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Quiz 5 :

Consumer Markets and Buyer Behavior

Quiz 5 :

Consumer Markets and Buyer Behavior

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At Threadless, Customers Design the Product Loyal customers are also loyal designers at Threadless, a fast-growing T-shirt company based in Chicago. The idea for Threadless grew out of Jake Nickell's hobby of creating digital designs for T-shirts. In 2000, after one of his designs won a contest, 20-year-old Nickell teamed up with his friend Jacob DeHart to start a new business. Their unique marketing twist was that the T-shirts they sold would feature digital designs submitted and selected by customers through online voting. Threadless became a crowdsourcing company, in which tasks usually performed by a marketer or researcher- in this case, product design-are outsourced to the market. The first contest, which offered a grand prize of two free T-shirts, drew dozens of entries. The designs were placed on the Threadless website, and participants voted on the ones they preferred. Threadless printed and sold 24 copies each of the five top votegetters. Soon the company began paying $100 for each winning design, an amount it gradually raised above $2,000. By 2002, Threadless had 10,000 customers voting on designs and was selling $100,000 worth of T-shirts. A decade after its founding, the company's annual sales have skyrocketed beyond $30 million, and customers submit 300 designs per day. Threadless has 1.8 million members registered with its site, creating a large sample size from which to solicit feedback and votes. By marketing only designs that customers approve with their votes, Threadless keeps costs down and profit margins high. Sooner or later, all of its T-shirts sell out, and customers can click to vote for reprinting sold-out designs. Winners receive $2,000 along with a $500 Threadless gift card and $500 for every time the design is printed. Threadless not only allows aspiring artists and designers to submit and potentially sell their work, but it also acts as a forum for market research. Blogging and critiquing on the Threadless website give designers the ability to interact with one another and receive recommendations on their ideas. This interaction often follows the five-step process of marketing research. For instance, a designer defines a problem she has with her design. She then thinks about what she wants to ask and posts the problem, as well as a picture of the design, on the Threadless blog. Other members post their recommendations, enabling the designer to collect relevant data for solving the problem. She can then interpret the findings to find the best solution and redesign the T-shirt before submitting it. Such interactions are common among the Threadless online community. After the designers submit their ideas, Threadless creates the equivalent of an online focus group consisting of members from across the world. The T-shirt submissions are posted for members to vote upon, and voters can choose from a score of 0 to 5 on whether this shirt should be printed. They also have the chance to submit their own comments. For those who fall in love with the shirt, Threadless provides a button that the voter can click on to receive an alert. If the shirt gets chosen, the voter will receive a notification that the shirt is available for purchase. Threadless T-shirts and other company apparel can be purchased through the website. By using online customer reviews to create the fi nal product, Threadless is able to eliminate the costs of test marketing. Threadless has been so successful that it has opened its own retail store in Chicago to feature and sell its newest collections. Other companies are also getting involved. In 2012 Threadless partnered with Gap to sell T-shirt collections through Gap's website and retail outlets. The company also partnered with the Whole Planet Foundation to create the Whole Planet Foundation T-shirt Design Challenge. Designers submitted their designs for a chance to win a trip abroad, and part of the proceeds for their designs went toward funding entrepreneurs in developing countries. As cofounder of Threadless, Nickell cannot imagine doing business any other way. "Why wouldn't you want to make the products that people want you to make?" he asks. By paying close attention to its customers' preferences, Threadless now sells 100,000 T-shirts every month. Customers are loyal because they know that their design ideas and votes really count How has Threadless used crowdsourcing as the foundation of its marketing research?
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Threadless discover new way of market research for their product. Company go to the customer to design and select their product. The medium they are using for the market research is online marketing.
Company display their new designs in website and ask the viewers to rank the product. If the viewers like the product then the company come up with the new product in the market.
Company also invite customer to design their product. And for the selection of best designs they give perk to their viewers. Developing new product from the customer is the new way of market research. Here company not only getting idea of the customer but also know where the customer taste is going.

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European Society for Opinion and Marketing Research ESOMAR, the European Society for Opinion and Marketing Research, was founded in 1948. It is a nonprofit association for marketing research professionals. ESOMAR promotes the use of opinion and marketing research to improve marketing decisions in companies worldwide and works to protect personal privacy in the research process. Visit the association's website at www.esomar.org. How can ESOMAR help marketing professionals conduct research to guide marketing strategy?
