Marketing Plan Exercise
Estwing makes framing hammers, specialty hammers, and other tools. Through marketing research the company could identify many problems, although to specify one I would think sales would be an appropriate problem that the firm would want to address. The company makes quality tools and I have seen some of this companies products that are over 15 years old. Through marketing research Estwing could research how it could influence its target market to buy new products.
To identify the problem the firm should first look at secondary research due to the fact that most this information is free and easy to access. After reviewing the secondary data, I believe the firm should collect primary data. The company should use these types of data to due to the fact that collecting primary data from prospective and current consumers would enable the company to “get a feel” of what the prospective consumers are looking for when looking to purchase new tools, while also learning what could influence current users of the firms products to purchase new items.
To obtain the data I would suggest using an array of questionnaires. Due to the flexibility and different types of questionnaires and the options a firm can implement into these questionnaires, I believe this would be the optimal way of obtaining the information. Also some of these types of questionnaires are low cost and most can reach a multitude of consumers.
To ensure validity the sales would need to be tracked. The firm could also establish a club card in which the members information including purchases and questionnaires answers could be stored. To ensure reliability the questionnaires could ask the same question different ways and/or multiple time. Also the data could be evaluated by multiple researchers. To ensure representativeness the questionnaires would need to reach the largest percentage of people, as well as the largest demographic population as well.
I believe that in order to get the results the company is striving to receive the firm should sample all available existing consumers to get their attention. To attract the potential customers the firm should utilize nonprobability sampling in order to weed out some of the unlikely consumers.
|Week 2 Assignment – Market Plan Exercise - Feed Back | |Student Name - Tanner | |Assignment | |Review the Marketing Plan Exercise found on p. 136 of the textbook (not the case – Real Choices at Acxiom). | |Select a company to review for the assignment | |Answer questions 1–5 of the Marketing Plan Exercise. | |Include material from two to three outside references within the body of your response to support your answers | |Include in text cites and a list of references at the end of the report per APA standards | |Submit final draft of MS Word doc. to CWE WritePoint and Plagiarism Checker and make appropriate changes prior to final posting | |Post as an MS Word attachment in the Assignment Link in eCampus | |Evaluation Criteria...
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