Hong Kong Market Analysis - Essay Example

?Outline Introduction Hong Kong Market Marketing Research Design Research Process Conclusion Marketing Research Introduction Marketing as a daily activity is perceived to constitute all processes that are concerned with activities of conception, pricing, promotion, and distribution of ideas, goods, and services. Here, the paramount aim is to create exchange that is satisfactory to individual and organizational objectives (Wiid and Diggines, 2010). With time, marketing as concept has evolved where emphasis has shifted from the essence of profit maximization to greater emphasis on customer satisfaction. Decision making in the organization with regard to marketing is therefore likely to seek ways of increasing customer satisfaction while achieving the set objectives for the organization. However, in order to precisely capture best methods or strategies to use in satisfying customer needs, responding to customer consumption behaviors in the most appropriate way requires detailed market research. Market research in this case is understood to be a scientific process concerned with gathering and processing critical information, which can be used in marketing management decisions (Wiid and Diggines, 2010). Due to this, marketing research is considered a critical part of a marketing intelligence system that in most cases functions to improve management decisions using timely, relevant, and accurate information. Marketing research has become popular in many organizations due to perceived benefits the process is seen to generate. For instance, smart organizations have been able to achieve and sustain their competitive advantage by using market information in the most creative manner (Wiid and Diggines 2010). Moreover, organizations that adequately satisfy the needs of their consumers have done so by intelligently and creatively using appropriate market research information. Therefore, at this point it can be stated that market research is critical in the modern world especially in the age of globalization and increased consumerism. Hong Kong Market Consumers in Hong Kong, just like consumers in other societies are likely to exhibit varied behaviors with regard to consumption. Although consumption is an aspect that is synonymous with all societies, numerous evidences have shown that societies across cultures differ in terms of consumption behavior, consumption pattern, and the overall consumption culture (Hoyer and Macinnis, 2009). This is to say, consumption behaviors exhibited by consumers in Hong Kong are likely to differ to behaviors exhibited by consumers in other regions. Therefore, the discovery makes it virtually impossible to generalize consumer behavior across cultures. As a result, introducing a new flavor of soft drink in Hong Kong market will require the company to undertake a detailed market research that aims to identify specific consumer behaviors that are likely to influence or impact the marketing process. Accurate intelligence information about how consumers in Hong Kong consumer products in terms of beliefs, values, demographic factors, socio-economic aspects, cultural issues, lifestyles, and many more (Hoyer and Macinnis 2009). This is critically important since such information will help the management team of the company to initiate appropriate strategies of marketing for the new product to succeed in the new market. Marketing Research Design In order to successfully carry out market research, the researchers have to develop and implement the most appropriate research design techniques. Consequently, the usefulness of research project is likely to be realized when there is evidence of quality of research design, coupled with appropriate data collection and analysis process based on the design. Research design in marketing research involves identifying the best research methods that are appropriate in obtaining the required data (Churchill and Lacobucci, 2009). As a result, validity and reliability of data to be collected, which is critical in research process depends a lot on the type of research design developed and adopted. The nature of marketing research is that, the primary aim is generate accurate facts, which can be used in decision-making. In most cases, the facts may be in quantifiable measures and non-quantifiable measure (Churchill and Lacobucci, 2009). When facts are in quantifiable measures, the researcher may be interested in establishing the actual extent with regard to particular variable. This is necessary especially when estimates have to be given with regard to sales targets. On the other hand, the researcher may be interested in generating insight information and ideas with regard to consumer and market behavior, and this situation may result into use of non-quantifiable measures. In order to appropriately capture consumer behavior and market situation in Hong Kong with regard to introduction of a new soft flavor drink, the market research to be undertaken should incorporate both quantifiable and non-quantifiable measures. As a result, the market research will largely incorporate quantitative and qualitative approaches. In so doing, two popular research designs will be utilized, which are exploratory research design and descriptive research design. Exploratory research design aims to discover ideas and key insights with possibility of generating explanations to study problems (Churchill and Lacobucci, 2009). For example, in the case of consumers in Honk Kong, the company has to understand the exhibited consumer behavior more deeply and how such behaviors are likely to impact the marketing process and ultimate consumption of the drinks. In this way, exploratory research is likely to explain the persistent of particular cultural behaviors, values, norms, and beliefs in the larger society of Hong Kong. At the