Case Study: Hero Builders 

Types of Studies Presented in the Case

Emil Vicale adopts an exploratory study. This is because there is no specific problem to be solved through the research (Dudovskiy, 2022). Vicale is only interested in establishing whether setting up a toy production company is a feasible idea in the long run. An exploratory study is defined as one that focuses on investigating a problem that is not identified (Dudovskiy, 2022). As the name suggests, such studies explore a research question or problem without providing any conclusive outcomes. The exploratory study adopts a descriptive format.  In the contemporary world, exploratory studies are used to study a problem to understand it. Other purposes of this type of study include identifying a potential business opportunity and filling an existing market gap. Another way an exploratory study is used in marketing is to identify different customer segments. By studying the needs and preferences of different segments, a business can determine what adjustments to make in their products as they target different customers.

Research Evaluation

The study lacks a focused research topic. As identified, the main purpose of the research is to identify the most viable growth strategy for the action figures e-commerce, which is not specific enough. This was the dependent variable (Schindler, 2022). On the other hand, the effort by the company to introduce action dolls into the retail market is the independent variable. Further, the fact that some girls were interested in the action dolls merges as the moderating variable. Also, there is a control variable in the study when the company asks its legal specialists to investigate the potential impact of the growth strategy in case competitors decide to introduce action doll prototypes into the market (Schindler, 2022). Media emerges as the confounding variable since it contributed to increased requests made to meet the demand for the dolls. The main challenge faced was competition from rivals which could inhibit the firm’s growth strategy.

The scope and extent of the study were based on the realization of the potential stocking action figures. In this case, the scope of the study was the retail environment. As shown in the case study, a quick investigation of the retail environment revealed that stores attracted customers once they began stocking hero villain toys on their shelves. Notably, the entrepreneur discovered that they have a competitive advantage after undertaking a retail market analysis. One of the competitive advantages was that they could manufacture dolls with faces a modern audience can relate to. Also, the rapid prototyping technology poses a competitive advantage for the firm because it can create as many dolls as possible at any given time. Hanssens et al. (2005)

opine that the ability of a business to respond to market demand gives it a competitive edge over rivals.

Since the study lacked a definitive purpose, it was impossible to generate an effective strategy. The business would not figure out how they would market the products to make the most of the existing market. The lack of well-planned and executed research made it impossible for the business to find a solution to sell in the toy market to attain maximum profits (Schindler, 2022). The business’s success was short-lived because it failed to identify a solution for approaching the market. Although the business experienced success initially after launching the hero and villain toys, they were overwhelmed because they lacked preparedness.

The research lacked a well-planned and executed strategy. Effective planning and research are vital. That is because they enable a business to leverage the information, knowledge, and competence in its human resources to implement strategic goals and plans that can help it grow (Schindler, 2022). Emil Vicale should have undertaken a comprehensive study to identify a specific and effective strategy to facilitate market entry. Doing that would have ensured preparedness and success. Further undertaking internet research would have revealed crucial insights, including, rival competition, product and customer insights, and retail strategies to be incorporated into the study. Further, such a process would have uncovered viable partnerships and market characteristics, such as the niche market that would have been suitable for the business.

Issues to Include in the Research Plan

One of the important issues ignored by the entrepreneur was conducting product and customer analysis. Although friends presented multiple requests for the products, customer and product analysis was still important to help Hero Builders understand the market and the environment better. Conducting product and customer analysis would have contributed to decision-making on several issues, including product specifications and product types required and quantity to fulfill reigning market needs. Additional research would have offered insights into the products’ popularity to enhance the production of more pieces. Involving potential customers in the initial research before introducing a product to the market is vital since it facilitates a product’s penetration in the market (Chang & Taylor, 2016). Such preparedness helps a company produce the right volumes and avoid shortages.

Additionally, undertaking a marketing strategy analysis would have helped the company identify the best way to introduce its products to the market. Popular marketing factors, the 4Ps, are crucial when introducing a new product. A business must understand the right balance of price, promotion, place, and product since they influence the ultimate performance of a product in the market (Obasan et al., 2015). This will involve studying ways to have a competitive advantage in the doll business by examining offerings by competitors. Besides, examining the 4Ps will help the business allocate its resources optimally. One way to do this is by ensuring that marketing efforts align with strategic goals.  By undertaking marketing analysis, the business will effectively introduce Hero Villain products into the doll business and yield maximum success.

References

Chang, W., & Taylor, S. A. (2016). The Effectiveness of Customer Participation in New Product             Development: A Meta-Analysis. Journal of Marketing, 80(1), 47–64. Sagepub.             https://doi.org/10.1509/jm.14.0057

Dudovskiy, john. (2022). Exploratory Research – Research-Methodology. Research-Methodology.             https://research-methodology.net/research-methodology/research-design/exploratory-research/

Hanssens, D. M., Leeflang, P. S. H., & Wittink, D. R. (2005). Market response models and           marketing practice. Applied Stochastic Models in Business and Industry, 21(4-5), 423–          434. https://doi.org/10.1002/asmb.584

Obasan, K., Ariyo, O., & Hassan, B. (2015). Marketing strategy and product performance: a         study of selected firms in Nigeria. Ethiopian Journal of Environmental Studies and             Management, 8(6), 669. https://doi.org/10.4314/ejesm.v8i6.6

Schindler, P. S. (2022). Business research methods. (14th ed.). Mcgraw-Hill.

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For each Case Study Assignment, you will read the assigned case study and analyze the case scenario/research through a series of questions. The overall structure of each case is similar in that each case begins with an abstract, followed by a description of the scenario/research and concludes with a discussion about the situation. The discussion is simply a series of unique questions about the case scenario that you will answer as your Case Study Assignment.

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Case Study: Hero Builders

The specific questions for each Case Study Assignment can be found on the following pages of the case study:

• Hero Builder’s Case Study Assignment: see case page 2
• NetConversions Influences Kelley Blue Book: see case page 4
• Ramada Demonstrates its Personal Best™: see case pages 3 & 4

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