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The European Society for Opinion and Market Research (ESOMAR) is a global organization which can help the marketing professionals in steering research for guiding marketing strategy by providing them information about the global activities. It has more than 4,900 participants across 130 countries providing data of global market. This information can help professionals in creation of new marketing strategies.

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Marketing Research Reveals Marketing Opportunities in the Baby Boomer Generation For many years, marketers have focused upon consumers between the ages of 18 and 34 to promote products. Marketers feel that wooing consumers early in life will ensure that they become lifetime loyal customers. While this seems logical, research is revealing that Baby Boomers might be a more profitable demographic. Statistics show that while spending for Millennials is actually shrinking, Baby Boomer spending has been increasing. Baby Boomers are estimated to have $3.4 trillion in annual buying power. The Baby Boomer generation is vastly different from the generations preceding it. Baby Boomers desire to have a variety of products available to them. Many of the products traditionally thought to belong to the younger generation are actually bought the most by older generations, such as cars and technological products. With approximately 20 percent of the U.S. population estimated to be 65 years or older by 2030, marketers are beginning to research better ways for marketing to Baby Boomers. In one study researchers attempted to understand how older consumers shop and interact in stores. Because store marketers often target younger generations of consumers, little thought has been given to how accessible these stores are for older generations. The research design involved equipping a person with gloves, neck braces, helmets, blurry goggles, and other equipment to simulate how a person in his or her 70s with arthritis is feeling. Researchers would then observe how the person takes items off of shelves, gets into his or her car, and gets up from chairs. This research has been shared with many businesses, who have interpreted the findings to create a retail environment better suited to this demographic. CVS, for instance, has lowered its shelves, made its store lighting softer, and installed magnifying glasses for hard-to-read labels. Other businesses are using this information to redesign their products. Diamond Foods Inc., for example, has designed the packaging of its Emerald snack nuts to be easier to open, a great help for older consumers whose hands become less mobile as they age. The company also studied consumers with arthritis and decreased the time it takes to rotate the caps to open its products. Additionally, Baby Boomers have created an opportunity for businesses to market entirely new products. Baby Boomers tend to embrace fitness and exercise regimens as a way to stay fi t and prolong their lives. Technology firms are seeing an opportunity to develop products to be installed in the homes of older consumers. These products monitor the movements of the inhabitants and alert family or experts if there are any changes in the inhabitants' movements. A decrease in mobility could signal a change in the person's physical and mental state, which may require medical attention. Although these devices might otherwise seem intrusive, Baby Boomers' desires to stay healthy and prolong life are increasing their demand. Many Baby Boomers are also concerned with preserving their more youthful appearance. Lingerie maker Maidenform has created shapewear, or clothes that help to "tone" the body, targeted toward those ages 35 to 54. There is one description that marketers must avoid when marketing to Baby Boomers: any words or phrases that make them feel old. Marketing research has revealed that Baby Boomers do not like to be reminded that they are aging. Therefore, many marketing initiatives aimed at older consumers must be subtle. For this reason, Diamond Foods does not market the fact that its packages are easier to open because it does not want to make Baby Boomers feel aged. Even marketers of products that are for older people have overhauled their promotional campaigns to focus less on the concept of aging. Kimberly-Clark's Depend brand for incontinence was widely regarded as "adult diapers." This negative connotation led many to avoid them. To try to counteract this view, Kimberly-Clark released commercials that discussed the benefits of the product but also tried to "de-myth" the brand by discussing its similarity in look and feel to underwear. Many other businesses that sell similar products are following suit. Although marketers have long focused on Millennials, the demand for products by Baby Boomers is changing the ways that businesses market to consumers. Marketing research is key to understanding the Baby Boomer demographic and creating the goods and services that best meet their needs. Why are Baby Boomers such a lucrative market?
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Baby boomers are the customer having age between 35 and 65. Buying power of these customers is higher than the youngsters. In near future around twenty percent of the US population will reach the age of fifty sixty. These customers are interested in new products of technology, foods and accessories, and they are the good users of these products. With high purchasing power they have little different requirements compare to the young generations. They are known as baby boomers.
Baby boomers are the potential customer going to create market for new product requirement in near future.
Baby boomer is the new age of old customer with taste, requirements and high purchasing power. Baby boomers are interested in technology, fitness, food and home product.
They are the high end users and create a lucrative market.

