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Market Segmentation, Forecasting, and Market Potential

Sort answer form: for 1-3
1.What is the problem in asking subjects how many cups of coffee have you consumed in the past 30 days?
2.What subjects would be the most likely to provide and a description?
3.How could this question be modified to provide more accurate data?

For each of the following, discuss the benefits CoffeeTime managers would find in helping them to obtain value in problem identification research. Discuss whether these data are secondary or primary and justify answers.

a. Forecasting and business trend research
b. Market share and market potential
c. Segmentation and marketing mix research
d. Image and market characteristic research

Finally, what additional strategy (or variation on a given strategy) would be recommended to the key decision maker to solve the challenge above in the short description...thank you gari neal

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What is the problem in asking subjects how many cups of coffee have you consumed in the past 30 days?

People probably would never be able to remember back 30 days - in fact, they probably could not even remember back 10 days.

What subjects would be the most likely to provide and a description?

I assume you mean what subjects would be able to provide a more complete answer? well, it would have to be people who drink coffee 1 per day every day - or twice, or never... Because then they can say "I drink 1 coffee every singe day" which would mean 30 coffees in 30 days.

How could this question be modified to provide more accurate data?
The best thing to do would be shorten the time frame to say 1 week or 10 days, and then ask ...

Solution Summary

This posting will look at the principles behind forecasting demand, understanding market share and marketing mix.

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