These studies can be beneficial in providing direct human responses, and though such data is not appropriate for statistical analysis, it can provide tremendous insight into the feelings of the average consumer and lead to some creative new ideas (Tutor2u). Surveys could also be sent out or even included in product packages to determine tastes and satisfaction levels, and even advertising awareness and response (Tutor2u). The drawback to such research is that both surveys and panels will only return a handful of responses at a time, and tastes may range greatly between individuals and regionally, making it necessary to conduct many panels over all of the regions which it's Popcorn Time! Wishes to sell to. Still, the benefits of this type of research -- true human insight into the consumer's wants -- far outweigh the limitations.
Some qualitative methods I would employ when conducting research for it's Popcorn Time! would…...
mlaReferences
Introduction to market research." (2009). Allbusiness.com. Accessed 27 January 2009. http://www.allbusiness.com/marketing/market-research/1286-1.html
Marketing research." (2009). Knowthis.com. Accessed 27 January 2009. http://www.knowthis.com/tutorials/principles-of-marketing/marketing-research.htm
Marketing research." (n.d.) Tutor2u.net. Accessed 27 January 2009. http://tutor2u.net/sub_marketing.asp
Cuently, Kudle has an Asian specialty poduce depatment and a Euopean-style bakey at all of its stoes. Afte eviewing demogaphic data, Kudle may discove that a location unde consideation has a lage ethnic population and can use this infomation to evise the poducts it stocks to cate to unique ethnic food pefeences in the community which may not necessaily be Asian o Euopean.
In Kudle Fine Food's cuent situation, it aleady has thee successful locations, La JaJolla, DelMa and Encinitas. In addition to looking at completely new tows, Kudle ought to exploe whethe o not these existing locations can suppot anothe goumet food shop. It needs to conside the demand at its cuent stoes and the potential demand of the entie town, once again based on demogaphics and competitive analysis. It may be possible to opeate a new stoe in the same town without taking maket shae away fom the…...
mlareferences and price sensitivities. This information will be invaluable in formulating the right product lines and services, prices and promotions for its anticipated shoppers. Kudler Fine Foods may find that it needs to fine tune its hours of operations, its access to parking or its promotions techniques for the unique community it is trying to serve. For example, a certain community may prefer to sample wine during the evening as opposed to Saturday morning or a community with a large number of working mothers may require later hours of operation than Kudler's current 6:00 closing time.
In summary, every town is a local market that has its own unique demographic characteristics and a different mix of competitors. Likewise, there is no one single voice of the customer. Customer voices are diverse across geographic locations. In consumer markets, there are a variety of different needs. Market research and analysis of demographic, competitive and customer data is necessary to understand all of these differences. While presenting greater upfront investment costs, market research will ultimately lead to greater sales and profits for Kudler Fine Foods.
(as the survey is an intercept interview, the survey should not exceed more than 20 minutes, and the 15-minute interview length would be the recommended duration given that the survey is about customer satisfaction.)
III. Executive Summary
This document provides important information on Mercy Health System's market research plan and strategy: a mini-guide on the market research process and the research plan for the proposed Customer Satisfaction Study.
The market research process mini-guide provides a brief discussion of the important stages in research implementation. Brief descriptions are provided based mainly on the Consultant's experience in market research as conducted in the healthcare / health service setting. Key points discussed include the formulation of the research objectives, developing the research design and methodology (data collection), data analysis and interpretation, and report writing and presentation. While each stage is given its proper merit and importance, it is the Consultant's recommendation that to have the…...
mlaReferences
"April 2012 and Historical ACSI Scores." (2012) American Customer Satisfaction Index Website. Retrieved 18 August 2012. Available at: http://www.theacsi.org/index.php?option=com_content&view=article&id=245:acsi-scores-april&catid=14&Itemid=326
Balnaves, M. And P. Caputi. (2001). Introduction to Quantitative Research Methods: An Investigative Approach. CA: Sage.
Kutney-Lee, a. (2009). "Nursing: A key to patient satisfaction." Health Affairs, Vol. 28, No. 4.
Mercy Health System Official Website. Retrieved 18 August 2012. Available at: http://www.mercyhealthsystem.org/
As the elasticity of demand for their products is flat Kudler could easily increase prices on new products and consumers would still buy them. They are missing out on a major opportunity to drive up profitability as a result.
