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Running head: MARKET RESEARCH PLAN 1 Canterbury Renovation Market Research PlanNameInstitution
CANTERBURY RENOVATION MARKET RESEARCH PLAN 2Statement SummaryCanterbury Renovation is a start-up cabinet making business located in a highlypopulated area where the owner has secured a location on a lease contract of 3 years but hasan option to extend. The company intends to be acknowledged as the industry leader inkitchen renovation by building or renovating quality, inspirational, cost-effective andsustainable kitchens. This explains the need for this market research plan as we aim tounderstand what the consumer needs.Complexity in the marketplaces has increased many folds in recent years. Thisdynamism of the market is affecting markets continuously due to change in externalenvironment. As such we intend to offer a variety of cabinet products aimed at serving thedifferent needs of the customers. The management understands the need to create customerloyalty in this area due to the increased market growth as a result of the increase in thebuilding of residential homes, the rise in the people living standards, high population and lowcost of buying land in this area. As such we feel that it’s of paramount importance that weconduct this research to help us have a competitive edge compared to our competitors.Marketing objectives• Creating maximum awareness of the presence of the different cabinets models among theresidents to attract many customers.• Understand changing consumer preferences• Identify target groups and consuming levels• Comparing consumer attitude to our business services compared to those of ourcompetitorsThe scope Any company faces many marketing problems. Any business faces issues aboutcustomers, products, market competition, sales promotion, etc. with a well-scripted market
CANTERBURY RENOVATION MARKET RESEARCH PLAN 3research plan, which is followed thoroughly from data collection, data processing, analysisand implementation, most of these problems can be solved. A good market research planshould allow for data collection about the market and marketing problems, the record of thesame data, analyze the data, draw the conclusion of the same data and give the suggestion forthe issues or objectives sort after. Due to the high population and cheap land, the demand for residential houses hasincreased. This has resulted to increase in demand for kitchen cabinet renovators. Theincrease in demand for kitchen cabinet renovators has been met by an increase in the supplyof the same commodity. Thus, for any business to thrive in this market of cabinet renovation,a good market research plan has to be formulated tailored to the various factors that areaffecting the residents.