Which of the following approaches would be most appropriate?

A manufacturer of plastic components that are sold either directly or through distributors wants to identify the requirements of the end customers for each market segment.

Which of the following approaches would be most appropriate?
A . Analyzing the buying history for each of the market segments
B . Asking the manufacturer’s direct customers
C . Conducting a market research project
D . Sending samples of potential future products to the final customers

View Answer

Answer: C

Explanation:

To accurately identify the requirements of end customers for each market segment, a comprehensive approach is necessary. Here’s why conducting a market research project is the most appropriate: Direct Insight: Market research involves directly gathering information from end customers, providing detailed and specific insights into their needs and preferences.

Segmentation Analysis: This approach allows for the analysis of different market segments, identifying unique requirements and preferences for each group.

Data Collection Methods: Various methods such as surveys, focus groups, and interviews can be used to gather qualitative and quantitative data.

Actionable Insights: The information collected can be analyzed to inform product development, marketing strategies, and sales approaches.

While analyzing buying history and asking direct customers can provide some insights, they do not offer the comprehensive understanding that a targeted market research project can deliver.

Reference: Malhotra, N. K. (2010). Marketing Research: An Applied Orientation. Pearson.

McQuarrie, E. F. (2015). The Market Research Toolbox: A Concise Guide for Beginners. SAGE Publications.