In 1994 Eric Hamilton founded Hamilton Health Inc HHI taking personal treadmills to an affordable level with professional-gym-quality appeal. The mechanical technology in production has made the product more cost-efficient, but the equipment is still priced too high. Eric wants to figure out ways to pass the savings to the consumer. Hamilton Health has two primary sales channels: marketing directly to the consumer and marketing through resellers. Because of its high price, Eric has only enjoyed limited success. Eric wants to recreate his 5-year strategy to take advantage of an expanding market.
As HHI's marketing manager, you have questions about current market size, growth potential, buying habits, distribution channels, and competition. You need to quickly sort fact from opinion, determine how to clearly define the market(s) for health and exercise equipment, and determine where these markets are heading so that you can supply Eric with the information he needs to generate his revised strategy.
Clearly, Eric wants the company to grow, but how can this be accomplished? What are the possible alternative approaches, and which is best? What growth can be anticipated? What are the threats to growth? Remember that the ultimate decisions concerning how to grow constitute strategic planning. Your job at this point is to provide accurate and timely information to support that strategic planning process. To provide the answers, you have to begin asking questions, gathering data, and developing information.
ASSIGNMENT: 900 WORDS WITH REFERENCES
The company founder has asked you to provide him with an analysis of the different types of marketing research suppliers.
At minimum, your paper should answer the following questions:
1. What are the differences between full and limited marketing research suppliers?
2. What are the key considerations in choosing such a partner?
3. What would you expect of them?
4. How would you go about finding such a partner, and what would your selection criteria be?
5. Is the marketing research process you have learned applicable in part or whole to this effort?
6. Is it more cost-effective to do the research yourself?