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Forecasting and Market Analysis

A) CoffeeTime is interested in the coffee-drinking habits of people in India. To obtain this information, we are required to ask subjects: How many cups of coffee have you consumed in the past 30 days? How could this question be modified to provide more accurate data?

B) For each of the following, discuss the benefits CoffeeTime managers would find in helping them to obtain valuable information in problem identification research. Discuss whether these data are secondary or primary and justify your answers.
1) Forecasting and business trend research
2) Market share and market potential
3) Segmentation and marketing mix research
4) Image and market characteristic research

Finally, what additional strategy (or variation on a given strategy) would you recommend to the key decision maker in the simulation to solve the challenge given? Prepare a 350-word memo to the key decision maker advocating your recommendation

Solution Preview

A) The following questions may be asked:
1. What is your frequency of drinking coffee? Tick any one:
a. Once in a month
b. Once in a week
c. Once in a day
d. More than once in a day

2. What coffee flavor do you like: Tick any one:
a. Black Coffee
b. Coffee Mocha
c. Coffee Late
d. Filtered coffee
e. Coffee with toppings

B) Research covers the search for and retrieval of information for a specific purpose. Both exploratory and conclusive research exemplifies primary research. A Company collects primary research for its own purposes. This contrasts with secondary research: research published previously and usually by someone else. Secondary data is data, which has been collected by individuals or agencies for purposes other than those of our particular research study. When research is used for second source:
- Secondary data may be available which is entirely appropriate and wholly adequate to draw conclusions and ...