A new competitor has entered the market to compete against Particles, and you’ve noticed that the customer defection rate had a sharp increase last month. The percentage of repeat customers buying Particles from us declined suddenly. You know that the cost of acquiring a new customer is higher and less efficient than continuing to sell to an existing customer. What would you do?

Conduct a quick market research study to learn directly from customers if they’re buying Mobile Strategies Enterprise’s (MSE) product Chipz instead of Particles and why.

Explanation:

The options to the question are:

do?

A.Conduct a quick market research study to learn directly from customers if they’rebuying Mobile Strategies Enterprise’s (MSE) product Chipz instead of Particles and why.

B.Pull together a cross-discipline team to discuss the internal perspectives on theParticles. The team should include R&D, sales, and production.

From the question, we are informed that the arrival of a new competitor against Particles, has led to huge customer defection rate.

Based on further information provided in the question, what should be done is " to conduct a quick market research study to learn directly from customers if they’re buying Mobile Strategies Enterprise’s (MSE) product Chipz instead of Particles and why".

Market research simply helps in the identification and and analysis of market needs, market size and its competition. When marketing research techniques like consumer surveys, focus groups, interviews, etc are all carried out, Particles can get the necessary information required to stop its competitors from collecting its customers and gaining a competitive edge.

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