After working hard at the same job for nearly fifty years, Steven James III has
ID: 396884 • Letter: A
Question
After working hard at the same job for nearly fifty years, Steven James III has finally retired from his position as president and CEO of James & Sons Fireplace & Patio. Reluctantly, his son Steven James IV, who has also worked in the family business since graduating from college, has agreed to take his place at the helm of the nearly one-hundred-year-old company. Steven III knew that he wanted his oldest son to run James & Sons, but convincing him to take the job took a lot of work. Steven IV, who majored in marketing in college, told his father that if he were to take over, he would be taking the company in a different direction—and upon doing so, his first act of business would be a comprehensive market research study to determine the best direction.
How would the market research study that Steven IV is considering best approach each of the following subjects?
-Environmental factors
-Customer attitudes, behaviors, and perceptions
-Product research
-Marketing, advertising, and promotion research
-Corporate research
Explanation / Answer
ENVIROMENTAL FACTORS:- Environmental factors can be explained as elements within the cultural, economic, demographic,, technological or political environment which impacts the growth, operations and survival of an organization. It is important to conduct market research on enviromnetal factors so that accurate picture of the market trends and environment can be presented and to understand as to where the company is standing.it is important that company should know that which factors can be used as an oppurtunity and which factors are to be taken care while producing a product or service.
PRODUCT RESEARCH :- Market study would be very essential in case of product reseach because in product research the company need to find the type of the product required by the customers inthe market and what essential features should be present in that product and also the expected price of that product.With the help of this if company was able to produce such a product for their customers so it will help in earning good profit .
CUSTOMER ATTITUDES,BEHAVIOURS,AND PERCEPTION :- If the company has a product or service idea which they want ot produce so before processing further it is very essential for the company to conduct a market reseach on customer attitude and behaviours because due to this company will get a good idea that whether the product or service will be accepted by the customers or not after producing .and it is also essential in case of STEVEN IV company so that they could get a feedback whether the product or servie are liked by the customers or not ,and what changes could be done to improve the quality so that new customers start using them.
MARKETING ,ADVERTISING AND PROMOTION RESEARCH:- IT is important to conduct market research on marketing and advertising because after producing th eproduct it could be sold by good marketing and advertising techniques .so it is very important to know that what advertising techniques could be used so that more and more customers will be aware about the product of the company.EXAMPLE:- if most of the target customers like to watch TV so then the company must focus on broadcasting advertisement on Tv so that more and more people get aware about the product or service.