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What is the difference between defining a research problem and developing a hypothesis?
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Marketing Research Reveals Marketing Opportunities in the Baby Boomer Generation For many years, marketers have focused upon consumers between the ages of 18 and 34 to promote products. Marketers feel that wooing consumers early in life will ensure that they become lifetime loyal customers. While this seems logical, research is revealing that Baby Boomers might be a more profitable demographic. Statistics show that while spending for Millennials is actually shrinking, Baby Boomer spending has been increasing. Baby Boomers are estimated to have $3.4 trillion in annual buying power. The Baby Boomer generation is vastly different from the generations preceding it. Baby Boomers desire to have a variety of products available to them. Many of the products traditionally thought to belong to the younger generation are actually bought the most by older generations, such as cars and technological products. With approximately 20 percent of the U.S. population estimated to be 65 years or older by 2030, marketers are beginning to research better ways for marketing to Baby Boomers. In one study researchers attempted to understand how older consumers shop and interact in stores. Because store marketers often target younger generations of consumers, little thought has been given to how accessible these stores are for older generations. The research design involved equipping a person with gloves, neck braces, helmets, blurry goggles, and other equipment to simulate how a person in his or her 70s with arthritis is feeling. Researchers would then observe how the person takes items off of shelves, gets into his or her car, and gets up from chairs. This research has been shared with many businesses, who have interpreted the findings to create a retail environment better suited to this demographic. CVS, for instance, has lowered its shelves, made its store lighting softer, and installed magnifying glasses for hard-to-read labels. Other businesses are using this information to redesign their products. Diamond Foods Inc., for example, has designed the packaging of its Emerald snack nuts to be easier to open, a great help for older consumers whose hands become less mobile as they age. The company also studied consumers with arthritis and decreased the time it takes to rotate the caps to open its products. Additionally, Baby Boomers have created an opportunity for businesses to market entirely new products. Baby Boomers tend to embrace fitness and exercise regimens as a way to stay fi t and prolong their lives. Technology firms are seeing an opportunity to develop products to be installed in the homes of older consumers. These products monitor the movements of the inhabitants and alert family or experts if there are any changes in the inhabitants' movements. A decrease in mobility could signal a change in the person's physical and mental state, which may require medical attention. Although these devices might otherwise seem intrusive, Baby Boomers' desires to stay healthy and prolong life are increasing their demand. Many Baby Boomers are also concerned with preserving their more youthful appearance. Lingerie maker Maidenform has created shapewear, or clothes that help to "tone" the body, targeted toward those ages 35 to 54. There is one description that marketers must avoid when marketing to Baby Boomers: any words or phrases that make them feel old. Marketing research has revealed that Baby Boomers do not like to be reminded that they are aging. Therefore, many marketing initiatives aimed at older consumers must be subtle. For this reason, Diamond Foods does not market the fact that its packages are easier to open because it does not want to make Baby Boomers feel aged. Even marketers of products that are for older people have overhauled their promotional campaigns to focus less on the concept of aging. Kimberly-Clark's Depend brand for incontinence was widely regarded as "adult diapers." This negative connotation led many to avoid them. To try to counteract this view, Kimberly-Clark released commercials that discussed the benefits of the product but also tried to "de-myth" the brand by discussing its similarity in look and feel to underwear. Many other businesses that sell similar products are following suit. Although marketers have long focused on Millennials, the demand for products by Baby Boomers is changing the ways that businesses market to consumers. Marketing research is key to understanding the Baby Boomer demographic and creating the goods and services that best meet their needs. How have stores used marketing research findings to tailor their stores and products to appeal to Baby Boomers?
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What is marketing research? Why is it important?
