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Lisa O Lisa I'm not sure how sustainable it will be for Cozy Nook in the long run, since it could be hard to keep up with the demand. It's a much larger company than Swift and Snug, though, so this feature might be just the edge it needs to become the bestselling online retailer in our industry. The first step of market research is to determine the problem. What is the "problem" that you will need to focus on with your market research? The competitor is offering a better feature than Swift and Snug Furniture. Customers want more customization options from Swift and Snug Furniture. Submit
Lisa O Lisa I'm not sure how sustainable it will be for Cozy Nook in the long run, since it could be hard to keep up with the demand. It's a much larger company than Swift and Snug, though, so this feature might be just the edge it needs to become the bestselling online retailer in our industry. The first step of market research is to determine the problem. What is the "problem" that you will need to focus on with your market research? The competitor is offering a better feature than Swift and Snug Furniture. Customers want more customization options from Swift and Snug Furniture. Submit
Final answer:The problem for market research is to assess Swift and Snug Furniture's competitive position regarding Cozy Nook's superior feature and customer demand for customization, drawing insights from L.L. Bean's strategy and theoretical positional competition on Main Street.Explanation:The problem that needs to be focused on with market research is determining how Swift and Snug Furniture can maintain their competitiveness in the face of a larger competitor, Cozy Nook, offering a potentially superior feature. When conducting market research, we could focus on two main issues: First, comparing the features offered by Swift and Snug Furniture to those of Cozy Nook to understand where the competitor might have an advantage. Second, researching customer preferences regarding customization options to evaluate whether providing more customization could be a beneficial strategy for Swift and Snug Furniture to attract more customers and retain market share.Just like L.L. Bean, which has flourished through a combination of a money-back guarantee and a reputation for quality despite the challenge of selling products without the customer being able to see and touch them, Swift and Snug Furniture could also implement similar strategies to overcome the barrier of imperfect information. Moreover, understanding the competitive landscape, similar to the theoretical scenario with firms on Main Street, can help Swift and Snug position themselves strategically within the market to maximize their customer base alongside competition....