Hobby Transformed into a Business - Assignment Example

Exploratory research conducted enabled Vice to evaluate the potential market for his goods. He was able to compare his product to the products available in the market. He found that his products were unique and easy to manufacture compared to other products. The competitive advantage Vice had propelled his business above other potential competitors in the market. His products were modern-day heroes compared to the conventional fictional heroes in supernatural stories. Their uniqueness enables Vice to have a competitive product for his e-commerce business (Cooper & Schindler, 2010).2. using the criteria in Exhibit 1-6, evaluate the research thatHeroBuilders.

com conducted prior to launching its hero and villain action figure business.The first step is the identification of the business idea to be researched. The creation of action figures was Vicale’s hobby and he had made some for himself before friends urged him to make more. The research question thus arises on the clientele that would buy the product produced by Vice. Vice decided to search the internet as his first source of information due to its accessibility. From the internet, he discovered that many companies were in the market producing similar products.

The difference was the end product and the technology used. The action figures produced by Vice were easy to produce because the action figureheads were fitted on a uniform body. He later expanded his sample size by taking his research to the market. In the market, he found that most of the toys in stores were action figures. The action figures had a high market compared to other toys on the market and they could suit both genders. Implementation of his findings is the final step in Vicale’s research where he evaluates his findings and implements them (Cooper & Schindler, 2010).

3 What issues, other than those Vice chose to evaluate, would you have included in your research plan for HeroBuilders.com?Competition in the market is worthy of inclusion into the research whereby Vice should have evaluated the fast-moving toys on the market. This information will be useful in ensuring that the company’s design will be competitive in the market. Understanding the competition is also useful information required by the company to ensure that it is adequately prepared as it enters the market.

The pricing of the goods in the market should also be added to the research. The pricing of action figures in the market will enable the company to evaluate the proposed price of their product. The price should be relative compared to other products in the market. High pricing would reduce the market while low profits would kill the profits. Segmentation should also be included in the market research. Action figures researched to cover the children. Some collectibles are not bought by children thus this segment should be considered.

Producing a product that caters to this segment should be incorporated into the market research (Cooper & Schindler, 2010).