Assuming BMW wants to learn more about what customers value in a luxury driving experience, and then make decisions based on that research, what kind(s) of market research would you recommend that might improve BMW’s understanding?
Read the Management Decision Case on page 110 and answer the following questions:
- Assuming BMW wants to learn more about what customers value in a luxury driving experience, and then make decisions based on that research, what kind(s) of market research would you recommend that might improve BMW’s understanding?
- BMW is facing the classic quality–quantity–cost trade-off; when it seeks higher-quality information (represented by more questions), fewer responses are received or research costs are higher. Since BMW’s executives all have 25 to 30 years of experience in the automotive market, what would be the advantages and disadvantages of trusting their own experience versus spending more on market research?
- When problems develop, like what BMW is experiencing in its research data gathering, a new, often technological solution is developed to address the issue. What might be some innovative ways to approach gaining both statistical significance (through higher response rate) and deeper context (through open-ended qualitative data)?
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