Rama Kanth Rocks
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Define objectives in three-steps.
Write a sentence that specifically describes the interview action. What needs to be done (action)and with whom (segment).
The segment is the luxury market segment in particular. The action which needs to be done includes
Write a second sentence about the information you need.
Write another sentence that describes how managers will use the information.
Motive for buying (prestige, , price range, place of buying, buying pattern( observation, how often do u purchase,
What is the circumstance that demands research
Ans.
Who are the stakeholders in the decision?
The stakeholders in the decision are the US based trading house who wish to launch the
What decisions will the research information support?
What does management want to learn that they dont know already?
What specific information does management need?
What will the research report look like?
The various Primary Research methods which we would be using are:
Observation
Watching how consumers behave provides many insights, but can leave questions unanswered. Observation works well in retail markets; sit outside a shop and watch
Face-to-face surveys
Personal interviews conducted face-to-face. A costly, but good way to get detailed insights from an individual
Focus groups
Groups of potential customers are brought together to discuss their feelings about a product or market. Focus groups are a good way of getting detailed information about customer tastes and preferences
Test marketing
This involves selling a new product in a small section of the market in order to assess customer reaction. For example, a start-up could start by selling to a limited local area in order to iron-out product issues. Software firms often test-market their products by offering “beta” versions for testing by a small group of potential customers. Test marketing can be a good predictor of how a new product or service will be received by the larger market (provided that it can be kept secret from competitors!)