Customer's Preferences for Selection and Unmet Wants
Large-scale retailers often rely on a framework of research to define the preferences and unmet wants or needs of customers by segment and audience (Thompson, Stanton, 2010). This framework impacts everything from the planograms used for laying out retail stores to the definition of pricing and discounting, including seasonal specials on given products (Thompson, Stanton, 2010). Kudler most likely does not have one of these for even the commercial chef market yet, and as a result is missing out on a very significant revenue opportunity. The use of these frameworks can greatly simplify supply chain coordination, store planning, and the development of store promotions. Kudler…...
mlaReferences
Bernoff, J., & Li, C. (2008). Harnessing the Power of the Oh-So-Social Web. MIT Sloan Management Review, 49(3), 36-42.
Megan Thompson & John Stanton. (2010). A framework for implementing retail franchises internationally. Marketing Intelligence & Planning, 28(6), 689-705.
Wagner, B. (2010). Authenticity: what consumers really want, International Journal of Market Research, 52(4), 547.
Market esearch at Kudler Foods
Market esearch at Kudler Fine Foods
The catalyst of any successful business is the ability to quickly translate customer data in its many forms into a competitive advantage (Perreault, Cannon, & McCarthy, 2008). For Kudler Fine Foods, they have many opportunities to learn from their customers and grow their core business in the process. The intent of this analysis is to evaluate how the many concepts, frameworks and structures of market research can be used to augment and strengthen the store's ability to serve existing customers and gain new ones.
etailers especially need to be cognizant of how to best to coordinate all the market research functions in a concerted and focused base of knowledge which can be used for making insightful, intelligent strategic decisions (Perreault, Cannon, & McCarthy, 2008). For retailers this focus needs to include the complete customer experience from an authenticity and trust standpoint (Wagner,…...
mlaReferences
Vasco Boatto, Edi Defrancesco, & Samuele Trestini. (2011). The price premium for wine quality signals: does retailers' information provision matter? British Food Journal, 113(5), 669-679.
Iglesias, O., Singh, J., & Batista-foguet, J.. (2011). The role of brand experience and affective commitment in determining brand loyalty. Journal of Brand Management, 18(8), 570-582.
Morrison, M., Gan, S., Dubelaar, C., & Oppewal, H.. (2011). In-store music and aroma influences on shopper behavior and satisfaction. Journal of Business Research, 64(6), 558.
David Pearson, Joanna Henryks, Alex Trott, Philip Jones, Gavin Parker, David Dumaresq, & Rob Dyball. (2011). Local food: understanding consumer motivations in innovative retail formats. British Food Journal, 113(7), 886-899.
Market esearch
Discuss: "Market research is probably the greatest single deterrent to excellence in modern business. It's crutch for manager with no vision and no conviction."
One of the most famous corporate success stories of recent memory, the Apple Corporation, did almost no market research. Instead it relied upon the vision of its CEO and founder Steve Jobs. "Apple as a company follows its instincts. They're less interested in giving the market what it wants as they are in giving the market what it doesn't yet know it wants. Apple aims to create innovate products that didn't previously exist (iPad) or take existing products and redefine them in a way that makes them completely new (iPod, iPhone)" (Bradley 2010). Apple customers are loyal, yet it does not use focus groups, surveys, questionnaires, or other conventional methods of assessing what consumers want. Consumers do not know what they want, Jobs believed. The iPad…...
mlaReferences
Bradley, Stephen. (2010). Who knows better? You or your customers?
http://www.vanseodesign.com/marketing/who-knows-better/
Skibsted, Jens Martin & Rasmus Bech Hansen. (2011). User-led innovation can't create breakthroughs: Just ask Apple and IKEA. Fast Co Design.
Retrieved November 12, 2011 at http://www.fastcodesign.com/1663220/user-led-innovation-cant-create-breakthroughs-just-ask-apple-and-ikea
In addition to consumption habits, the questionnaire will also focus on purchase habits between these two groups. Lastly, the questionnaire will tackle respondents' attitudes and perceptions about digital entertainment, iPod product line, and Apple Inc. As an American multinational company and consumer electronics manufacturer.
As mentioned earlier, the qualitative exploratory design will make use of the focus group discussion (FGD) method to generate information on the preferences of two groups, users and non-users of portable media player, of concepts on packages / bundles that will be offered for every purchase of a particular product in the iPod product line.
Target espondents/Sampling Scheme
Target respondents for the UAI and FGDs are made up of two main groups: users and non-users of portable media players. Targeted sample size must not be less, but can be more than N=400.
The users group are males/females, 15-55 years old distributed proportionately across socio-economic classes. The users group must…...
mlaReferences
Apple iPod official web site: http://www.apple.com/iTunes/.
Malhotra, N. (1996). Marketing Research: An Applied Orientation. NJ: Prentice Hall.
Weiers, R. (1984). Marketing Research. NJ: Prentice Hall.
