Answer to Question #157788 in Marketing for nancy

Question

 

1. You have been tasked with assessing the following independent marketing research survey results. Analyze the question and determine what the next steps for the companies should be.

 

a.    A cell phone Company XYZ conducted an online survey that showed that 75 percent of customers put their number-one requirement for a new phone to be increased battery life. Only 22 percent of customers listed color choices as a large concern. Company XYZ currently offers 6 different color choices for its product and has a below-average battery

life compared to competition. What should Company XYZ do with these survey results?

Answer 1

Market survey reports showed that the company needed to improve the phone’s battery life. However, a small percentage had preferences for some colors for phones that the company did not offer. The marketing team surveyed the market environment and identified some shortcomings of the product to inform action management. Therefore, the corporate management is obliged to review the product's nature or by rebranding the product, or out phasing the products affected and introducing a new product’s version. For example, introducing a new generation of the old phone is essential to create continuity of the previous product share in the market and inform the customers of the new improvement the new generation phone has. A new version or generation of a phone whose battery life is increased impacts the customers by creating a turning point to recapture the existing customers and lure new potential customers into enjoying the new features.  Moreover, the company must identify some of the unpopular colors among its previous six and replace such colors with preferred colors that the survey documented about the twenty-two percent of customers.