Barry University Why Marketing Research Is Important Research Paper You are to be hired as a marketing research consultant ($8,000 and five weeks of work w

Barry University Why Marketing Research Is Important Research Paper You are to be hired as a marketing research consultant ($8,000 and five weeks of work with

$2,000 additional money for expenses) for one of the following businesses. Before you are hired,

the business owner wants a “proposal” of the work you will provide. You will want to discuss

why marketing research is important and what work you will do for the start-up business. You

will likely want to suggest some follow-up work 6 months after the business has opened.

Some key points of information given to you are:

The start-up business will open its doors in 3 months.

The owner has had a dream of opening this business for quite some time (and is going to

open the business with or without your consultancy work).

The owner has plenty of money to begin the business but not enough to carry the business

for more than a year with minimal sales.

One employee will be hired for the business to help with sales.

You are not to worry about the logistics of the owner opening and operating the business

(e.g., assume that the owner will handle locating and purchasing office equipment, etc.).

It is expected that the paper will be 4 to 6 pages in length (1 ½ spaced, 12 point, Times New

Roman, 1” margins). The paper should be written in your own words and credit should be given

to all sources—you do not need to quote/source the textbook as we will assume this information

is common knowledge. Keep in mind that this is a marketing research plan, not a business plan,

so use the business for contextual purposes only. Include page numbers but not contractions.

Business choices:

1. A business similar to Knox Box (knoxbox.com) to be produced and sold only in the

South Florida area (“boxes” mounted to structures to provide a key for emergency

services personnel to enter homes and businesses without causing damage to doors and

windows). The owner has a contract with a manufacturer and the cost of production will

be approximately $60 per unit, regardless of size. An office in North Miami has been

located for doing business.

2. An antique store in the Midtown Miami area (a three year lease of approximately 4,000

square feet of retail space for $4,000 per month has been signed). The owner does not

have any inventory yet but will begin attending auctions throughout the state.

3. A used semi-luxury and sports car lot selling autos between $25,000 and $50,000. The

owner has signed a lease for a lot on Biscayne Blvd. just south of 123rd St. which will

hold approximately 35 cars at any given time. The owner will purchase cars at auction in

Fort Lauderdale. Additionally, the car lot can finance purchases by customers.

Again, this is not a proposal for a business plan nor is it for a “market research” plan—this is a

marketing research proposal. You should explain what marketing research is, why it is important

and show what information and terminology you have learned through the semester (in the

context of the chosen business). You should not do “research” on the business or discuss too

much about the business.