Based off of this story: 1. What are the benefits and drawbacks or risks of util

Question

Based off of this story:

1. What are the benefits and drawbacks or risks of utilizing the services of market research firms? Are Thomas's concerns valid? Why or why not?

2. What codes and restrictions are in place to promote eithics whitin the industry? Are they sufficent in your opinion?

3. How has the advancement of online capabilities impacted the marketing industry, market research, and reporting practices?

4. What steps do you think Thomas could take in the design of his market research project to mitigate risk while increasing the quality and reliability of the information he recieves?

Case 1.2 Your Integrated Case Advanced Automobile Concepts market share of their only large, luxury car brand. ZEN's brand has been around for many years and now fails to com- Nick Thomas is CEO of Advanced Automobile Concepts (AAC), a new division of a large automobile manufacturer, ZEN Motors. ZEN is a multinational manufacturer head quartered in the United States. It has multiple divisions rep- resenting several auto and truck brands. ZEN's divisions have been slowly losing market share competitors. AAC was created to revive the aging ZEN automobil brands by either reengineering existing models or develop- ing totally new models that are more in tune with today's changing automobile market. pete with the newer luxury car models on the market. ZEN has been reluctant to move into the very small and highly fuel-efficient market for a couple of reasons. First, historically, ZEN has earned higher profits on larger vehi cles. Every ZEN division has a large and extra-large model to other competitors. suv. Historically these SUV models, ZEN's large trucks, e and their larger family cars have been very profitable Secondly, as sales have eroded in recent years, ZEN has been reluctant to invest the funds needed to develop radi cally different designs from those models that have been wever, in recent months ZEN's sales have plummeted as fuel prices have soared. ZEN management realizes they must innovate and Nick is very familiar with the automobile industry, as his entire adult life has been in the business. He follows trade publications carefully and believes ZEN's most sig- nificant losses are due to the growing popularity of several foreign brands, particularly brands from Japan and Korea. As CEO, Nick has been given the authority to do what he believes is needed to revive the company's brands and help their "bread and butter" cars for decades. Ho that is why they created the AAC division. Nick Thomas realizes that he must develop innova- tions in automobile design and engineering, but he is not certain in which direction he should guide his division He realizes that, for now, oil prices are high and he understands the increases in sales of fuel-efficient gasoline, diesel, and electric hybrids. However, Nick has seen these environmental changes come and go. He tells his younger vice presidents, "When the crises are over, the car buying public wants big vehicles and we have earned our standing in the industry by giving the market what they want." Nick wonders to himself if this oil crisis is here to stay. He has also been concerned about the prospects of real global return ZEN to prominence in automobile manufacturing mpany sales data for all ZEN mod reports system, part of ZEN's management information system (MIS). He has accessed the intelligence system to obtain trade industry articles written about the market, including evaluations of top competitors' models. He notices that several highly eval- uated models are small and fuel efficient. He also has rec- ognized that foreign competition has severely erodedZEN's Nick has retrieved co els for the last decade from ZEN's internal Basic Marketing Research: Using Microsoft Excel Data Analysis, Third Edition, by Alvin C. Burns and Ronald F. Bush. Published by Prentice Hall. Copynght© 2012 by Pearson Education, Inc. CASE 1.2 YOUR INTEGRATED CASE 19 warming. He's read the reports on climate change and is politicians of reducing foreign dependence on energy will confused-he doesn't know whether to believe Al Gore or be forgotten just as it has in the past. Nick is not sure what Rush Limbaugh. Nick also isn't certain about the future of will happen but he knows that continued high prices of fuel alternative fuels. Will the U.S. government really encour and increasing evidence of global warming will affect con- age the reduction of the country's dependence on foreign sumer behavior with regard to automobiles energy? He vividly recalls this being an issue in the 1970s and President Carter calling for a switch to alternative fu- els. He also knows that the country didn't follow through2. What components of ZEN's marketing information on this at the time. Nick wonders if today's promises by 1. Should Nick Thomas use marketing research? system will Nick Thomas need?

Explanation / Answer

1.In the given scenario , when Nick aint certain of which direction to guide the division , when oil prices are high and also the diesels, global warming being in forecast and the US government laying restrictions to depend on foreign resources, keeping all that in mind having the assistance of the market research firms will only help Nick to have a better understanding of the contenders strategies in the market with the given world situation of nature and price of resource. A marketing firm will be able to guide properly with inputs that are concrete and help in shaping a unique innovative adaption to bounce back on sales. However, also if the given inputs all bring in results that are only negative , such as the price of oil to stay as high and also the global warming to take place, it would only be a problem by paying the firms for research and not being able to have any solution that can be a turning point.

2. The Marketing Research Association’s designed Code of Marketing Research Standards to promote ethical culture in the marketing research guided by the principles of honesty, professionalism, and confidentiality club in to support the integrity in profession. The Code asks MRA members to promote the codes for acceptance, to encourage participation. The Code addresses responsibilities of marketing researchers.

3. Online capabilities impacting market:

Social media are the platforms in which market research is conducted. Social media is creates channel for unfiltered feedback. Marketing witnesses huge reputation management and brand awareness with the advanced capabilities of internet

Data collection improvements

It is a powerful tool for any business aiming to increase market share and learn more about customers taste and choice.and also enhanced data analysis

4. Real time feedback of customers by putting up live camps and test drives, knowing the judicial needs and enlisting the scopes of innovation can reduce risk as well as the cost to outsource the researchers, rather by involving the internal teams to hold such stages where there id direct customer feedback. This can ensure a real time data analysis

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