Ngothikieuvui - 1 In order to evaluate a once-in-a lifetime...

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1. In order to evaluate a “once-in-a lifetime opportunity” with the innovative mousetrap, Martha and the investors in Trap-Ease need a lot of information. In this case, Martha, hired to serve as President of Trap-Ease, has not done market research. Doing market research is especially necessary to decide which the information need including customers’ need, competitors, company, and circumstances. The changing in environment makes the needs and wants of consumers changed. Putting in the position of customers, finding out what kind of mousetrap they like using and how new product they will expect? Mousetrap is the product which is often used in families, restaurants, factories. How many potential customers of Trap-Ease should they reach? Which companies are the competitors of Trap-Ease and what are the competitive products? To be a new product as Trap-Ease, setting price, distribution… are very important. What will the price meet the value of consumers? Which is the distribution, large store or small store? The company is found basing on an innovative mousetrap. The award that it was received has brought to its opportunity. However, it is not enough condition to create its brand name. Will all the consumers know about this innovative product? When the company does research, it has to answer all of these questions in order to evaluate its opportunity before launching the product. The existence of Trap Ease Company has a clear purpose. Answering questions: What is their business? Who is the customer? What is consumer’s value? What should their business be? is to develop mission statements of Trap Ease. Mission statement is a statement of the organization’s purpose what 1
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it wants to accomplish in the larger environment. Many companies consider their mission statement to be “we exist to make money”. There are five criteria to evaluate a good mission statement. It should be realistic, specific, fit the market environment, distinctive competencies and be motivating. The mission statement above is not a good mission statement. These companies only care short-term profit. In the future, they cannot compete in the competitive market. Each company has to build a long term plan in order to make profit. Only if the companies satisfy their customers, they will automatically make profit. Martha and the investors need to define a good mission statement. In order to create it, they should understand their competitors, themselves and the environment before making decision. In this case, I suggest an example that the investor group should write “we help people to feel more humane, completely convenience, clean and safe, especially prevent disease”. 2. Housewives are identified as Trap-Ease’s target market. According to Martha, men are usually interested in using the traditional, spring-loaded trap but women are not. Every family has trouble with the mouse problem. The housewives is a group of consumers who often stay at home and want to take care of their family avoiding mice that are the causes of mess and disease. Moreover, they also want to avoid the unpleasantness and risk that the
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Ngothikieuvui - 1 In order to evaluate a once-in-a lifetime...

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