ftm416 test 1

ftm416 test 1 - M a rket Research : The process of...

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Market Research : The process of collecting and analyzing data across numerous sources that impact and contribute to the company, its customers, its vendors, and its products. Initiated by defining a problem Originates with the strategic planning process and decisions made by top executives Market research process continues when employees are collecting and analyzing data for forecasting and planning One problem is defined, its communicated to merchandisers, buyers, market researchers, and others who will be involved in the process Market Research Process: Merchandisers along with the FTAR supply chain begin each seasonal Buying Selling Cycle with intensive planning. As the season progresses, the merchandiser constantly monitors the line concept and the product line for trueness. He or she must be vigilant that the right product is developed and produced. As soon as the products in one season begin to sell, the merchandiser begins an analysis of the sales figures and other pertinent information. An evaluation of this info becomes the directives for the next cycle. Evaluation is an important step in preparation for market research Sometimes the best feedback comes from this season last year, but each season can provide insight into changing demographics, shifting shopping patterns, and other customer and consumer behaviors The cycle of planning and evaluation is often very short (few weeks) and must be continuously perused to have fashionable products that are right for the consumer 18 or more turns a year Types of Research: In addition to past and current sales, the merchandiser also uses data from the marketing research departments in his/her company. Both image
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and communications division and consumer marketing division conduct research. 1. Quantitative Research : is objective and counts how many people know, fell, or act a certain way about a product of the research problem. The type of research provides the ability to look at consumer demographic and lifestyle profiles, their behavior toward specific products and services, including promotional events; and their selections or opinions about various products and other merchandising issues. This type does not obtain depth of understanding but rather gives the researcher information about a lot of people. Quantitative
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ftm416 test 1 - M a rket Research : The process of...

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