Questions Bank | Page 120584

Imagine that you have been working in the accessories distribution market for the past 10 years. You see there is a sudden surge in demand for very exclusive belts and you think there is an opportunity to launch a new brand with very small batches of exclusive designer belts. How will you be able to use inductive research approach

Select one:

After doing market research and establishing desired market share, you will write up your business plan. From this plan you can determine how many you will have to produce every year.

You can draw on your experience from accessories sales to develop hypotheses about the best time and price point would be to sell your belts.

Whereas most of the exclusive accessories are popular with executives, you would like to appeal to people in their early forties, as they have a bigger budget. Currently, however, this market has not been explored yet and so you would need to go in the field to learn about their desires and tastes, both in product as well as shopping experience for this new brand and product.

You can draw from new luxury brands advertising which type of product features consumers are likely to want. You can develop prototypes to test the appetite for these product features in your brand.

View this question

Crowdly

Questions Bank (1244342 total)