This is where the fundamental disconnect is in the purchasing process and why despite the heavy investments in catalogs and games the company is still struggling. It is not reaching the most profitable customers on a consistent basis.
4. Using the appropriate t-test, determine if those who purchased from Gucci and those who did not (q11), are different in terms of a. Their evaluations of catalogs (q7_a - q7_f), b. Their perceptions of Gucci (q12_a - q12_d), and c. Their evaluations of the demonstration catalog (q13_a - q13_f)?
Interpret the results, provide marketing implications.
The result of completing the t-tests further supports the observation that catalogs are seen as informative, yet not useful enough based on top-of-mind awareness of respondents alone. Respondents varied significantly however in their evaluations of catalogs in general and the demonstration catalog provided by Gucci for the research project. According to the t-test completed comparing means of those…...
With regard to the second article, a Magic Potion?; Wellness drinks from the Economist (2007), the lack of secondary research is so glaring as to make the claims of weight reduction from drinking the new beverage unbelievable. The entire article could have been two sentences, with the first announcing the drink and the second, that the research had not been released. Further, the investment and financial analyst quoted says he does not like the taste, yet is that relevant? It seems as if the data included in the article is to pump up the Coca-Cola stock price and little else. Secondary data as to the size of the market, Coke's relative market share and the fact that Coke is having trouble with the Centre for Science in the Public Interest all underscores how a lack of secondary data can seriously undermine the credibility of any message or article. For Coke,…...
mlaReferences
Ronald a. Clark, Ronald E. Goldsmith. (2006). Interpersonal influence and consumer innovativeness. International Journal of Consumer Studies, 30(1), 34. Retrieved February 23, 2008, from ABI/INFORM Global database. (Document ID: 940732861).
Alistair Davidson, Brian Leavy. (2007). Interview with innovation guru Geoffrey Moore: seeking solutions to intractable problems. Strategy & Leadership, 35(5), 4. Retrieved February 22, 2008, from ABI/INFORM Global database. (Document ID: 1332933321).
Chris Easingwood, Steven Moxey, Henry Capleton. (2006). Bringing High Technology to Market: Successful Strategies Employed in the Worldwide Software Industry. The Journal of Product Innovation Management, 23(6), 498-511. Retrieved February 22, 2008, from ABI/INFORM Global database. (Document ID: 1169979871).
Business: A magic potion?; Wellness drinks. (2007, January). The Economist, 382(8510), 52. Retrieved February 23, 2008, from ABI/INFORM Global database. (Document ID: 1191424611).
Meanwhile, band images that emeged fom the FGDs will then be detemined and assessed quantitatively, wheein detemined images will be pesented to espondents, and will be asked to choose which image best fits the poduct cited in the suvey.
To evaluate the eseach conducted, I will coss-check the suvey esults, ensuing that the conduct of eseach was conducted in eithe one of the following manne: (1) a homogenous goup of espondents wee given equal chances to view animatics of diffeent kinds of Akie Feet Fam ads, showing diffeent feet food, o (2) showing of one kind of Akie Feet Fam ad to thee o moe diffeent goups that ae consideed homogenous in almost all majo qualifies, except pehaps fo a distinguishing facto distinct in the goup (i.e., occupation of espondents, geogaphic location, poduct patonized, among othes).
Possible categoizations fo the poposed evaluation of the Akie Feet Fam eseaches would also be…...
mlareferences be obtained from third-party data generators such as government and/or non-government trade and industry agencies. These agencies will ensure the fair assessment and recording of data, documented objectively and for purposes of information provision and research only.
The focus group discussion would be more productive if the female ferret owners will be engaged in a creative activity wherein they will verbally share, envision, and possibly draw ideas on what they may consider as the "ideal" ferret toy. Through this activity, the moderator and company will be able to draw out ideas on the needs, met and unmet, of ferret owners with regard to ferret toys.
Telephone surveys are easier to use and can be accomplished faster; however, this kind of interview could lead to high refusal rate due to technical problems and can yield only shallow data due to the short period of interaction between interviewer and respondent. Personal interviews provide more interaction between interviewer and respondent, and can provide better clarification and probing on responses. However, personal interviewers can take too much time, and can result to interview fatigue, which may affect survey results. Mail surveys are easy to administer and cheaper in cost; however, this kind of survey has the highest refusal rate, and results may no longer be relevant due to this time lag. Electronic mail surveys is easiest and fastest to administer; however, they tend to be ignored and considered as spam mail and responses cannot be clarified further since respondents cannot be tracked easily because surveying is in online mode.
