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Summary Activity 4.4.7 Answers
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Activity 4.4.7 Answers for IBM Textbook with ISBN 4
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Activity 4.4.7 – MARKET RESEARCH DILEMMA AT GCB LTD1. Define the term ‘quantitative market research’.
Quantitative market research can be defined as a research that results with
statistical data that can be analyzed by a business.
2. Using data from Figure 4.4.2, calculate for the motor rower in 2013:
a. The proportion of total sales accounted for by this product.
(3000/11000) x 100 = 27,3%
b. The proportion of total sales revenue accounted for by this product
(300000/800000) x 100 = 37,5%
3. Analyze two potential problems GCB might face as a result of launching the new
product before market research has been fully undertaken.
One problem of launching a new product without conducting market research first is
the lack of information about the consumers. This certainly is a problem as there are
risks that the product to be launched may not satisfy the customers, thus it will not
have a high demand. Overall, without conducting market research, the success of the
product’s launch will not be guaranteed.
Another problem of launching without market research is not knowing about the
existing competitors in the market. This can be a potential problem as it is important
to know what is already available and offered in the market, so as not to launch a
product that is very similar or having same qualities. By not knowing, the products
GCB are launching may be very similar to the competitors, which means not having a
competitive edge.
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