Week $1$ Practice Assignment

Points: $30$

Your Submission:

Started on Apr $24$ at $20$:$20$

Market research uses the scientific method and is

and $q,$

Hypothetical; accurate

Systematic; objective

Methodical; impartial

Primary; secondary

Which is an example of idea cross$-$pollination?

DVD and Blueray being sold together

Noticing that an item in another product category$-$such as fidget spinners$-$are in high demand before school starts and adding it to your product's 'get$-$ready$-$for$-$school' package

Toyota and Infant$/$Toddler Car Seat Manufacturers working together for a promotional sale

A pot holder, that is advertised as being functional as a towel

$3$

When doing an in$-$store learning exercise, what three things should you identify?

Benefits, product warnings, negatives

Gotta$-$Do's, Smart$-$to$-$Do's, Dumb$-$to$-$Do's

Product competition, brand loyalty, value elements

Price ranges, shelf space division, packaging trends

$4$

What happens to brands that don't adapt to market changes?

The brand will die.

The brand will be bought by more adaptable brands.

If it's a strong brand, it can weather the change.

The brand will have a low year, but market changes are temporary, and the brand will be fine.

$5$

What is the best way to get real$-$world experience?

Focus groups

Observational learning

Test market

Idea cross$-$pollination

How has the mobile device affected retail stores?

Foot traffic has increased, since the ability for consumers to find "locations near me$"$ has actually brought in many new customers.

Foot traffic has declined, yet consumers spend more money when they do visit stores.

Foot traffic has not noticeably changed, and while mobile devices increase the ability to browse, buying in retail is still the preferred option.

Foot traffic has declined, and retail stores are in incredible danger of losing to mobile sales.

$7$

What does it mean to $"$be there" as an essential strategy?

Getting enough shelf space in stores

Being in mobile spaces when people are searching

Putting out enough ads

Creating a cult following