same time, exploratory research is likely to explain the existence of diverse lifestyles among the population and even give insightful explanation of social classes and economic status of the population in the country. On its part, descriptive research tends to study facts and determine their frequency or even establish in measurable terms the relationship between variables under study (Beri, 2007). For instance, the company should be interested in establishing the trends of consumption of soft drinks in the country for a particular period. This will involve calculating percentages or averages of consumption of soft drinks with regard to demographic aspects such as; age, gender, geographical location, social status, and so on in the larger society of Hong Kong (Beri 2007). Such study that is more of an investigation using specific figures or measures is regarded to be a descriptive study. In order to use exploratory research approach, the researcher is presented with wide array of investigation techniques to use in collecting data. Some of the prominent data collection techniques in explorative approach include carrying out detailed literature search with regard to study questions and variables, conducting experience survey, conducting focus group study, and conducting ethnography study (Beri 2007). On the other hand, data collection using descriptive study approach is likely to be generated through the use of longitudinal studies, arranging for panel discussion, and sample survey (Beri 2007). The decision to use these two market research approaches is informed largely by the need to derive maximum objectivity and in-depth analysis of Hong Kong consumer population and their consumption behavior, together with the market situation of in the country. As a result, descriptive research design is likely to provide information that is valid and reliable, while explorative study approach is likely to help the research generate information that has in-depth and insightful analysis. With such information at hand, it becomes possible to formulate more robust and meaningful recommendations that the company can undertake in order to implement in the Hong Kong market. Research Process In order to carry out successful research project, specific research steps and requirements will have to be accomplished. First, data collection process will involve collection of primary and secondary data. In the case of primary data, the identified two research approaches: exploration and descriptive approaches will be used. In exploration study, the researcher will utilize interviews with selected sample respondents and focus group discussions. In the case of descriptive research approach, the author will adopt sample surveys and this will incorporate use of well-constructed questionnaires. The whole process of collecting primary data will be guided by the formulated research questions and the purpose of the study. On the other hand, in the case of secondary data collection, the most important data will be collected through review of published resources that exhibit information on the area of study. As a result, some of the useful secondary materials to be used will include analyzing and evaluating information from books, online journals, credible internet website with reliable information on the research questions, marketing articles, and any available published material that has pass test of credibility by the author. The entire process of collecting secondary data will involve collecting large volumes of information and thereafter ‘sieving’ the volumes of available information to generate only, the relevant information required for the study. Given that market research does not constitute census, there is need for the researcher to identify the relevant sample group to participate in the study. The sample group is regarded as the representative portion of the population and information generated from sample group is perceived to represent the information or position of the larger population. In order for the generalizability of the study results obtained from sample group to be possible, there is need to select sample group in the most un-biased way or method. Therefore, in order to have un-biased sample group, probability sampling techniques will be used (Babbie 2010). Probability sampling process postulate that probability sampling is the most appropriate means of selecting sample elements that exhibit little bias hence are likely to give valid and reliable information that is representative of the larger population (Babbie 2010). As a result, the probabilistic sampling method to be used in this study will include multistage sampling that will use stratified random sample method. The use of this method to select sample element is perceived to exhibit less bias and this situation is likely to increase the reliability level of results (Yates and Yates, 2004). The use of sample survey will particularly be evident in the descriptive research approach. Upon selecting sample group successful, the researcher will thereafter develop survey questionnaires that will be filled by respondents. The questionnaires will have both open-ended and closed questions. The reason for this is that, closed questions will provide the researcher with an opportunity to quantify and measure specific variables under study. On the other hand, open-ended questions will provide room for respondents to provide more insightful information or ideas that the researcher can use to further validate the results of the study. Therefore, the use of open and closed questions in the questionnaires is likely to contribute greatly to realization of valid and reliable information in terms of derived results. Successful development or construction of research questionnaires will lead the researcher to undertake a pilot study and the essence of pilot