Market Research – Say it Ain’t So! Is This the Real Thing?

Validity of the Research Approach

A research is considered valid if it gives the results that can be used to answer the researcher’s questions or if it satisfies the research objectives. The main purpose of this research was to assist David into deeply understanding how an excellent dining experience gives value. He focused more on intangibles and how they developed value for a customer. The research can be regarded as valid since it provided David with an answer. David was able to understand why people would consider paying more, and what satisfy them from what they pay.

Other Recommendable Research Technique

I would have recommended David to consider employing observation research technique every time he visited a hotel of conversation interview. The observation would focus on the customer’s flow and the preferred category of ordered products. This would give an insight of the population based on the hotel price and elegancy and thus enable him to approximate the category that will e more profitable based on the number of customers it can attract.

Three Upscale Resultant Competitors

Upscale Restaurant just like all other restaurants in the region will experience competition from its close rivals. The three main possible competitors other that Smith & Wollensky Restaurant will include Palm Management Corporation, Ruth’s Hospitality Group, Co., and Morton’s the Steakhouse.

Secondary or Explanatory Research Recommendation

The current research gives David more understanding on how customers use intangibles to evaluate value. This information will guide David on how to ensure that the quality of a product and the restaurant general appearance match the value. However, to be able to understand other aspects of the market such as season, most preferred meals, competitors’ performance and marketing strategies; David may be required to conduct a secondary research. This will assist David in understanding the market better before making his final decision

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