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- Prepare a market research using this example. Include the 5 tasks needed in preparing a market research (see image below for reference). Mr. Miranda is a fresh graduate of marketing management. He has observed that the current local administration has institued a number of drastic changes, including the implementation of a curfew for minors and a 1:00 Am liquor ban in Baguio City. Marvin believes that a number of bars in Baguio City might be affected by these new policies. Additionally, he has also noticed the most of the coffee and tea shops in Baguio City are always full. As an aspiring entrepreneur ever since he was young, Marvin eagerly wants to tap the market which he believes he knows the most--the youth. Please help me, explain and elabore the answer. Please see the image below for preparing a market research.The challenge in identifying an attractive target market (Ice Cream) is to find a market that’s large enough for the proposed business but is yet small enough to avoid attracting larger competitors?Assessing the attractiveness of a target market is tougher than assessing the attractiveness of an entire industry.Often, considerable ingenuity must be employed to find information to assess the attractiveness of a specific target market.Many women love the fashionable looks and heightening effects of high-heeled shoes. But every woman knows the problems associated with wearing them. For example, they are very uncomfortable for anything more than light walking for short distances. For other activities, you’d better be packing a second pair of shoes. That’s where Day2Night Convertible Heels comes in. Created by a woman who had an epiphany after a hard night of dancing, Day2Night’s shoes instantly convert to any one of four heel sizes, from low-heeled pumps to spiked-heeled stilettos. An interchangeable heel makes these high heels a high-tech proposition. Beyond launching a line of shoes, Day2Night is looking to license the technology to other shoe manufacturers. What stage of the product life cycle best applies to Day2Night’s shoe line? As the company attempts to launch the shoes, how should it market them?
- Many women love the fashionable looks and heightening effects of high-heeled shoes. But every woman knows the problems associated with wearing them. For example, they are very uncomfortable for anything more than light walking for short distances. For other activities, you’d better be packing a second pair of shoes. That’s where Day2Night Convertible Heels comes in. Created by a woman who had an epiphany after a hard night of dancing, Day2Night’s shoes instantly convert to any one of four heel sizes, from low-heeled pumps to spiked-heeled stilettos. An interchangeable heel makes these high heels a high-tech proposition. Beyond launching a line of shoes, Day2Night is looking to license the technology to other shoe manufacturers. After viewing the video featuring Day2Night Convertible Heels, answer the following questions: Based on the stages of new product development, discuss how Day2Night was likely developed. What stage of the product life cycle best applies to Day2Night’s shoe…Nayef is a marketing manager for Iphone Smart watch that has features such as heart rate monitors, activity trackers, blood pressure monitors and sleep monitors. 1) To conduct a good marketing research on the target market for Iphone Smart Watch, Naif must consider 3 principles of consumer behaviour. Explain how the application of the 3 principles enhances the quality of the market research. 2) What are the market segmentations that Nayef needs to focus on? Explain 3) What type of marketing research is suitable for the market segmentation that Naif needs to focus on? ExplainHow does predictive analytics benefit CRM? Give examples of predictive analytics models used in CRM for sales forecasting or customer churn prediction.
- Outline the most important uses of computer technology in marketing research. Important uses of computer technology in marketing research include (1) a marketing information system (MIS)—a planned, computer based system designed to provide managers with a continuous fl ow of information relevant to their specifi c decision-making needs and areas of responsibility; (2) a marketing decision support system (MDSS)—a marketing information system component that links a decision maker with relevant databases and analysis tools; (3) data mining—the process of searching through consumer information fi les or data warehouses to detect patterns that guide marketing decision making; (4) business intelligence—the process of gathering information and analyzing it to improve business strategy, tactics, and daily operations; and (5) competitive intelligence—the form of business intelligence that focuses on fi nding information about competitors using published sources,…Identify the categories of variables used by Umpqua Bank to segment the business and consumer markets. What additional variables might help the bank define suitable segments for marketing attention?The marketing mix is a key set of tools within the microenvironment, which helps an organization produce the response it wants from their target market. It’s made of up the 4Ps, which include product, price, place, and promotion. When these four factors are aligned properly, they play an important role because it encompasses everything an organization can do to deliver customer value and engage consumers. Simulated Business Scenario: Zihan is a baker who is planning to start his own business and open a bakery in his hometown in Connecticut. Her has spent a lot of time and effort perfecting the cookie recipe , which she has been making over the years from a family recipe. Zihan is concerned that she is spending too much time and effort on the actual cookie recipe (product) and not enough time on the remaining 3Ps. In order to ensure a successful launch of her new business, Zihan hired you to help with the bakery’s grand opening.She asked you to prepare a report detailing what the bakery…