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Market Research Essay

5407 words - 22 pages

GB 320 Assignment #1: Secondary Research
Bentley University

How Today’s Suburban Main Street Can Remain Relevant,
A Case Study in Lexington, Massachusetts

Group 6: Mohamed Al Khouri, Tomas Allen, Bridget Gioia,
Jeffrey Quigley, Kenneth Ukaigwe, Paul Wolfenden

Section 1 “Company and Product” Description
The town of Lexington, Massachusetts is cemented in the minds of many Americans due to its profound historical significance. On this site, the first shots of the Revolutionary War were fired, beginning the campaign for independence. On the morning of April 19, 1775, seventy-seven minutemen fought their first skirmish against the British (Tour Lexington, 2013). Today, Lexington ...view middle of the document...

Visitors to the CBD can indulge themselves in a wide range of activities, such as seeing a movie at the Lexington Venue, indulging in frozen yogurt at Orange Leaf, or shopping at Michelson Shoes. There are also several noteworthy public buildings such as the Post Office, Memorial Hall and the Memorial Library located downtown (Lexington - Area A Summary - Central Business District, 2010).
Despite many strong suits of the CBD, the town is currently confronted with the issue of seeking ways to increase exposure and revenue of the CBD while still maintaining the town’s historical appeal. As of 2010, 23% of the CBD is occupied with real estate and banking establishments, while there is only one entertainment institution.  In addition, Lexington’s CBD faces challenges such as parking restrictions, the apparent inability to build high structures, and requisite approval from the historical committee for exterior renovations in order to maintain its historical atmosphere. This analysis seeks to examine local and national data and trends in order to determine how Lexington’s CBD can remain relevant in today’s economic climate.
Section 2 Opportunity Analysis
An opportunity analysis is the process of assessing the potential for enhancements and improvements in order to increase revenue and minimize costs (What Is Opportunity Analysis? 2013). The purpose of the opportunity analysis related to a CBD is to find a strategy based on the trends of other successful CBDs in the country that will bring additional benefits to the businesses in this particular CBD.
When analyzing the opportunities that a CBD may have, it is important to take trends into consideration. Trends are the direction in which a market is currently moving. Trends can be useful for identifying the opportunities to cater directly to the desired customer base. These trends can also be used to remain competitive within the region while still maintaining growth. Trends can also be useful for determining the CBDs location within the product lifecycle, it is possible to us this knowledge to focus developmental and promotional strategies. In order to analyze the CBD of Lexington, MA, the demographic trends must be examined in addition to the trends of economic, natural, political, educational and cultural environments in the United States.
2.1 Significant Trends in Suburbs and the CBDs of Suburban Downtowns in the U.S.
History of U.S. Suburbs and CBDs
The modern suburb did not begin to develop until after World War II when soldiers returned from the war and began to settle down and start families. William Levitt introduced inexpensive housing developments, enabling a large number of these families to settle in suburbs. This population growth in new regions created a demand for local commerce, leading to the creation of CBDs in many of the growing suburbs (Kimmel, 2010).
Suburbs were primarily located outside of major cities where many suburban residents commuted each day for...

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