Super bag Marketing Research

Added on - 21 Sep 2019

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SUPER BAGMarketing Research[Type the document subtitle]Student[Pick the date][Type the abstract of the document here. The abstract is typically a short summary of the contents ofthe document. Type the abstract of the document here. The abstract is typically a short summary ofthe contents of the document.]
ContentsIntroduction.................................................................................................................................................1Product Idea.............................................................................................................................................2About the product................................................................................................................................2Application of marketing process to the product.....................................................................................3Relevance of the results to the launch of new backpack product ‘Health’...................................................4Segmentation of ‘Health’.........................................................................................................................4Targeting of ‘Health’...............................................................................................................................5Positioning of ‘Health’............................................................................................................................64 P’s of ‘Health’......................................................................................................................................65 C’s analysis of ‘Health’........................................................................................................................8Conducting the marketing research...........................................................................................................10Survey...................................................................................................................................................10Determination of frequencies using SPSS.............................................................................................10Report on the marketing research..............................................................................................................11The Research Problem...........................................................................................................................11Data Sources..........................................................................................................................................13Data Collection Method.........................................................................................................................13Data analysis..........................................................................................................................................14For the Consumer decision making style inventory (The frequencies)..............................................14For other categories to the survey instrument....................................................................................15Analysis of correlations.....................................................................................................................16Findings and conclusion.........................................................................................................................19References.................................................................................................................................................22Appendix...................................................................................................................................................23Consumer decision making style inventory...........................................................................................23Other categories to the survey instrument...........................................................................................29Correlations...........................................................................................................................................31
IntroductionThe company Super Bag wants to develop and introduce a new product to the market. They wantto conduct a survey of the market to have an idea about the market and the wants, needs anddemands of the customers. So, this report aims to conduct the survey and find out the age,education, income and ethnicity of the customers in the survey so that they can know about thecurrent market and prospect of their product. A marketing plan will be made as per the dataanalysis and accordingly the strategies for the launch of new product will be discussed.Product IdeaThe company” Super bag” was established in February 16th, 2009 in Philadelphia. The companywas formed by 2 brothers James and John Adkins, where John is operative director. Thetechnological process in the company is fully automated. It offers environmentally friendly, non-toxic and sustainable products such as bags and backpacks. The company’s each step is taken inaccordance with long term value, company’s growth, and balancing a healthy relationship withpartners. So, the company thought of launching a new backpack.About the productNameThe name of the product is ‘Health’.DescriptionThe company has launched new product-backpack “Health”. The backpack “Health” hasorthopedic system at the back, so it can be worn for a long time without damaging your back,and air pillow, which provides proper circulation of air and prevents your back from sweating.Injection-molded shoulder straps create flexible points to alleviate clavicle and pressure pointstrain and neck pain, and finally a build-in lanyard cord with standard headphone jack. Thepeople who travel a lot will truly enjoy this important feature. Only backpack “Health” has thisfeature. Designed with two large zip compartments, the main compartment features a floating,padded 15” laptop sleeve and the front compartment features an internal organization panel tostash smaller items. It has one bottle pocket and two side pockets for stationery. The backpackmade from waterproof material and has high capacity which can be adjusted.Other specifications:Color: black and purple.Size; 48’35’’22’’
Volume: 37 litersApplication of marketing process to the productSegmentation:This helps in dividing the population in various segments so that the companycan find out different customers having different set of needs, wants, demands etc. (Hollensen,2015).This makes easier to sort them and position the product. It can be demographic,behavioral, psychological etc.Targeting:It is selection of the segment and targeting the appropriate people to whom theproduct is to be served. It helps to make the launch of the product successful as the people whoare most likely to like and buy the product are targeted (Kotler, 2015).Positioning: When targeting strategy is implemented, it is called as positioning. Positioninghelps in the placement of the product.4P’s analysis:It is the marketing mix strategy that is made after the above analysis. It helps indefining and setting the characteristics of product, its price, place where it is to be sold and thepromotion of the product (Huang, 2014).5C’s analysis:This analysis helps the company to understand its internal and external analysis.
