1.Respond to ALL FOUR QUESTIONS. Each question carries 5 marks. Response to each question attempted should be at least 500
ould be at least 500 words. The document should adhere to APA guidelines. Please state the question and then post your answer below the Question.
Q1. How does marketing research help in the marketing planning process? Use a hypothetical business (e.g. a small sporting goods store, local hardware manufacturing small business, an independent publishing company, etc.) to discuss how market research helps in compiling market intelligence with regard to aspects such as product decisions, customer segmentation decisions, brand and pricing decisions, keeping stakeholders happy.
Q2. NuVision Lens, a mail-order contact lens company has struggled to break even after being five years in the eyewear market. The company’s founders had thought that high demand would exist for mail-order supply as a low-cost alternative to purchasing contact lenses at optical outlets. However, the market share of NuVision continues to be much less than the retail stores. NuVision Lens has hired you as their marketing consultant. Outline the steps that you will take to formulate a problem statement and research objective on the above situation.
Q3. Your friend, Ms.Destiny Brown is the CEO and founder of ‘Hide and Chic’ an upscale leather goods store based in Houston, Texas. Ms. Brown is actively considering to expand her company’s product line to include sports accessories including golf gloves, premium quality leather grips for tennis, squash, racquetball, badminton rackets, leather sports bags, etc. She has hired you to undertake a marketing research study to determine whether a market exists among retail outlets and sporting goods distributors in Houston, for these specialty items under the ‘Hide and Chic’ brand name.
Define and describe the target population for this study?
Discuss the sampling methods that could be used in this study.
Recommend, with reasons, the most optimal sampling procedures for this study.
Q4. Farm Fresh Grocery’ (FFG) has always used paper bags for sacking groceries. However, management has noticed that some competitors are offering reusable bags to their customers. FFG management has asked you to find out if its current customers would prefer bringing the reusable bags every time they visit the FFG store. A) Select two projective techniques to use in your research. Give reasons for your choice. B) Describe in detail how your two chosen techniques would be applied to this research problem.
The marketing research department for the company that manufactures and sells “notebook” computers established the following price – demand function:
ters established the following price – demand function:
p(x) = 10 – 0,001x, where p(x) is the wholesale price in dollars at which x thousand computers can be sold.
Total cost (in dollars) of producing x items is given by C(x) = 7000 + 2x.
A) Find the revenue function and state its domain.
B) Find the marginal revenue function. Find R´(4000) and R´(6000). Interpret the results.
C) Evaluate the approximate revenue and exact revenue of producing 101-th notebook.
D) Find the profit function
E) Find the marginal profit function.
F) Evaluate the approximate profit and exact profit of producing 101-th notebook.
G) Find P´(5000) and P´(7000). Interpret the results.
3.ou are a consultant who works for the Diligent Consulting Group. In this Case, you are engaged on a consulting
consulting basis by Loving Organic Foods. In order to get a better idea of what might have motivated customers’ buying habits you are asked to analyze the ages of the customers who have purchased organic foods over the past 3 months. Past research done by the Diligent Consulting Group has shown that different age groups buy certain products for different reasons. Loving Organic Foods has sent a survey to 200 customers who have previously purchased organic foods, and 124 customers have responded. The survey includes age data of past customers who purchased organic foods in the previous quarter.
Using Excel, create a frequency distribution (histogram) of the age data that was captured from the survey. You should consider the width of the age categories (e.g., 5 years, 10 years, or other). That is, which age category grouping provides the most useful information? Once you have created this histogram, determine the mean, median, and mode.
After you have reviewed the data, write a report to your boss that briefly describes the results that you obtained. Make a recommendation on how this data might be used for marketing purposes. Be sure to conduct adequate research on organic foods industry, organic market analysis, and healthy food industry using IBISWorld database or other databases such as Business Source Complete (EBSCO) and Business Source Complete - Business Searching Interface in our online library. Provide a brief description on the industry background and the consumer changing attitudes and behavior toward healthy lifestyles. Also identify the customer demographics of organic food industry and explain how the customers of Loving Organic Foods are different from this target market.
Data: Download the Excel-based data file with the age data of the 124 customers: Data chart for BUS520 Module 1 Case. Use these data in Excel to create your histogram.
Complete analysis in Excel using the Histogram function. Please watch the following video which covers how to create a histogram in Excel: https://www.youtube.com/watch?v=GL91GrVf3EY
If you are not so familiar with Excel, refer to the following link on Excel training videos: https://support.office.com/en-us/article/Excel-training-9bc05390-e94c-46af-a5b3-d7c22f6990bb?ui=en-US&rs=en-US&ad=US
Check the professional market research reports from the IBISWorld database to conduct the industry analysis. IBISWorld can be accessed in the Trident Online Library.
IBISWorld Overview (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Forecast (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Data and Sources (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Navigation Tips (n.d.). IBISWorld, Inc., New York, NY.
Length requirements: 4–5 pages minimum (not including Cover and Reference pages). NOTE: You must submit 4–5 pages of written discussion and analysis. This means that you should avoid use of tables and charts as “space fillers.”
Provide a brief introduction to/background of the problem.
Provide a brief description of organic food industry and target market characteristics such as their demographics, lifestyles and shopping behaviors.
Provide a written analysis that supports your Histogram age groups (bins).
Based on your analysis of the histogram data, provide complete and meaningful recommendations as the data relates to Loving Organic Foods’s marketing strategy.
Write clearly, simply, and logically. Use double-spaced, black Verdana or Times Roman font in 12 pt. type size.
Have an introduction at the beginning to introduce the topics and use keywords as headings to organize the report.
Avoid redundancy and general statements such as "All organizations exist to make a profit." Make every sentence count.
Paraphrase the facts using your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.
Upload both your written report and Excel file to the case 1 Dropbox.
4.I am struggling to find three points that flow together for Social Media Marketing. My first point is the 6
s the 6 pillars of a social media marketing plan that are needed to achieve the company's goals; set social media marketing goals, research audience, analyze competition, establish important metrics, asses results and optimize. I am going to go into detail about each pillar for this paragraph. My second point is "Once the marketing plan is set in place, business uses social media to facilitate consumers through the purchase process." I am going to talk about the stages of the purchasing process. My first two points flow together in my opinion. I am not sure what my third point will be. I want to talk about how the business uses social media to reach out to consumers and inform them about their product. The business also uses social media platforms to interact with social influencers who can promote their products on their social media. My idea of the third point does not really flow well with my first two points. Can you help me with a third point that does flow together with my first two? I am sorry if this is a bit confusing. Time is really against me on this one.