Marketing Case Study: Gabad Designs Essay Example
Marketing Case Study: Gabad Designs Essay Example

Marketing Case Study: Gabad Designs Essay Example

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  • Pages: 3 (677 words)
  • Published: January 15, 2018
  • Type: Research Paper
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Marketing Research

Marketing research is crucial in understanding the thoughts, needs, and desires of customers. It involves collecting data to gain insight and knowledge on consumer opinions and the market's structure and dynamics. Marketing research connects consumers, customers, and the public with marketers through information. This information is used to identify and define marketing opportunities and problems, create and evaluate marketing actions, monitor marketing performance, and improve understanding of the marketing process. Marketing research specifies the necessary information, designs data collection methods, manages and implements data collection, analyzes the results, and communicates the findings and their implications (The Definition of Marketing. American Marketing Association). The market research conducted by Gab Designs Ltd may have encountered various errors that could have resulted in unreliable results.

The first

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issue to consider is that the questions posed to the surveyed individuals may be outdated or lack clarity, causing a misunderstanding of the intended meaning. Another potential problem is the failure to include all relevant and necessary groups for this company's market research, such as specific age, gender, and interest groups. Neglecting these groups may result in an inaccurate overall outcome. Additionally, an error that may have occurred is a limited or insufficient sample size or distribution among different categories. This can lead to uncertainties and decrease the reliability of the market research. Overall, Gab Designs faced various errors throughout their market research process, including those mentioned above, which ultimately renders the test unreliable.

B. A market segment is a classification of potential private or corporate customers based on one or more characteristics. This classification helps identify groups of customers with similar needs and preferences for

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products or services. These characteristics can include nationality, price, design, and more. Market segmentation is a technique used by businesses to effectively target their products to the appropriate customers. It involves identifying the specific needs and wants of different customer groups and using this information to offer products and services that meet their requirements.

Gab Designs Lad focuses on geographic, demographic, and behavioral types of market segmentation to achieve growth targets. This segmentation strategy enables the company to increase sales by encouraging customers to upgrade after being introduced to a product designed specifically for their market segment. By creating distinct offers for each segment, Gab Designs Lad can better meet the diverse needs of its customers. Furthermore, market segmentation aids in expanding market share by targeting specific customer segments. The consumer profile encompasses various characteristics including gender, price preferences, interests, location, religion, income level, household size, age range, education level, occupation type, social class status, ethnicity background and nationality.

Consumer profiles can offer valuable insights into consumer behavior and help predict market growth when introducing a new product. The marketing mix, which includes various marketing strategies, is crucial for successful product sales. For more information, visit "www.Biked".

Co. UK is also referred to as the four AS, including price, product, promotion, and place. A product goes through four phases in its life cycle, namely introduction, growth, maturity, and decline. During each phase, the four ups (price, product, promotion, and place) undergo changes as the project evolves. Gab Designs Ltd offers two options: Option 1 involves launching a new product, starting with the introduction phase. In this phase, the profits will be negative and the marketing mix will be

utilized to generate product demand.

The promotion is intensive; the product is heavily advertised, while the price remains acceptable as customers become familiar with it. Initially, the place will be small but will expand in phase two when the main focus is on expanding the product, increasing the price, and reducing the promotion compared to the previous phase. The product will continue to evolve until its decline, with no defined time between each phase.

Option 2

can begin at phase two if it is a commonly known product that does not require an introduction. The marketing mix will be utilized to expand the product as much as possible, increasing distribution and introducing it to new market segments. Additionally, the product quality often incorporates new additional features.

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