You may use any course or online resource to answer the questions. Please feel free to answer each question in detail.
Imagine for a moment that you have joined a new company as head of strategy. You report to the CEO of the company. The company is mid-sized, with approximately $50 million in revenue. It generates about $7 million annually in post-tax profit. Until recently, the company has been growing revenue at about a 10% rate annually. However, lately growth has slowed. It competes in a consumer market that has seen changes in both product preferences and distribution channel shifts.
You have told the CEO that you believe that a program of marketing research is important to reignite growth in the company. You have given him a rough, ballpark estimate of $600,000 for the cost of doing research over the next year. He is skeptical and has a series of questions for you about your recommendation.
Please answer his questions in a convincing manner, using whatever evidence you can muster from the internet or from your class experience and textbook readings.
1) why do you need to conduct formal marketing research? Don’t we already know everything we need to know within the company?
2)What kinds of marketing research do you suggest we conduct for solving the question of why our growth has slowed?
3) Marketing Research sounds rather expensive. We are not making a great deal of money. Why should I divert our valuable resources to marketing research when we could use the same money to hire new sales people or buy out a competitor?
4)Your marketing research ideas sound like they will take a very long time to generate the kind of insights that will do us some good. Aren’t there alternatives to doing research that could get us answers faster?
5)How do you propose to work within the company to insure the insights you generate from this program are actionable across the organization?
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