Week 2 Case Study
Week 2 Case Study
Rather than hiring a professional marketing research organization, brands sometimes do their own research internally. In the Case Study for Week Two, you will examine marketing research conducted internally at 5 Star Windows.
View this YouTube video "5 Star Windows: Market Research Case Study" from Worcester Enterprise, September 13, 2016
Answer the following:
· What are the types of marketing research used by 5 Star Windows and why?
· How valuable is marketing research to 5 Star Windows and why?
· What other types of marketing research might 5 Star Windows find beneficial?
· To what extent has marketing research assisted in the success of 5 Star Windows?
Submissions will be in Word format and 500-750 words (1 to 1.5 pages, single spaced, APA 7) in length.
5 Star Windows: Market Research Case Study
The backbone and growth of any business are accurate data that reflects the customer's view. The video shows how 5 Star Windows uses quantitative data marketing research to capture and tell what the consumers need in the market. This means that the company uses quantitative market research to ask its targeted audience in an organized manner using questionnaires and speak to them through service polls and surveys to receive their response concerning the company products (YouTube, 2016). The organization uses different types of marketing research to ensure that they get some data out of the consumers about the product they are buying, thus sharing what needs to be improved with the management. The importance of using marketing research such as phone conversion and surveys is that the company uses the consumers' response in the market to improve their products and services. The current market organization like 5 Star Windows needs to have data because it helps the company management make informed decisions.
The analysis of the video marketing research is a significant factor to the 5 Star Windows because it helps that organization get meaningful data that enables it to steer the business in the right direction. This is because, in today's market, people are passionate about things they like and not what the marketplace wants; thus, marketing research is an essential factor that can help promote that in the market (British Library, n.d). It is clear that marketing research should not be underestimated because it helps understand the target market, identify consumers' problems, and pinpoint realistic competitors. This means that marketing research is vital because it ensures that, as a business, you are on the right path to ensuring that consumers get what they want, thus remaining competitive in the market.
Looking at the type of business 5 Star Windows is doing, I found branding research, product research, and competitor research beneficial to the company. The three-marketing research is essential to the company because it will help it remain competitive. For instance, carrying out branding research is essential to the company because it assists it in creating, maintaining, and managing its brand in the market. This means that the company can conduct research through interviews and surveys to know if the brand is known to them, as that will help build brand awareness, increasing the number of consumers in the market (Qualtrics, 2022). On the other hand, competitor research is vital to the company because it helps the company understand its competitors in the market and their strengths and weakness compared to your business. Also, this marketing research helps the company to know what its competitor is offering in the market, thus finding the best way of standing over its competitors. Finally, product research is another essential marketing research that is beneficial to 5 Star Windows because it helps the company ensure that its products are the best in the market compared to its competitors. Therefore, it is clear the three are important types of marketing research that, in my view, I think are beneficial to the company.
It is fundamental that marketing research has assisted 5 Star Windows in meeting consumers' needs in the market. As a result, it has seen it make significant progress in terms of profitability and consumer increase (YouTube, 2016). It is clear that using marketing research, the company has been able to listen to consumers' demands, something which has enabled it to attract more customers in the market compared to the time it was established. Also, the company was able to meet consumers' needs, thus making more people in the market to be attracted to its products.
British Library. (n.d.). Why is market research important for new business ideas? Bright Ideas Inspiring People. Retrieved June 8, 2022, from https://www.bl.uk/business-and-ip-centre
Qualtrics, Q. (2022, March 30). Types of Market Research (updated 2022). Qualtrics. Retrieved June 8, 2022, from https://www.qualtrics.com
YouTube. (2016). 5 Star Windows: Market Research Case Study. YouTube. Retrieved June 8, 2022, from https://www.youtube.com/watch?v=D0QOSqQQMrw
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