What Would You Want About Potential Customers And The Competitive Environment?

993 Words Feb 25th, 2016 4 Pages
Imagine that you are a member of management at a successful high-end adult clothing and accessories retailer that is considering launching an exclusive line of high-end children 's clothing. This is a new venture for your company, which has until now been focused completely on the adult market. Before committing resources to fully developing a plan for the proposed children 's clothing line, you have called for research that will help you better understand your potential customers as well as 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…

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