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At Threadless, Customers Design the Product Loyal customers are also loyal designers at Threadless, a fast-growing T-shirt company based in Chicago. The idea for Threadless grew out of Jake Nickell's hobby of creating digital designs for T-shirts. In 2000, after one of his designs won a contest, 20-year-old Nickell teamed up with his friend Jacob DeHart to start a new business. Their unique marketing twist was that the T-shirts they sold would feature digital designs submitted and selected by customers through online voting. Threadless became a crowdsourcing company, in which tasks usually performed by a marketer or researcher- in this case, product design-are outsourced to the market. The first contest, which offered a grand prize of two free T-shirts, drew dozens of entries. The designs were placed on the Threadless website, and participants voted on the ones they preferred. Threadless printed and sold 24 copies each of the five top votegetters. Soon the company began paying $100 for each winning design, an amount it gradually raised above $2,000. By 2002, Threadless had 10,000 customers voting on designs and was selling $100,000 worth of T-shirts. A decade after its founding, the company's annual sales have skyrocketed beyond $30 million, and customers submit 300 designs per day. Threadless has 1.8 million members registered with its site, creating a large sample size from which to solicit feedback and votes. By marketing only designs that customers approve with their votes, Threadless keeps costs down and profit margins high. Sooner or later, all of its T-shirts sell out, and customers can click to vote for reprinting sold-out designs. Winners receive $2,000 along with a $500 Threadless gift card and $500 for every time the design is printed. Threadless not only allows aspiring artists and designers to submit and potentially sell their work, but it also acts as a forum for market research. Blogging and critiquing on the Threadless website give designers the ability to interact with one another and receive recommendations on their ideas. This interaction often follows the five-step process of marketing research. For instance, a designer defines a problem she has with her design. She then thinks about what she wants to ask and posts the problem, as well as a picture of the design, on the Threadless blog. Other members post their recommendations, enabling the designer to collect relevant data for solving the problem. She can then interpret the findings to find the best solution and redesign the T-shirt before submitting it. Such interactions are common among the Threadless online community. After the designers submit their ideas, Threadless creates the equivalent of an online focus group consisting of members from across the world. The T-shirt submissions are posted for members to vote upon, and voters can choose from a score of 0 to 5 on whether this shirt should be printed. They also have the chance to submit their own comments. For those who fall in love with the shirt, Threadless provides a button that the voter can click on to receive an alert. If the shirt gets chosen, the voter will receive a notification that the shirt is available for purchase. Threadless T-shirts and other company apparel can be purchased through the website. By using online customer reviews to create the fi nal product, Threadless is able to eliminate the costs of test marketing. Threadless has been so successful that it has opened its own retail store in Chicago to feature and sell its newest collections. Other companies are also getting involved. In 2012 Threadless partnered with Gap to sell T-shirt collections through Gap's website and retail outlets. The company also partnered with the Whole Planet Foundation to create the Whole Planet Foundation T-shirt Design Challenge. Designers submitted their designs for a chance to win a trip abroad, and part of the proceeds for their designs went toward funding entrepreneurs in developing countries. As cofounder of Threadless, Nickell cannot imagine doing business any other way. "Why wouldn't you want to make the products that people want you to make?" he asks. By paying close attention to its customers' preferences, Threadless now sells 100,000 T-shirts every month. Customers are loyal because they know that their design ideas and votes really count. How does Threadless create the equivalent of an online focus group to provide feedback on designs?
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Decisions about which market opportunities to pursue, what customer needs to satisfy, and how to reach potential customers are not made in a vacuum. The information provided by marketing research activities is essential in developing both the strategic plan and the specific marketing mix. Focus on the following issues as you relate the concepts in this chapter to the development of your marketing plan. Using Table 5.4, choose the appropriate survey method(s) you would use to collect primary data for one of your information needs. What sampling method would you use? img The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.caaengagebrain.com.
