Please FORMAT THIS IN APA FORM AND USE BETWEEN 250-500 WORDS THANKS AND USE ONE APA REFERENCE
Business Problem:
Lucent Technologies is a mail-order contact lens company that has struggled to obtain break-even sales after five years in the eyewear market. The company CEO, Vincent Howard initial research indicated that online ordering would be in high demand as a low-cost alternative to purchasing lenses in a retail optical store.
The advantage of purchasing in a retail optical store is that it provides customers the efficiency, combining their eyesight examination and purchase of the prescription for contact lenses at one location. Additionally, some retail stores offer coupons that provide a refund for the eye examination cost upon the purchase of contact lenses.
Lucent Technologies' mail-order process requires the contact lens prescription must be submitted with the customer order. Within two weeks of the order, the contact lenses are shipped directly to the customer.
You were hired as the market researcher and analyst by Mr. Howard to identify and provide insights for the development of a future marketing strategy. The value of performing marketing research is undeniable; please consider the following:
Prompts:
- Examining the market research methods, what approach would you suggest; why might your strategy disclose more valuable insights versus another?
- An organization's standards and ethical practices inherent in protecting consumers must remain a priority; analyzing data that might reveal personal identification information (PII) for any purpose is unacceptable. Are there exceptions?
- In your professional experience, share how a marketing research and analytics project gave decision-makers a method to formulate a strategic initiative that benefited the organization.