Relevance of the results to the launch of new backpack product‘Health’Segmentation of ‘Health’In this strategy, the market is to be divided into various subsets according to the commoninterests, needs and priorities of the people. This is an important strategy because it helps thecompany to focus on the most profitable group of people or the place instated of focusing oneverything and ignoring the most profitable segment in the market.As per the SPSS analysis done in the above section, the company has identified the population orthe market for its products on the basis of their age, gender, education, ethnicity, and income andprice preference. So, segmentation for the product ‘Health’ will be based ondemographics, inwhich the age, income, education and ethnicity of the consumerswill be considered. As perthe SPSS analysis, the market should be segmented on the basis of age of the age group andpeople of age 25-31 which means that mostly the young and employed generation hasparticipated in the survey. There is no need to segment the market on the basis of gender becausethis bag can be used by anyone who has a problem in the back or who travels frequently. Themarket should also be segmented on the basis of the earnings of the people because the earingshould be enough so that people can buy the new product in the market. So, the people who earnbetween the salaries of $21000-$31000 should be included.The company can also dobehavioral segmentationin which the population or the market forthe consumers can be divided on the basis of their decision making pattern. Here, the SPSSanalysis shows that the decision of the consumers to buy a product depends on the price of the
product and the preference for the price of the product as per the above analysis of data is $16-$37. So, the people who can spend or are willing to spend $16-$37 should be considered.Targeting of ‘Health’As per the data analysis done in SPSS, the following segments must be targeted by the companyin order to launch the product successfully and to earn profits and cover costs in the initial stageof the launch of product:9 out of 25 people in the study i.e. 36% of the respondents in this survey belonged to theage group of 25-31 which means that mostly the young and employed generation will buythis product so they should be targeted.14 out of 25 people i.e. 56% of the respondents are female. Since, mostly the females gofor shopping, therefore, the company should target the females and influence them forbuying this product. Though, this product is useful for both the genders but the femalesmay lead to more shopping of this product than the males. So, initially during the launchof the product, the females should be targeted. This can be done by using the promotionalstrategies that target women or introducing such colors of the bag that are liked more bywomen.Most of the respondents i.e. 15 out of 25 or 60% belong to the ethnic group of whites.SO, the company should target the population of whites because they are more in numberso they are likely to buy more than the other ethnic groups in the country.Majority of the respondents i.e. 8 out of 25 or 32% are earning $21000-$31000. So, thepeople earning between this range should be targeted by the company. They must productthe product at such cost that the prices are suitable to the people earning between thisrange and they easily buy the product.Most of the respondents i.e. 12 out of 25 or 48% of them buy products ranging $16-$37.The people who are willing to spend this much should be targeted.
Positioning of ‘Health’The company should position itself as an innovative and unique product in the market which isavailable at affordable price having good brand value and makes the shopping of people andenjoyable experience. In addition to this, the product should be positioned as a good for healthproduct and safe for the physical condition of the people.This positioning strategy of the company and the product is based on the analysis of SPSS datathat interprets the correlations among variables and give the result that the females try to get thevery best newest outfits/products when the sale increases and the price of products fall. Whenpeople stick more and more to one particular brand, that brand becomes their favorite brand.Generally, more number of females is likely to stick more to a particular brand. When the priceof the products is less or it is $16-$37 as preferred by the respondents, then they enjoy shoppingmore. The products of the brand to which the respondents stick are the best products for themand it also becomes their favorite brand. The product becomes more good or preferable when itis available at the sale price and offers the products of the newest style. Finally, when theshopping is pleasant to them they enjoy it more.4 P’s of ‘Health’ProductPricePlacePromotionThe product is abackpack which hasorthopedic system atThe price should bekept from $16-$37 asit is the preferredMostly, the peopleshop from thedepartmental stores orThe best way ofpromoting thisproduct is personal
the back, so it can beworn for a long timewithout damaging theback, and air pillow,which provides propercirculation of air andprevents the backfrom sweating.Injection-moldedshoulder straps createflexible points toalleviate clavicle andpressure point strainand neck pain.Finally, a build-inlanyard cord withstandard headphonejack.price of theconsumers and theywill be ready to buythis product easily if itis in the range of $16-$37 (as per the abovedata analysis and refertable 22 in theappendix).the malls. So, the bestplace to sell thisproduct will be thisonly. Also, thisproduct has a lot oftechnical features so itcan also be displayedat the electronicsitems stores so thatmore and more peoplecome to know about itand buy it. An onlinesale will also bebeneficial for thisproduct.sellingandadvertisement in theTV because thisproduct has uniquefeatures that areneeded to becommunicated tolarge number ofpeople at one time andthey also need to feelthe benefits of thosefeatures. So, for that,these two are the bestpromotional strategiesfor this company.For example, theproduct has injection-molded shoulderstraps that createflexible points toalleviate clavicle andpressure point strainand neck pain. And it
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