Business Degree Certification Practice Test

What should Ms. Thornton do after conducting market research on the online catalog?

1. Summarize the research findings and recommend implementing the online catalog as the firm's market is clear.

2. Collect primary data to determine whether these trends and preferences are reflected in Priceless Treasures' customer base.

3. Implement the online catalog immediately without further research.

4. Consult with other antique jewelry retailers for their insights.

The correct answer is: Collect primary data to determine whether these trends and preferences are reflected in Priceless Treasures' customer base.

The choice to collect primary data to determine whether trends and preferences identified during the market research align with Priceless Treasures' customer base is a sound strategy. This approach ensures that Ms. Thornton does not rely solely on secondary data or general trends that may not accurately reflect her specific market segment. By conducting primary research, she can obtain firsthand information from her customers, allowing for a more tailored understanding of their needs, preferences, and behaviors. This information is critical for making informed business decisions, such as whether to proceed with implementing the online catalog or how to adjust its offerings to better suit her customers. In contrast, simply summarizing research findings and making recommendations without considering the specific customer base may lead to misguided decisions. Implementing the online catalog immediately without further research ignores the potential nuances of customer preferences, which could result in a lack of interest or poor sales. Consulting with other retailers may provide additional insights, but it does not substitute for direct input from her own customers, which is vital for a business's success. Thus, focusing on collecting primary data is essential for authentic engagement and effective strategy formulation.