What Would You Want About Potential Customers And The Competitive Environment?
In an essay:
1. Describe the issues that the research should explore. What would you want to know about potential customers and the competitive environment?
Market research is the collection and evaluation of customer data detailing preferences for an organization’s products and services (Oxford University Press). The information gleaned from a market research study can prove very useful in an organization’s decision making process. It is essential for managers to carry our market research as it can also determine an organization’s success. Market research allows managers to become familiar with an industry, its potential customers’ need, and the competitive environment they desire to work in. It also provides a basis for managers to decide whether to develop a new product line or to explore other options. As the manager of a high-end retail organization, it is prudent to conduct a market research to gain information of potential customers and the competitive…