Answer to Question #24393 in Marketing for Rajasree

Question

You have been hired by a company which is planning to enter the textile market offering uncrushable/wrinkle free shirts for the working executives. How would you define the marketing research problem in this case.

Answer 1

The main marketing research problem in this case is to defining target audience. After taking decision to enter market firm need to evaluate volume of possible market in order to prepare financial statements for their business plan. They need to evaluate budget that is necessary to enter this market. Company needs to evaluate their competitors` current position, what difficulties they are facing with and how they will cope with that problem.