Market Research Report
- Pages: 4
- Word count: 940
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As you may know your companies have approached me and asked me to carry out Market Research, design, sell and advertise a new product. The main points that I will be covering in the report are:
1) Find out what your targeted audience is.
2) Find out what is the new trend and style.
3) Find out if people are interested in Fifa World Cup produce.
As we all know Nike, Adidas and Reebok are the three main leading companies in leisure wear in the competitive market. I have used this current market to build up a better knowledge of what sells better than other products. We all know that trainers sell better than leisurewear, and this is what my product is going to be, trainers.
First off we need to find out what the consumer wants and how they want it. The only way that we could do this is by Market Research. As you may of read in the introduction, Market Research mainly decides upon the success and failure of a product. We found that Market Research takes along time to carry out, so the quicker we started the quicker we can launch our product, and this is how it started.
Firstly we had to decide which way we should go for Market Research. We had to go the right way about this because as you know there are many different ways to assess the current market. We took all options into consideration; our first option was Secondary Research. We found that Secondary Research wasn’t for our companies because mainly it is second hand information and our companies want fresh information, for example; a company could have asked certain questions to a group of random people or they could have taken sales and profits to help another company; this sort of research isn’t very reliable because it could have been old or untrue information. So then we turned to our other option, Primary Research.
We found that this was the most effective way of assessing the current market because you have hands on, fresh information. So we decided to go with this way of thinking, and we found that the most effective way of carrying our this Research was by placing somebody onto the streets of a town or city, where you know you are going to get a wide range of ages and idea’s and this is what we wanted for our product.
So from this strategy we placed 20 questionnaires with different people at different places and then asked the consumer the questions. With our results (as you may of seen) we found that we asked more under 16’s than any other ages, but this was planned because we know that the most trainers are brought by under 16’s who wanted to keep up with the fashion trend, we found that the average shoe size where about 6-10, this was good information for us because we could base our product around that given information. But our two main questions where:
1) What make of trainers do you prefer?
2) Would you like to have an England flag on the side of your trainers?
With our first question we found that Nike, Adidas and Reebok were the most popular and demanding multinational company in the competitive market. But we couldn’t make a product for all of the companies; we had to find out which one was the most popular. We found through our results that Nike is the biggest company in the market, so we targeted our attention to this company. Throughout this Market Research we always had the consumers thoughts in mind, we asked one question where we said, ‘what material do you prefer your trainers to be made out of?’ this is just one example of the consumers always right so the consumers wanted leather so the trainers are going to be made out of leather.
So to conclude this report, we have found that our targeted audience is 16 under, the product should be made by Nike and should be of around £70-£90 but should be made of leather. All of this will depend on the survival of the new product. As well all know consumers have the right to a product that is reliable and isn’t going to fall apart in 1 month but also to have a product they like and basically they designed. If I was to change any thing then it would be to use the advantages of Secondary Research, but this is something that we can work on in a later stage of another product. I am quite positive that this product will go through the whole of it s life span without falling and that its basically going to do well.
My recommendation on this product is that we sell the trainers on a demand-based strategy so that we can penetrate as mush profit as possible for the first few months. Our product will be Nike mainly because the consumers wanted Nike as the make. Next is for our trainers to be between the prices of £70-£90, this is so parents and adults won’t have to spend so much on trainers that the young person wants. This will hopefully prevent the sale of our product going down, but penetrate the profit. For our product to be aimed at the 16 under age group, this is because 16 under are the most people who spend their parent’s money on trainers and they buy the most in a year. For our product to be made of leather, this is mainly because we like to listen to our customers and they wanted leather so we are going to make them out of leather.