Home Inspirations
Hailey works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s. When her father retires, Hailey plans on taking over the business. Hailey is aware of many things about the company that she likes, and a few things that she does not. She has particularly noted that when the economy has low unemployment and high total income, sales are great. However, any other time, sales are not so good.
Currently, all of the bedding items are created in one place and everyone works on various tasks every day. Hailey is thinking about streamlining the production process so that individuals would be responsible for only one task. She believes that if production would increase, she could sell her products at a lower price and increase revenue. She knows that most bedding products available in the market are very similar in nature and satisfy the same need. However, if she were able to lower prices, this might give her company the competitive advantage that it needs. She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery. She is also considering selling her products on the Internet. Hailey knows that her father does not like change very much, but she feels these changes are important for the future of the company.
Refer to Home Inspirations. Hailey feels that for productivity to improve, the company must practice
A) free enterprise.
B) work ethics.
C) specialization.
D) cultural diversity.
E) pure competition.
Question 2 - Jerry has moved into the planning step of marketing research. At this step of the process, he will
A) know what facts are needed to resolve the identified problem and what facts are available, and then make plans on how to gather needed but missing data.
B) state the problem clearly and accurately to determine the research issues.
C) draw conclusions and make recommendations based on the data collected.
D) investigate to develop a sharper definition of the problem and a set of tentative answers.
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