CNMCC Determine Significant Market for The Bathroom Fixture Supply Store Responses

Please read the articles down below and make your won respond for each article. Number the articles For example: article 1: I agree with you…… No resources needed 100 words needed for each article Article 1: A bathroom fixture supply store is trying to determine if there is a significant market for its type of merchandise in a specific location where it is considering putting a store. Would it be most likely to use primary or secondary data, or a combination of the two, to answer this question? Market area statistics could be researched using secondary data. If the company is looking for demographics such as population, household income, area competition etc., there are many resources to obtain this census data using secondary research. This secondary data will provide information on whether the market will support the new store. If the company’s research includes research about specific product types or consumer preference etc., the company may want to also use primary data. The budget will impact whether the company can use both primary and secondary research and how in depth the company can take their research. Based on the scenario the company could strictly use secondary data for the initial phase, if the data is strong and supports the market, then they could proceed with primary data research if needed and feasible. Article 2: A bathroom fixture supply store is trying to determine if there is a significant market for its type of merchandise in a specific location where it is considering putting a store. Would it be most likely to use primary or secondary data, or a combination of the two, to answer this question? The bathroom fixture company would mainly use primary data to determine the market, but could also benefit from secondary information as well. Since the store is looking for markets in specific areas it would be beneficial to be specific in the types of merchandise that the customers would be willing to buy in the present moment. Even though there may be secondary data available for a similar store, it would not be as specific to the products as well as up to date in terms of the market. Another benefit of primary data would be the ability to decide how to perform the research. Some methods may be more effect to this specific company in collecting accurate data, which can not be provided with the use of secondary data. Secondary data is beneficial for getting an idea about the market but not specific enough for the store’s needs. People’s needs and wants are constantly changing throughout the years which is why it is important to tailor all of the research data to accurate regions as well as the right time period.
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