Marketing Research Report on Consumer Decision Making
Added on - 17 Oct 2019
Conducting the marketing researchSurveyIn this report, a survey has been conducted with 25 respondents using the using the Consumer Decision-Making Styles Inventory instrument. The questions of the instruments have been attached in theappendix. Along with the questions of the instruments, some other categories have been added like theage, gender, income, price, ethnicity and education. A 5-point scale for each category except gender hasbeen used in the survey.Determination of frequencies using SPSSFor each of the response, the frequencies have been determined in the SPSS and the tables and the datahas been added in the appendix below. The frequency for the responses helps in determining that howmany times a response occurred for a particular question or variable. The frequencies are important tocalculate because it helps in correlating the variables and arriving at the results.Report on the marketing researchThe Research ProblemThe company Super Bag has launched new product ‘Health’ which is a backpack having has orthopedicsystem at the back ,so it can be worn for a long time without damaging your back ,and air pillow, whichprovides proper circulation of air and prevents your back from sweating. Since this product is very newto the market and to the consumers, therefore, the company is worried about its launch in the market.The company is unaware about the needs and preferences of the consumers about this kind of productso it is afraid that whether this concept will work in the market or not. In order to profitably satisfycustomer needs, the company must understand internal and external situation including the marketenvironment, the customers and their own capabilities. For this, the company planned to undertake asurvey of the market to determine the customers wants needs and demands. Therefore, this marketresearch aims to:1.Identify the customers’ wants, needs and demands.2.Determine the preferences of the customers for this new product.3.Collect data using the Consumer Decision-Making Styles Inventory instrument and regarding theage, gender, income, price, ethnicity and education of consumers.4.Figure out the segmentation, targeting, positioning and 4Ps strategies for this new product,based on the above collected data and its analysis.
Data SourcesThe data is collected from the primary source because a questionnaire was formulated to be filled bythe respondents. Primary source is used because the number of respondents to be included in the studywas small and the data was to be used for immediate analysis. Also, latest information about theconsumers and the market was required because it was collected for the launch of a new product.Though, a bit of secondary source has also been used but that has been used for identifying the types ofstrategies.Data Collection MethodThe data has been collected with the help of questionnaires. The questionnaire was standardized and itwas the ‘Consumer decision making style inventory’ that was distributed to the respondents. Along withthe 16 questions mentioned in the inventory, there were six more variables or categories that wereadded which included: age, gender, income, price, ethnicity and education. The questionnaires weredistributed personally because data as to be collected only from 25 people. This helped in gettingimmediate response from that as they were able to fill the questionnaire then and there. Every questionin the instrument and the categories (except for gender) had answers based on the 5-point scale whichis also called as the Likert Scale. This scale is used because it helps in interpreting the data, calculate thefrequencies and correlate the variables.Results of the data analysisFor the Consumer decision making style inventoryFor most of the people, getting good quality of products is very important because they stronglyagree with the quality of the products.The respondents are neutral with the choice of well-known national brands.Generally, most of the people have one or more outfits of the very newest style.Most of the respondents strongly agree that shopping is a pleasant activity them.Most of the people agree that they buy as much as possible at the ‘sale’ prices.Generally, the people do not plan their shopping but they agree that they should plan theirshopping more carefully than they presently do.Most of the respondents are neutral about the fact that numbers of brands are ore and they feelconfused about choosing from them.People agree that they have their own favorite brand that they buy over and over.People generally do not make much efforts in getting the very best when they go and purchasethe products and they are neutral towards getting the very best.The respondents do not agree that the most expensive brands are their choices.Most people agree that they keep their wardrobe up to date with changing fashions.For most of the respondents, going shopping is one of the enjoyable activities of their life.Most of the people agree that they usually chose the lower price products.Generally, people are impulsive when they go to shop and they agree with that.People agree to the fact that it is hard to choose which stores to shop from.