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Marketing research

1.Choose any business.
2.Who were the customers? What was the target market? What did the customers want? How did the company segment the market for certain products?
3.Who were the competitors? How did competitors' actions affect business?
4.4 P's.
What products or services did business offer customers? At what prices? How did business communicate with customers? (promotion). How did business get your product to customers? (place).
5.What were the differential benefits to customers (including image, reputation, etc.) of the business products or services relative to its competition?
6.Were there any segments of the market that the business served particularly well?

Solution Preview

1.Choose any business.
The business that I have selected makes 3.5" X 8" and 3.5" X 17" lathes. These lathes are sold to different manufacturers that require lathes for cutting steel, cast iron, and word.
2.Who were the customers? What was the target market? What did the customers want? How did the company segment the market for certain products?
The customers are manufactures of products that require cutting of iron and steel, or wood cutting for their products. In other words the marketing used for the selected business is business to business marketing. The specifications of the lathes chosen by the selected business are such that it is widely used in industry. The target market is those firms that require cutting of cast iron parts, mild steel parts, and wood. This includes a wide market of machine, equipment and parts manufacturers. Usually, those industries that require precision cutting are the ones that buy these lathes. Those that require precision thread cutting are also the target market of the selected business. The customers seek high quality rugged cutting tools that can be upgraded to CNC if necessary.
The company has ...

Solution Summary

Marketing research is discussed very comprehensively in this explanation..

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