Collected Joy has opened a third Toronto location, in Bloor West Village, next door to Lemon & Lavender, a popular gift shop that has been in its one location for several years. Both stores are independently owned and take pride in their carefully curated merchandise. The products and the store spaces are similar, although Collected Joy focuses more on Canadian sources and the premises feel less packed with goods. Typically, Lemon & Lavender is filled with shoppers, while Collected Joy rarely has more than a few people inside its space at any one point in time. The Collected Joy owner has hired you to conduct research to raise awareness of the Bloor West Village store, to increase foot traffic and to generate a higher profit from this new location. You decide to start with formative research. This means you will

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evaluate what Collected Joy's competition is doing to attract customers.

analyze the Collected Joy's financial statements and reports.

organize focus groups with consumers to determine Collected Joy's brand reputation.