Marketing Research

Lisa Worth was at her daughter’s exclusive baby music class on the weekend. All of the new parents were feeling the same way – there weren’t enough hours in the day. Between work, daycare, household chores and activities, they were too busy and they didn’t have time to spend shopping around for the products their babies need. On top of this, they lived in a small town, where the options for baby products were very limited. Although there were some online baby stores, the parents felt that they had to spend too much time online searching through an overwhelming array of products.

On the drive home, Lisa came up with the idea to start her own online baby shop. She wants to differentiate her site by offering a small variety of perfectly curated, high-quality, higher-priced baby items. Due to the high cost of stocking these items, Lisa needs to start with a limited product line. She is unsure which products she should start her business with.

Type up your answers to the following questions in a word document. Submit on Brightspace/D2L in the Dropbox for LO2 by

Monday, September 19, 2016.

1. Lisa isn’t convinced she needs to invest in marketing research. Explain why marketing research is important. (2)

Marketing Research is really very important for Lisa because it helps her to find potential customers and their needs. Which helps her to make market decision with good services and better strategies.

2. Define the target market for the online baby shop. Discuss how Lisa can use marketing research to help understand the needs of its target customers. (3)

Target Market for online baby shop is the parents having new born babies. Marketing research is really very important for her to understand target market, because that let her know what the target market really want and at what price with which quality.

3. Describe the management decision problem (MDP). (2)

Management Decision Problem is to stocking the items because cost will be very high for...