Against this backdrop, please describe, predict, and justify what the marketing education/discipline would or should look like in the next five to ten years.The marketing discipline will be fundamentally changed going forward and well into the future. Here the discipline will rely heavily on analytics and overall predictive ability. For one, artificial intelligence is beginning to enter the discipline as a means of predicting consumer behavior and purchasing decisions. Likewise, technology continues to evolve to allow marketers to properly pinpoint and isolate variables that are directly correlated to sales. Here, the use of social media websites, streaming viewership rates, time spent online, how people interact online and other variables now require a specific expertise as it relates to marketing. Marketing has now become an analytical science with many of its variables, easily measured and observed. The focus of this essay will be placed on marketing research and analytics and how…...
mlaReferences
1. Agrawal, A., Gans, J. S., & Goldfarb, A. (2019). Artificial Intelligence: The Ambiguous Labor Market Impact of Automating Prediction. The Journal of Economic Perspectives, 33(2), 31–50. https://www.jstor.org/stable/26621238
2. Fornell, C., & Larcker, D. F. (2021). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.2307/3151312
3. Heller, C. H. (2019). NEAR-TERM APPLICATIONS OF ARTIFICIAL INTELLIGENCE: Implementation Opportunities from Modern Business Practices. Naval War College Review, 72(4), 73–100. https://www.jstor.org/stable/26775520
Q - Take a position between marketing shapes consumer needs and wants versus marketing merely reflects the needs and wants of customers and justify your position.Many of the most ubiquitous products used today, such as smartphones, did not exist at the beginning of the century. Apples founder Steve Jobs famously said: we never hire consultants, per se. We just want to make great products (Martin, 2022, par.4). The founder of Ford Motors, Henry Ford, said that if he had asked consumers what they wanted, they would merely have asked for faster horses (Martin, 2022). While companies can identify needs, such as a desire to communicate more quickly and share images and words (and even to have fancier and sleeker technology in their pockets), or a desire for more affordable and faster transportation, companies must also take an aggressive role in shaping those needs and wants by demonstrating how their products…...
mlaReferences
Breschi, A. (2022). 16 types of consumer needs (and how to solve them). HubSpot.
https://blog.hubspot.com/service/customer-needs
Martin. C. (2022). Was Apple founder Steve Jobs right about market research? FlexMR.
sevice (Huse, Evangelho 2007). What is needed is moe concentation fist on the objectives of the study in light of the planes' poposed econfiguations' inceasing full sevice elative to low cost. Once that hypothesis in conjunction with a picing analysis of how much those loyal business leade taveles on the ailine today ae willing to pay, then a moe accuate eseach design can be developed.
Following a claification of the eseach design and hypothesis, the eseach team needs to also conside attitudinal and psychogaphic eseach in addition to puely looking at the economics of picing as it elates to poviding geate sevices on thei jets in the fom of meeting aeas. Specifically looking at what business leades conside to be exceptional sevice offeings elative to thei baseline levels of expectations is citical to see if the inclusion of tables is even in thei set of pefeences o minimum expectations (Enquist,…...
mlareferences (Ping, 2004). Unfortunately the questionnaire quickly grew to include many objectives, growing to several pages, which will inevitably introduce respondent fatigue and either a social desirability bias of merely responding quickly to appear done or giving up on the questionnaire and leaving it behind in the jet. Incenting the flight attendants to gain as many responses is possible introduces sampling bias and
For example, in the early 1990's the 'Intel Inside' of computers was great for computer sales. That is until the Intel brand name took a major hit for allowing a faulty chip to make its way to the market. The internet-based Word-of-Mouth made the 'Intel Inside' a marketing nightmare.
The Word-of-Mouth and Buzz marketing approach coupled with the internet are more effective than any available print or television ad currently used because consumers are too overly saturated by those mediums. This new approach of the future was recently used and studied for the popular film 'Fahrenheit 911' and the blockbuster results in revenues clearly show that this new approach is the wave of the next generation.
Conclusion
In conclusion, the world of marketing has changed and our more global and technologically advanced social and business environment will make marketers reevaluate their approach. Marketing executives can no longer go about in a 'business…...
mlaReferences
Bianco, Anthony, Lowry, Tom, Berner, Robert, & Arndt, Michael (2004). The Vanishing Mass Market. Business Week, July 12, 60-68.
Durgee, Jeffrey F., Gina Colarelli O'Connor, and Robert W. Veryzer. "Translating values into product wants." Journal of Advertising Research Vol. 36 (1996).
