Early Tots makes wooden toys for children. The business uses both primary and secondary market research data to decide what products to make. It has a wide range of toys but some of the products are nearing the end of their product life cycle. The managers are thinking about using extension strategies for these products.
- (a)What is meant by the term 'secondary market research'?[2]
- (b)What is meant by the term 'product life cycle'?[2]
- (c)Identify and explain two methods that Early Tots could use to gather primary market research data. Method 1: ..., Explanation: ..., Method 2: ..., Explanation: ...[4]
- (d)Identify and explain three extension strategies that Early Tots could use. Strategy 1: ..., Explanation: ..., Strategy 2: ..., Explanation: ..., Strategy 3: ..., Explanation: ...[6]
- (e)Consider the advantages and disadvantages of two channels of distribution that Early Tots could use for a new range of wooden toys. Recommend which channel Early Tots should use. Justify your answer. Channel 1: ..., Channel 2: ..., Recommendation: ...[6]
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