Name: Chapter-4 ICA-1: Management Decision problem, Market Research Prob Formulation and Research Objectives Example: Starship, Inc. was a large department store situated in a medium-s metropolitan area. Almost 50% of its sales were accounted for by the sale of clothes. It carried a line of good quality clothes at a reasonable price. Howeve store had been facing a profit squeeze. The management decided to upgrade i women's apparel. To assess the market size an outside research agency was h agency found that a significant demand existed for higher priced brand name designer clothes. Acting on the results obtained by the research firm, the man thoroughly refurbished the women's section by upgrading. Immediately after sales declined sharply. Apparently, what did the management or the researchers did not consider? Management nor the researchers had taken into consideration the fact that St clientele was largely made up of middle-income families. Thus, the entire res was wasted by the poor formulation of the