Analyze Market Research Results
Assignment
Name
: Jared Whipple
You have been tasked with assessing the following independent marketing research survey
results. Analyze the question and determine what the next steps for the companies should be.
1.
A cell phone Company XYZ conducted an online survey that showed that 75 percent of
customers put their number-one requirement for a new phone to be increased battery
life. Only 22 percent of customers listed color choices as a large concern. Company XYZ
currently offers 6 different color choices for its product and has a below-average battery
life compared to competition. What should Company XYZ do with these survey results?
Analyzing the market research survey indicates that one of the major drivers in the survey
results was increased battery life. With 75% of the customers putting this as their number one
requirement, I advise company XYZ to put their focus on that area. This is because their current
battery is below average compared to the market. By doing this, they will be able to increase
their market share. I advise them not to put any more or a limited amount into their colors as
they already have six, and the market only drives 22% of the survey to have this as a significant
concern.
2.
Company ABC recently conducted a survey that showed that 30 percent of customers
would only shop there once and never use the company's products again. What are
some specific ideas that can help increase customer loyalty? Please reference the
potential use of market research in your answers.
This is a primary concern as their customer attrition is very high. Increasing customer loyalty
should be the number one thing they are focusing on for the future. You have already got them
to buy once, and reoccurring sales will continue to drive your business. I advise them to survey
why they have such low customer attrition. Maybe it would be one of the 4 P's they can
leverage. They could not have a strong promotion and need to ramp up their social media
promotions, or maybe their price point is off, and they are losing out to the competition. By doing
the survey, they will understand the why behind the how.
