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Running head: MARKET RESEARCH PLAN 1 Canterbury Renovation Market Research Plan Name Institution
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CANTERBURY RENOVATION MARKET RESEARCH PLAN 2 Statement Summary Canterbury Renovation is a start-up cabinet making business located in a highly populated area where the owner has secured a location on a lease contract of 3 years but has an option to extend. The company intends to be acknowledged as the industry leader in kitchen renovation by building or renovating quality, inspirational, cost-effective and sustainable kitchens. This explains the need for this market research plan as we aim to understand what the consumer needs. Complexity in the marketplaces has increased many folds in recent years. This dynamism of the market is affecting markets continuously due to change in external environment. As such we intend to offer a variety of cabinet products aimed at serving the different needs of the customers. The management understands the need to create customer loyalty in this area due to the increased market growth as a result of the increase in the building of residential homes, the rise in the people living standards, high population and low cost of buying land in this area. As such we feel that it’s of paramount importance that we conduct 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 the residents 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 our competitors The scope Any company faces many marketing problems. Any business faces issues about customers, products, market competition, sales promotion, etc. with a well-scripted market
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CANTERBURY RENOVATION MARKET RESEARCH PLAN 3 research plan, which is followed thoroughly from data collection, data processing, analysis and implementation, most of these problems can be solved. A good market research plan should allow for data collection about the market and marketing problems, the record of the same data, analyze the data, draw the conclusion of the same data and give the suggestion for the issues or objectives sort after. Due to the high population and cheap land, the demand for residential houses has increased. This has resulted to increase in demand for kitchen cabinet renovators. The increase in demand for kitchen cabinet renovators has been met by an increase in the supply of 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 are affecting the residents.
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