Khermouch, Gerry & Green, Jeff (2001, July 30). "Buzz Marketing: Suddenly This Stealth Strategy Is Hot -- but it's Still Fraught with Risk." Business Week Online. Retrieved on May 4, 2005, at http://www.businessweek.com/magazine/content/01_31/b3743001.htm
Silverman, George (1997, November). How to Harness the Awesome Power of Word of Mouth. Direct Marketing Magazine, 32-37. Retrieved on May 4, 2005, from Market Navigation, Inc., Web Site: http://www.mnav.com/H2HarnWOM.htm
A third area Kudler needs to concentrate on is understanding the psychographic segments of their customers, including how they perceive themselves as part of a broader group (Wagner, 2010). This is essential for them to gain greater insight into how best to manage these key influencers as part of a broader panel and gain critical intelligence on how to position their business.
Finally, it's very critical that any retail business have exceptionally strong competitive insight and intelligence. This is an area of market research that Kudler Foods needs to concentrate on thoroughly., as they will over time attract greater competition on price alone. If the amateur and commercial chef market is an affluent one in this area of the country, other competitors will certainly begin approaching these customers with loyalty programs and advanced deals. Using social media and continued monitoring of competitors while watching these critical segments' shopping patterns, Kudler will…...
mlaReferences
Bernoff, J., & Li, C.. (2008). Harnessing the Power of the Oh-So-Social Web. MIT Sloan Management Review, 49(3), 36-42. Retrieved July 26, 2011, from ABI/INFORM Global. (Document ID: 1458948591).
David W. Norton, & B. Joseph Pine II. (2009). Unique experiences: disruptive innovations offer customers more "time well spent." Strategy & Leadership, 37(6), 4-9. Retrieved July 26, 2011, from ABI/INFORM Global. (Document ID: 1920016781).
Megan Thompson, & John Stanton. (2010). A framework for implementing retail franchises internationally. Marketing Intelligence & Planning, 28(6), 689-705. Retrieved July 26, 2011, from ABI/INFORM Global. (Document ID: 2146332871).
Megan Thompson, & John Stanton. (2010). A framework for implementing retail franchises internationally. Marketing Intelligence & Planning, 28(6), 689-705. Retrieved July 26, 2011, from ABI/INFORM Global. (Document ID: 2146332871).
Depending on the approach to business management that you study, there can be four to seven functional areas of business. We favor a business management approach that highlights six functional areas of business: strategy, marketing, finances, human resources, operations, and technology and equipment. To pick which ones to include in a paper you need to write, we would look at what each functional area does and pick the three areas where we had the most subject-area competency. However, if the paper was a research paper, intended to teach us more about business operations, we would actually take....
As a behavioral health entrepreneur, it is crucial to utilize various methods of analysis to determine which strategies are the best for your business. These analysis methods can help you make informed decisions, understand your target audience, and drive effective outcomes. Here are some key methods to consider:
1. SWOT Analysis: Conduct a comprehensive assessment of your business's strengths, weaknesses, opportunities, and threats. This analysis will provide insights into your competitive advantage, internal challenges, market potential, and potential risks.
2. Market Research: Gather data and insights about your target audience, competitors, market trends, and customer preferences. This analysis will enable you to....
Essay Topics on Adidas: A Comprehensive Analysis
1. The Rise and Evolution of Adidas: A Study in Sports Marketing
Trace the origins and growth of Adidas, examining its key marketing strategies and product innovations.
Analyze the company's target audience, brand positioning, and communication channels.
Discuss the challenges and opportunities Adidas has faced in the competitive sportswear market.
2. Adidas's Social and Environmental Impact: A Critical Assessment
Evaluate Adidas's commitment to social responsibility and sustainability initiatives.
Examine the company's efforts to address issues such as labor rights, environmental protection, and diversity and inclusion.
Discuss the effectiveness of these initiatives and their impact on....
Comprehensive Target Market Analysis and Segmentation Strategies
Examining Target Markets: A Holistic Approach to Customer Focused Strategies
The Art of Target Market Identification: Unlocking Market Potential and Growth
Target Market Optimization: A Comprehensive Guide to Tailored Marketing
Defining the Target Audience: Foundations of Effective Marketing Campaigns
Precision Target Marketing: Aligning Strategies with Consumer Needs
Consumer Segmentation and Target Market Definition: A Data-Driven Approach
Uncovering Market Segments: The Key to Personalized Marketing
Building Customer Profiles: A Framework for Target Market Identification
Target Market Strategies for Dynamic Market Landscapes
Target Market Analysis: A Case Study of Successful Market Penetration
The Evolution of Target Markets: Adapting to Changing Consumer Dynamics
Target Market Research: Unveiling Insights....
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