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Clothes-4-Us Ltd established its first retail store in Galway city in 1990 - Leaving Cert Business - Question C - 2011
Question C
Clothes-4-Us Ltd established its first retail store in Galway city in 1990. Its mission statement focuses on providing 'fashionable fast moving clothing' as well as ... show full transcript
Worked Solution & Example Answer:Clothes-4-Us Ltd established its first retail store in Galway city in 1990 - Leaving Cert Business - Question C - 2011
Step 1
Explain the term 'Market Research'
Answer
Market research is defined as the systematic gathering, recording, and analyzing of facts about some element of the marketing mix in order to identify and satisfy customer needs in an informed and effective manner. This process ensures that the right goods are produced at the right time for the right market at the right price. Key reasons for conducting market research include:
- Identifying new opportunities to enhance business growth.
- Supporting decision-making processes that aid in minimizing risks in market ventures.
Step 2
Analyse how Desk and Field Research can contribute to the continued success of Clothes-4-Us Ltd.
Answer
Desk Research: Desk research involves accessing existing information that has already been gathered, which can be both internal and external. This method is cost-effective and time-efficient. Important contributions of desk research for Clothes-4-Us Ltd include:
- Daily sales records to gauge consumer spending patterns, providing a snapshot of consumer behavior.
- Utilizing data from the Central Statistics Office (CSO) can help assess market size and identify suitable locations for new branches based on town demographics.
Field Research: Field research involves directly gathering new information by reaching out to customers or potential customers. While more time-consuming and potentially expensive, field research is vital for understanding consumer attitudes and preferences. The contributions of field research for Clothes-4-Us Ltd include:
- Conducting interviews or surveys can collect qualitative data on consumer attitudes towards products.
- Observational techniques can uncover insights into consumer behavior in-store, thus guiding product placement and marketing strategies.