As many of these types of foods are purchased for special occasions, there is also the need for measuring just how many events that typically occur in the projected customer bases' lives during any given year to further estimate market size. Not only does the number of cakes and desserts need to be forecasted, but the flavors and type of cakes and pastries as well. In short, primary research must assist in the primary strategic positioning of the store, validate the store concept, define the market position in terms of pricing and quality levels define the menu and its contents as best as can be measured as well.
In contrast to secondary research where time and costs are typically the major constraints that force companies to use published market research data, the formation of a new business is one is best managed as a longer-term, more thoroughly researched, and more deliberate research strategy. As the risks are much higher when initially starting a new business the need for primary research is most critical to ensure there is a very high level of understanding of just what customers need in terms of a new store, its position, and the role of pricing as a differentiator. In addition, the menu of the proposed store needs to be very accurately tested and validated before the initial opening of the store, as both the bakery items, party items and overall store branding and messaging must all be consistent with one another.
In summary, primary research is critical for minimizing the risk of launching a new store concept, which includes the need for validating branding, messaging, market positioning, pricing and quality perceptions, menu selections and options, and event-driven sales all are understood before the store actually opens. Knowing these elements through primary research will significantly increase the stores' chances for success.
Specific Detail on the Vancouver, BC Bakery and Party Shop Analysis
In defining a highly unique market position for the proposed store concept, the dominant demographic trends in Vancouver, BC needs to be also evaluated. Using the source BC Stats (2005) the demographic landscape is analyzed in this section. What becomes immediately apparent from the...
As BC Stats (2005) titles this area Visible Monitories, the following graphic is also labeled by this specific name, and is shown below.
Figure 1: Visible or Traceable Minorities in Vancouver Source: BC Stats (2005)
The store concept needs to be evaluated from an ethnic perspective to potentially capitalize on this demographic trend. Additional analysis of the BC Stats (2005) demographic data highlights the increasing dominance of visible minorities in the BC province, with a net increase of 21.6% (BC Stat, 2005). From this demographic research it's also possible to analyze specific areas of the Vancouver metro area to see where ethnic growth has been the most rapid. In defining potential sites for the proposed store concept, the ethnic approach to also marketing the store needs to be considered given the dominant demographic trends that BC Stats (2005) is reporting. Using the data provided in addition to analysis of the Vancouver metro areas shows that the city of Richmond has by far the greatest concentration of Chinese immigrants, which is shown in Figure 2.
The use of demographic data is essential for the definition of potential locations for the proposed store in the event research shows that a strong ethnic positioning is attractive to the target markets. In addition, the use of this demographic data analyzed by location within the city also is invaluable in defining the research methodology for the primary research project as well. It is clear from the use of this demographic data that the rise of ethnically-oriented businesses in Vancouver presents significant opportunities, and in the planning of the proposed store demographics is useful both from a store concept as well as a primary research methodology foundation.
BC Stats (2005) - 2001 Amended Census Profile of British Columbia. Published September, 2005. Accessed from the Internet on October 17, 2007 from location: http://www.bcstats.gov.bc.ca/data/cen01/profiles/59000000.pdf
Figure 2: Richmond
Of Richmond's total population, 54% are immigrants.
Of Richmond's total population, 15% were born in Hong Kong, 10% were born in…
Marketing Research 6855 The purpose of this paper is to apply the principles of Marketing Research process by conducting secondary research for a real life organization and proposing primary research which can be done in the light of secondary research. The first section of the paper presents an analysis of Starbucks using SWOT, 5Cs Analysis, and five forces model. The second section proposes primary research to solve a specific marketing problem. Situation
Marketing Research Process and Research Methods The four steps in the marketing research process are designed to capture the information and insights needed to make better strategic and tactical decisions, gain greater intelligence on customer needs, and ultimately create greater value for a company. The four stages of the market research process are defined in this analysis with their applicability for given strategic decisions and trade-offs also discussed. The three dominant
Marketing Research Explain the difference between marketing research and a DSS. Marketing research may provide data for use in a DSS as input, but the knowledge component is an aspect of the human expert participation in the gathering and analysis of data. Indeed, some computer modeling platforms (such as Bayesian Belief Networks) employs a combination of data, modeling software, and the judgment of experts to make decisions about, for instance, a product
((Meel and Romans, 2010) The present database marketing plan will examine the database and discover the following: (1) what information is in a customer file? (2) What internal information exists that can be linked to a customer file? (3) Is the information up-to-date? (4) What information exists externally? III. Market Research Plan Implementation Customer surveys will be developed and mailed as well as emailed to customers and will ask questions concerning the
Marketing Research on Athletic Shoe- Industry The brand caters a promise of reliability, in effect that one stand behind their product. Branding is not an action we can realize overnight. A successful brand is built over time from the hundreds of little things we do right. . The brand is, at its core, an declaration of a standard performance. It guarantees that the product or service carrying that brand will live
Cigarettes became popular among World War soldiers as "soldier's smoke (Randall 1999)." Camel held 45% of the U.S. cigarette market by 1923 while Philip Morris produced women's cigarette, described as "mild as May." The American Tobacco Company produced Lucky Strike for women and captured 38% of the market. The number of female teenage smokers increased three times between 1925 and 1935 alone. In the spirit of competition, the American Tobacco