The Market Research Process Is Defining The Problem Essay

836 Words Oct 19th, 2015 4 Pages
As your high-end adult clothing company prepares to diversify itself by expanding into high end children’s clothing, it is imperative to do proper market research to ensure the success of this expansion. The market research process has 4 steps: defining the problem and research objectives, developing the research plan for collecting information, implementing the research plan, and interpreting and reporting the findings. Each of these steps will help create a better adapted marketing plan, and make the product as successful as possible. The retailer in question can make the best decisions by being well informed and doing their market research. The first step in the marketing research process is defining the problem. Why does the company want to expand into children’s clothes? The answer could be that the company is not meeting consumer needs by offering only clothes for adults, or it could be that the company sees an opportunity for growth and wants to take advantage before someone else does. After the problem is defined the company can use descriptive research to find market potential for the product, demographics of the area, and culture of the area where the product would be sold. For example, this retailer should research the number of young couples and or young families in the area, two demographic groups likely to be raising children or have children on the way soon. The company should also research the wealth and average income of the area, so they know consumers…

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