marketplaces. Some companies design and conduct their own market research (primary research) while others choose to utilize data from existing market research conducted by other firms (secondary research).
Simulated Business Scenario
Vanessa is the owner of a well-known brand of handmade decorative items such as dream catchers and candle holders. The brand, Sirrah, has a reputation for designing and selling high-quality items at premium prices. Considering current economic conditions and the increasing influx of similar but inferior products from foreign suppliers, Vanessa is interested in expanding Sirrah into new markets.
Vanessa knows she needs to research various aspects of new potential marketplaces to determine customer insights and if a new market will tolerate new competition from her Sirrah brand. She is on a limited budget so, she is faced with two choices:
- Design and conduct first-hand market research which is tailored to her specific marketing needs (primary research). Much more costly to implement but much more exacting to Vanessa's brand expansion.
- Purchase or license existing research that is available from government agencies, trade associations, and marketing research firms that sell research reports (secondary research). Less specific but much less costly.
Questions
- What are a few examples and pros and cons of primary and secondary research?
- Which research would you advise Vanessa utilize to support her market expansion?
We want to hear your opinions so please try to post more than the ABSOLUTE MINIMUM of 3 times in this weekly conversations. Here's a set of recommendations:
- Try to post your initial post on Monday or Tuesday (no later than Wednesday)
- Try to post at least 2 responses (absolute minimum requirement) to other students on separate days of the week
For example:
- 1 on Thursday
- 1 on Friday
However, if you are interested being eligible for top grades... please consider entering a total of 5 (or more) contributions to the weekly conversations on separate days of the week!
All this provides the rest of our group with additional time to respond in a thoughtful way and contribute meaningful insight to the conversations! We all have our individual perspectives so please share your personal experiences as they relate to the weekly conversation!
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.Recommended textbooks for you