Market Research in public and private sectors

Purpose of Assignment:

Meet course objectives: #1 summarize the relationship between market research and company decision making, #2 categorize the different types and sources of information required for marketing decision making and choose which type is appropriate given the decision problem, and #3 assess the market research conditions under which research may be undertaken and the impact of these conditions on the type of research to be conducted, including the methodology and project management.

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General Overview:

Marketers are interested in satisfying the wants and needs of customers and consumers, but not everyone wants the same things.  This poses a problem for marketers.  Marketing the same goods or services to everyone is unlikely to be successful but providing something unique for each individual will be too expensive. Marketers can take advantage of the fact that some people share similar wants and needs.  These people can be grouped according to their similarities.  Market segmentation is about breaking up a market into sections (segments) so that marketing effort can be focused better towards particular segments.  The process of market segmentation requires accurate information on customers and potential customers and this is found through solid market research.

Assignment Specifics:

Please select a company that manufactures FOOTWEAR or SOCKS (i.e. Iconix, Steve Madden, Dr. Martens, etc. – choose your own or look at this list for ideas: https://www.thomasnet.com/articles/top-suppliers/shoe-manufacturers-suppliers/ (Links to an external site.) or https://jingsourcing.com/p/b05-socks-stocking-factory/ (Links to an external site.)

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