T-shirt company
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T-shirt company
- 1. MaryJoans T-Shirts Market Research and Benefits
- 2. Description Company/Brand name: MaryJoans High cost t-shirt company Focusses on quality products Uses high end quality products Focusses on high-end quality products It’s a locally-owned company Supports breast-cancer research
- 3. Measures of Success Research on customer satisfaction Basing performance on finances and financial statements Finding out the number of new customers in the business Conducting regular or scheduled performance reviews Being keen on the current needs of the market Assessment of business expectations against reality
- 4. Market Research Impact Competitors: Aids in having clearer understanding of the competitors Customer Base: Aids in having an additional understanding of the customer base Investors and Shareholders: provides them with evidence that the business will be successful Leads to insights on more business opportunities Measures marketing effectiveness
- 5. Market Research Option 1: Qualitative Definition: A qualitative research will entail collecting information that will assist in the understanding of human behavior. It entails what people believe as well as their points of view Goal: Helps in gaining insights into the motives behind purchases Benefits: get a deeper understanding of the customer, directly involves the customer Process: One can use various techniques such as focus groups, open-ended questions, in-depth interviews
- 6. Market Research Option 2: Quantitative Definition: Conducting a quantitative market research involves measuring structured numerical data. Goal: assists in market expansion, increasing sales developing marketing plans and devising ways of increasing customer retention Benefits: Good in global evaluation as it uses large data samples and can apply primary and secondary data. Easy to analyze data Easily comparative with other data Process: A quantitative market research process can be conducted through surveys, experiments, and finding patterns.
- 7. References Boddy, C. R. (2019). Causality in qualitative market and social research. Qualitative Market Research: An International Journal. Kappel, M. (2017). 6 Ways To Measure Small Business Success. Forbes, https://www.forbes.com/sites/mikekappel/2017/03/08/6-ways-to-measure- small-business-success/?sh=474fe67318f4 Mauboussin, M. (2012). The True Measures of Success. Harvard Business Review. https://hbr.org/2012/10/the-true-measures-of-success Mooi, E., Sarstedt, M., & Mooi-Reci, I. (2017). Market research: The process, data, and methods using Stata. Springer. Paul, J. (2019). Marketing in emerging markets: a review, theoretical synthesis and extension. International Journal of Emerging Markets.
Hinweis der Redaktion
- This company will provide high-quality t-shirts using the best fabrics. The styles will be trendy, and a portion of the sales will be donated to organizations for breast cancer research. The company is a small, locally owned business that provides quality t-shirts with excellent customer service. A portion of the sales goes towards breast cancer research. This Company is a smaller company that focuses on the quality of the products it offers. It will use high-end fabrics and will be made locally. The company will focus on providing excellent customer service.
- At MaryJoans, we are committed to becoming the best t-shirt manufacturer in the region. To ensure success and improvement in the business various research methods are used to measure business success. Using Kappel’s (2017) advice, essential research methods for measuring success include the use of primary data from income statements to check on the company’s profitability. Also, measurement of customer satisfaction is done using reviews and surveys conducted online. Tracking of new customers is done by use of a mailing list. Yearly performance reviews using various tools assist in understanding the employees. Notably, the best performing employees are rewarded. Market research assists in identifying trends in the market and making essential decisions. Lastly, MaryJoans conducts an internal assessment of the business performance and compares it to objectives and expectations using a survey questionnaire (Mauboussin, 2012).
- As MaryJoans seeks to grow and expand its operations, conducting a market research is deemed important. Essentially, a market research is essential when envisaging global expansion due a number of reasons. A market research allows the business to gauge the power of the competitors overseas or possibilities of business saturation. Also, a market research, according to Paul (2019) will allow a business to have some insights on the potential customers. Additionally, it provides evidence for investors and shareholders that the business will do well in other areas. Above that a market research will indicate the effectiveness of the new markets and assist in giving insights and identifying new markets.
- The first optional method for conducting a market research is through the qualitative technique. A qualitative technique allows for a deeper understanding of human behavior as it seeks to find out people’s points of view regarding a product (Boddy, 2019). It is a beneficial method that provides insights, a deep understanding, a directly involves the customer. Some of the processes of conducting a qualitative market research include using open-ended questions, in-depth interviews and also the use of focus groups.
- Quantitative market research is a process that involves the measurement of structured numeric data. Numeric data incudes numbers and figures and is structured since it can answer questions like how much or how many. The main goal of such a review is that it provides sufficient data that can guide global market expansions, increase sales and retain more customers. The methodology can use primary and secondary data, and also large data samples making it more effective in making decisions (Mooi et al., 2017). The data realized from this method is easy to analyse. Various ways of conducting a quantitative market research is through experiments, conducting surveys, and finding patterns.