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Running Head: MARKET RESEARCH & TARGETING 1 Market Research & Targeting Name Institution Author
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MARKET RESEARCH & TARGETING 2 Market Research & Targeting A market research can be defined as the process employed in acquiring information concerning a business and its respective industry in order to understand more about the intended business as well as its future prospects ( Kubacki et al, 2015) . Market research helps one acknowledge whether the business is worth it or not. The fate of The Waters Botting Company (WBC) can be determined if it will succeed in its respective future plans or not. Research methods and data mining One on one interviews This is a type of interview that will involve direct communication to the area residents where this water plant should be set up and selling its products. This interview will involve asking them their mind about the existing brands in the market, what they like and dislike about the brands as well as what they feel should be done to make the brands better ( McDonagh & Prothero, 2014) . This will equip WBC with a clear idea of the existing gaps in the industry and how they can be filled. Focus groups This is a method that involves gathering people together and asking them questions concerning bottled water that is currently in the market then you note down their comments. An idea of what the customers need is reflected out of their responses and comments. Telephone interviews Involves collection of phone numbers of people residing in the targeted area where the water should be sold, then conduct a telephone survey whereby they should be expected to reply
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MARKET RESEARCH & TARGETING 3 to certain questions. Reaching many people in this approach is advantageous because more information will be gathered. Government resources and data stored Reliable and readily third-party reports about various companies can only be available at government data archives. Government research agencies have all these data from past years. These agencies include business registration agencies and bureau of labor. These reports will give one reliable information about the bottled water industries. Academic institutions Academic institutions are data mining sources. A student in higher learning institutions ordinarily carries out a number of research on different industries with the aim of expanding their knowledge and generating solutions to the challenges that they are facing. Access to such information is worth since the trends of similar industries will be known and also the solutions to possible challenges will be available.
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