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Wellinton Vo

Background

Importance of the research

Consumer market research concentrates on understanding the behaviors and preferences, of consumers in a market-based economy, and aims to understand the effects and relative success of marketing campaigns. Thus marketing research is the systematic and objective identification, collection, analysis, and giving out of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing. With regards to Wellington VO Gear collection, the marketing research will attempt to determine why the online store sales are low.
Wellington VO Brandy and their gear range find themselves in a challenging situation. They have a great need for reliable answers to important questions that all organizations face:
• How are market trends impacting my business?
• How does our target market make buying decisions?
• What is our market share and how can we increase it?
• How does customer satisfaction with our products or services measure up to that of the competition?
• How will our existing customers respond to a new product or service?
• How can we attract new customer segments?
• What marketing strategies will work best?
In order to get answers to these questions, Wellington VO Brandy could conduct marketing research using a variety of methods. This in turn will be very beneficial to Wellington VO Brandy as it will help to find out why their marketing campaign is not working as well as they would like and help to discover why their online store sales are low.
There are numerous benefits of marketing research. Marketing research is insurance. As it would be more beneficial to spend a small amount on research than invest a large sum of money on the new product range, only to discover that you might have to pull out of the investment as it is not profitable. With a new product design, wellington may be on the right track, but it is still...