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Marketing Research Reveals Marketing Opportunities in the Baby Boomer Generation For many years, marketers have focused upon consumers between the ages of 18 and 34 to promote products. Marketers feel that wooing consumers early in life will ensure that they become lifetime loyal customers. While this seems logical, research is revealing that Baby Boomers might be a more profitable demographic. Statistics show that while spending for Millennials is actually shrinking, Baby Boomer spending has been increasing. Baby Boomers are estimated to have $3.4 trillion in annual buying power. The Baby Boomer generation is vastly different from the generations preceding it. Baby Boomers desire to have a variety of products available to them. Many of the products traditionally thought to belong to the younger generation are actually bought the most by older generations, such as cars and technological products. With approximately 20 percent of the U.S. population estimated to be 65 years or older by 2030, marketers are beginning to research better ways for marketing to Baby Boomers. In one study researchers attempted to understand how older consumers shop and interact in stores. Because store marketers often target younger generations of consumers, little thought has been given to how accessible these stores are for older generations. The research design involved equipping a person with gloves, neck braces, helmets, blurry goggles, and other equipment to simulate how a person in his or her 70s with arthritis is feeling. Researchers would then observe how the person takes items off of shelves, gets into his or her car, and gets up from chairs. This research has been shared with many businesses, who have interpreted the findings to create a retail environment better suited to this demographic. CVS, for instance, has lowered its shelves, made its store lighting softer, and installed magnifying glasses for hard-to-read labels. Other businesses are using this information to redesign their products. Diamond Foods Inc., for example, has designed the packaging of its Emerald snack nuts to be easier to open, a great help for older consumers whose hands become less mobile as they age. The company also studied consumers with arthritis and decreased the time it takes to rotate the caps to open its products. Additionally, Baby Boomers have created an opportunity for businesses to market entirely new products. Baby Boomers tend to embrace fitness and exercise regimens as a way to stay fi t and prolong their lives. Technology firms are seeing an opportunity to develop products to be installed in the homes of older consumers. These products monitor the movements of the inhabitants and alert family or experts if there are any changes in the inhabitants' movements. A decrease in mobility could signal a change in the person's physical and mental state, which may require medical attention. Although these devices might otherwise seem intrusive, Baby Boomers' desires to stay healthy and prolong life are increasing their demand. Many Baby Boomers are also concerned with preserving their more youthful appearance. Lingerie maker Maidenform has created shapewear, or clothes that help to "tone" the body, targeted toward those ages 35 to 54. There is one description that marketers must avoid when marketing to Baby Boomers: any words or phrases that make them feel old. Marketing research has revealed that Baby Boomers do not like to be reminded that they are aging. Therefore, many marketing initiatives aimed at older consumers must be subtle. For this reason, Diamond Foods does not market the fact that its packages are easier to open because it does not want to make Baby Boomers feel aged. Even marketers of products that are for older people have overhauled their promotional campaigns to focus less on the concept of aging. Kimberly-Clark's Depend brand for incontinence was widely regarded as "adult diapers." This negative connotation led many to avoid them. To try to counteract this view, Kimberly-Clark released commercials that discussed the benefits of the product but also tried to "de-myth" the brand by discussing its similarity in look and feel to underwear. Many other businesses that sell similar products are following suit. Although marketers have long focused on Millennials, the demand for products by Baby Boomers is changing the ways that businesses market to consumers. Marketing research is key to understanding the Baby Boomer demographic and creating the goods and services that best meet their needs. How has the marketing research process been used to understand how Baby Boomers shop and interact in stores?
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Describe the five steps in the marketing research process.
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Input for marketing information systems can come from internal or external sources. ACNielsen Corporation is the largest provider of single-source marketing research in the world. Identify two firms in your city that might benefit from internal sources and two that might benefit from external sources. Explain why these sources would be useful to these companies. Suggest the type of information each company should gather.
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European Society for Opinion and Marketing Research ESOMAR, the European Society for Opinion and Marketing Research, was founded in 1948. It is a nonprofit association for marketing research professionals. ESOMAR promotes the use of opinion and marketing research to improve marketing decisions in companies worldwide and works to protect personal privacy in the research process. Visit the association's website at www.esomar.org. How can ESOMAR help marketers to protect the privacy of research subjects when conducting marketing research in other countries?
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When a company wants to conduct research, it must first identify a problem or possible opportunity to market its goods or services. Choose a company in your city that you think might benefit from a research project. Develop a research question and outline a method to approach this question. Explain why you think the research question is relevant to the organization and why the particular methodology is suited to the question and the company.
