Market Research Study for SpotOn

The assignment content describes a market research study conducted by SpotOn, a well-known manufacturer of paint, to identify the potential market for their special paint that prevents floors from becoming slippery. The report aims to develop a marketing strategy, collect data, and determine the best avenues for introducing the product to the current markets. It highlights the importance of market research in understanding consumer needs, identifying market segments, and developing effective pricing strategies.

RUNNING HEAD: Market research study
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Market research study
Background Information
SpotOn is a well-known manufacturers of paint and has a strong presence in the pain
manufacturers markets. The present report focuses on the special paint which can be beneficial in
preventing the floors to become slippery. This report focuses on the businesses that might be
interested in this product and will determine the market potential by focusing on the paint major
retail chains and other market segments. Further, the reports aims to find the best avenues in
order to introduce the special paint and will identify the potential prospects for conducting the
sale of the product in the current markets.
Objectives
1. Develop Marketing strategy
In order to develop a suitable marketing strategy for increasing the customer traffic and
finding a suitable marketing segment for the new product.
2. Guidelines for market research and data collection
A market research and data collection for the new product line and to develop suitable guidelines
for assisting SpotOn with the data collection, market research and market strategies
development.
When an ideas for a product is conceived, marketing research is the initial step in the marketing
process. SpotOn should focus on marketing research to obtain accurate information from the
market place and used to solve problems, determine needs of consumers and acquire information
on competitors. This helps in the determination of crucial variables about the business or product

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such as geographical viabilities, a merit for online strategies, and the need for the actual product
among others. Furthermore, the research helps to find out the customer’s specific needs and
enables companies manage the risks related with offering a new product. This survey is a direct
way of obtaining qualitative and quantitative information. Errors in the survey could make
problems to surface in the marketing research. (Karen & Johnson, 2007)
Market receptivity is evaluated by consumer feedbacks, test market, focus groups or beta
tests prior to launching. The market research should include details on the current buying trends
of the product to learn the consumers buying habits, talking to the consumers to get their level of
satisfaction and what they prefer. Further, the prime challenge of SpotOn is creation of various
opportunities for imparting their messages to all the stakeholders and key decision makers in the
market. Besides, evaluation of the trends in the specific market, contacting professional and trade
associates in the field helps in determining the demand for the product. (Audra, B. 2007).
SpotOn should introduce their paint to the customers in a very straightforward manner so as to
grow their sales. SpotOn knows its market well and therefore should focus on the relevant
market segments. In order to access the new market segment, reconnaissance is highly critical.
Therefore, a thorough study on the financial characteristics of the industry and the industry
sensitivity to fluctuations are important in understanding the industry.
Some of the other necessary information on the research include; identifying the niche and
size of market, the methods to use to reach the market, if competitors are making any changes, if
the industry is seasonal, the speed of growth of the market, possibility of market segmentation,
the current pricing of the product among others. Pricing of the product is a major issue and it is
important to ensure the pricing structure is accurate and realizable. (Fredrick, S. 2005) Therefore,
SpotOn should adjust the pricing as per the needs of the schools and the hotels. Furthermore, on

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the quest for customer information, their buying habits, income, age of home, marital status
should can be important in understanding the niche market of your product. (William, G. 2000).
In the case of hotels, the product should be very appealing and serve its purpose with factors like
price, quality and delivery time being considered. And for schools, the paints must not be
hazardous and should have less chemical content so as not to harm the students.
Data collection method should be comprehensive, a quantitative data collection and
analysis through surveys, observation and secondary data can prove critical during
implementation. (Aliaga & Gunderson. 2005). Moreover, the sampling method to use should be
the one that effectively meets the goals of the study. It is determined depending on the list of
research goals, the method that may effectively meet the goals, further testing the ability of the
methods to meeting the goals and finally choosing the method that does best to achieve the goals.
The sample size should be chosen carefully to represent the total population as much as possible
and also should depend on the niche market of the product. (Mendez, F. 2003) If the niche is a
big population, the sample size should be big enough to cover a substantial part of the population
to obtain a true analysis of the product research study. A good sample size should be able to
show results that reflect the target population very precisely.

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References
Hair Jr, J. F., & Lukas, B. (2014). Marketing research. McGraw-Hill Education Australia.
Malhotra, N. K. (2008). Marketing research: An applied orientation, 5/e. Pearson Education
India.
Bonoma, T. V. (1985). Case research in marketing: opportunities, problems, and a process.
Journal of marketing research, 199-208.