According to the marketing concept, marketing managers should meet and anticipate the needs of the customers. Against this backdrop, it can be noted that marketing research can play a great role in helping a fast-food restaurant such as Wendy’s formulate sound marketing…
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The main purpose of research is to gather information that can be used to satisfy the needs and interests of the consumers profitably. It is imperative to gather as much information as possible about a market so that the marketers will be better positioned to be able to identify the factors that can give them competitive advantage over the other rival competitors. Market research is important as it seeks to create an environment that will give the organisation competitive advantage.
2. The management decision problem facing Wendy over their intention to expand to USA is that they may be over ambitious and fail to penetrate the market due to competition in the industry. It is a bit difficult to penetrate an industry and manage to sweep through the other established businesses entities already established without better marketing strategies than they will be using. For instance, McDonald’s uses cutting edge marketing strategies and this will be an uphill task for Wendy’s to easily surpass this performance given that they are just comfortable with their current performance which is even comparatively lower than that of the rival competitors. It has to be borne in mind that establishing a new business enterprise should not be rushed and there is need for proper plans to be put in place so as to ensure that there would be higher chances of surviving especially in a competitive environment. Launching a new product in the market is not always a guarantee that it will succeed but the need to be acquainted with market trends that are constantly changing.
3. The marketing research facing Wendy is that they are out of touch with their market since they are not venturing into something new by virtue of performing fairly in the market. It is pretty difficult to penetrate a market without knowledge about it. The problem is that when one does not have current knowledge about the interests of the customers, it can be a bit tricky since the chances of
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(Marketing Research Case Study Essay Example | Topics and Well Written Essays - 2000 Words)
“Marketing Research Case Study Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/miscellaneous/1568469-marketing-research-case-study.
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