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At Threadless, Customers Design the Product Loyal customers are also loyal designers at Threadless, a fast-growing T-shirt company based in Chicago. The idea for Threadless grew out of Jake Nickell's hobby of creating digital designs for T-shirts. In 2000, after one of his designs won a contest, 20-year-old Nickell teamed up with his friend Jacob DeHart to start a new business. Their unique marketing twist was that the T-shirts they sold would feature digital designs submitted and selected by customers through online voting. Threadless became a crowdsourcing company, in which tasks usually performed by a marketer or researcher- in this case, product design-are outsourced to the market. The first contest, which offered a grand prize of two free T-shirts, drew dozens of entries. The designs were placed on the Threadless website, and participants voted on the ones they preferred. Threadless printed and sold 24 copies each of the five top votegetters. Soon the company began paying $100 for each winning design, an amount it gradually raised above $2,000. By 2002, Threadless had 10,000 customers voting on designs and was selling $100,000 worth of T-shirts. A decade after its founding, the company's annual sales have skyrocketed beyond $30 million, and customers submit 300 designs per day. Threadless has 1.8 million members registered with its site, creating a large sample size from which to solicit feedback and votes. By marketing only designs that customers approve with their votes, Threadless keeps costs down and profit margins high. Sooner or later, all of its T-shirts sell out, and customers can click to vote for reprinting sold-out designs. Winners receive $2,000 along with a $500 Threadless gift card and $500 for every time the design is printed. Threadless not only allows aspiring artists and designers to submit and potentially sell their work, but it also acts as a forum for market research. Blogging and critiquing on the Threadless website give designers the ability to interact with one another and receive recommendations on their ideas. This interaction often follows the five-step process of marketing research. For instance, a designer defines a problem she has with her design. She then thinks about what she wants to ask and posts the problem, as well as a picture of the design, on the Threadless blog. Other members post their recommendations, enabling the designer to collect relevant data for solving the problem. She can then interpret the findings to find the best solution and redesign the T-shirt before submitting it. Such interactions are common among the Threadless online community. After the designers submit their ideas, Threadless creates the equivalent of an online focus group consisting of members from across the world. The T-shirt submissions are posted for members to vote upon, and voters can choose from a score of 0 to 5 on whether this shirt should be printed. They also have the chance to submit their own comments. For those who fall in love with the shirt, Threadless provides a button that the voter can click on to receive an alert. If the shirt gets chosen, the voter will receive a notification that the shirt is available for purchase. Threadless T-shirts and other company apparel can be purchased through the website. By using online customer reviews to create the fi nal product, Threadless is able to eliminate the costs of test marketing. Threadless has been so successful that it has opened its own retail store in Chicago to feature and sell its newest collections. Other companies are also getting involved. In 2012 Threadless partnered with Gap to sell T-shirt collections through Gap's website and retail outlets. The company also partnered with the Whole Planet Foundation to create the Whole Planet Foundation T-shirt Design Challenge. Designers submitted their designs for a chance to win a trip abroad, and part of the proceeds for their designs went toward funding entrepreneurs in developing countries. As cofounder of Threadless, Nickell cannot imagine doing business any other way. "Why wouldn't you want to make the products that people want you to make?" he asks. By paying close attention to its customers' preferences, Threadless now sells 100,000 T-shirts every month. Customers are loyal because they know that their design ideas and votes really count. How has Threadless eliminated the cost of test marketing?
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Decisions about which market opportunities to pursue, what customer needs to satisfy, and how to reach potential customers are not made in a vacuum. The information provided by marketing research activities is essential in developing both the strategic plan and the specific marketing mix. Focus on the following issues as you relate the concepts in this chapter to the development of your marketing plan. Define the nature and scope of the questions you must answer with regard to your market. Identify the types of information you will need about the market to answer those questions. For example, do you need to know about the buying habits, household income levels, or attitudes of potential customers? The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.caaengagebrain.com.
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After observing customers' traffic patterns, Bashas' Markets repositioned the greeting card section in its stores, and card sales increased substantially. To increase sales for the following types of companies, what information might marketing researchers want to gather from customers? a. Furniture stores b. Gasoline outlets service stations c. Investment companies d. Medical clinics
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Describe the different types of approaches to marketing research, and indicate when each should be used.
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European Society for Opinion and Marketing Research ESOMAR, the European Society for Opinion and Marketing Research, was founded in 1948. It is a nonprofit association for marketing research professionals. ESOMAR promotes the use of opinion and marketing research to improve marketing decisions in companies worldwide and works to protect personal privacy in the research process. Visit the association's website at www.esomar.org. ESOMAR introduced the first professional code of conduct for marketing research professionals in 1948. The association continues to update the document to address new technology and other changes in the marketing environment. According to ESOMAR's code, what are the specific professional responsibilities of marketing researchers?
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Decisions about which market opportunities to pursue, what customer needs to satisfy, and how to reach potential customers are not made in a vacuum. The information provided by marketing research activities is essential in developing both the strategic plan and the specific marketing mix. Focus on the following issues as you relate the concepts in this chapter to the development of your marketing plan. Determine whether or not this information can be obtained from secondary sources. Visit the websites provided in Table 5.3 as possible resources for the secondary data. img The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.caaengagebrain.com.
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Suppose you are opening a health insurance brokerage firm and want to market your services to small businesses with fewer than 50 employees. Determine which database for marketing information you will use in your marketing efforts, and explain why you will use it.
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