Conducting Marketing Research And Forecasting Demand

In addition to monitoring a changing marketing environment, marketers also need to develop specific knowledge about their particular markets. Good marketers want information to help them interpret past performance as well as plan future activities. Marketers need timely, accurate, and actionable information on consumers, competition, and their brands. They need to make the best possible tactical decisions in the short run and strategic decisions in the long run. Discovering a consumer insight and understanding its marketing implications cart often lead to a successful product launch or spur the growth of a brand.

St, Louis-based Bur/d-A-Bear Workshop has cleverly capita Ifced on the "kiddie-craft" trend in children's toys as well as the trend for _. interactive entertainment retailing. instead of making pottery or play /ewelry, the chain, with more than 160 stores rn the United States, Canada, the United Kingdom, Japan, Denmark, and Korea, allows kids iand adults too) to design their own teddy bears and other stuffed anrmais, complete with clothing, shoes, and accessories. The chain boasts an average of over $500 per square foot in annual revenue, double the U.S. mail average. Ten percent of sales in 2003 came from hosting nearly T00,000 parties at a cost to customers of approximately $250 for two hours, which includes a ituffed animal for each child. Buifd-A-Bear has created a database on 9 million fcrds and their households by inviting customers to register their bears;

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