study will be to refine the research questionnaires in order to obtain set objectives. The pilot study will only take place in a limited geographical area and the researcher will only use a number of respondents. At the same time, questionnaires will be constructed in such a way they are easily understandable to the respondents. This will eliminate any likelihood of ambiguity and data collection process will be smooth and successful. Three categories of people will be included in the study as sample respondents. The first group will be of retailers who are involved in the sale of soft drinks in Hong Kong. The retailers are perceived to be in a position to understand consumer behaviors regarding consumption of soft drinks. Therefore, their information is likely to be relevant to the study objectives. In addition, statistics with regard to sale of soft drinks are likely to be kept by retailers and the researcher will need such statistics to establish market rend of soft drinks in various markets in the country. The second category of people to be included in research sample should be the distributors of soft drinks in the country. Given their position as key distributors of different market brands, distributors are likely to be the best source of information regarding how different soft drink brands perform in the market. This is particular important when information concerning key market competitors and market potentials have to be generated. The performance of the new proposed soft drink brand in the market is likely to be determined by activities and marketing strategies of competitors. The third category of people to be involved in the study will be consumers of soft drinks. Consumers are regarded as the final uses of any product hence it is important to find out the perception and overall consumption behavior of consumers regarding particular product. Consumers overall perception of the product is likely to marketing decisions of the marketing on whether to launch the product right away, or whether to make some modification and changes as a result of marketing findings. The last thing to ensure in research process is that since a researcher is working with individuals, there is primary need to ensure ethical and etiquette aspects are observed. The researcher has to work in such a way that the dignity of sample respondents is maintained and is not violated in any way. As a result, the researcher has to adhere to basic ethical and etiquette tenets such as seeking permission from relevant authorities before proceeding with research project. This is in addition to initiating the behavior policy that researchers have to abide to, ensuring privacy of respondents is not violated, seeking consent from respondents, ensuring the respondents have knowledge and are aware of the intentions of the research, and lastly, ensuring respondents are not exposed to dangers (Williams, 2003). Conclusion Consumption is influenced by numerous factors that make it necessary for any organization interested in marketing to identify. Consumers in their entity exhibit diverse consumption behaviors, which cumulatively define and determine consumption patterns. Across societies, consumption behavior patterns differ, and the way consumers in one particular region consume products cannot be said to be the same to other consumers in other regions. The situation force marketers in different parts of the world to constantly establish and understand consumer behavior and consumption patterns of any given society through market research. In essence, when market research is properly undertaken, it is likely to generate insightful intelligence data and information, which can be used in marketing decisions. References List Babbie, E.R., 2010. The Practice of Social Research. OH: Cengage Learning. [Online]. Available from: http://books.google.com/books?id=QySynvetGQIC&pg=PA199&dq=study+population&hl=en&ei=1OsyTu_DIs6w8QPdnMihDg&sa=X&oi=book_result&ct=result&resnum=1&ved=0CCsQ6AEwAA#v=onepage&q=study%20population&f=false [Accessed 20 February 2012]. Beri, G. C., 2007. Marketing Research. New Delhi: Tata McGraw-Hill Education. [Online]. Available from: http://books.google.com/books?id=0o7StYCy130C&pg=PA62&dq=types+of+research+design+in+marketing+research&hl=en&sa=X&ei=CwZCT-_sD-G90QWe_NCPDw&ved=0CEAQ6AEwAQ#v=onepage&q=types%20of%20research%20design%20in%20marketing%20research&f=false [Accessed 20 February 2012]. Churchill, G. A., & Lacobucci, D., 2009. Marketing Research: Methodological Foundations. OH: Cengage Learning. [Online]. Available from: http://books.google.com/books?id=AESy0VZNv98C&pg=PA58&dq=types+of+research+design+in+marketing+research&hl=en&sa=X&ei=CwZCT-_sD-G90QWe_NCPDw&ved=0CDkQ6AEwAA#v=onepage&q=types%20of%20research%20design%20in%20marketing%20research&f=false [Accessed 20 February 2012]. Hoyer, W. D., & Macinnis, D. J., 2009. Consumer Behavior. OH: Cengage Learning. [Online]. Available from: http://books.google.com/books?id=fk1rTxRYtY0C&pg=PA35&dq=marketing+research+and+consumer+behavior&hl=en&sa=X&ei=WP9BT8jqO4ep8AP1nfmECA&ved=0CD4Q6AEwAg#v=onepage&q=marketing%20research%20and%20consumer%20behavior&f=false [Accessed 20 February 2012]. Wiid, J., & Diggines, C., 2010. Marketing Research. Johannesburg: Juta and Company Ltd. [Online]. Available from: http://books.google.com/books?id=wCDTX0ga0AkC&printsec=frontcover&dq=marketing+research&hl=en&sa=X&ei=MPhBT4TJBIKB8gOM5omDCA&redir_esc=y#v=onepage&q=marketing%20research&f=false [Accessed 20 February 2012]. Williams, M., 2003. Making Sense of Social Research. NY: SAGE. [Online]. Available from: http://books.google.com/books?id=fiCPBY6nTMgC&pg=PA205&dq=doing+social+research&hl=en&ei=PlZETpSKH8nCtAaHg53mBw&sa=X&oi=book_result&ct=result&resnum=9&ved=0CFUQ6AEwCA#v=onepage&q=doing%20social%20research&f=false [Accessed 20 February 2012]. Yates, S. J., & Yates, S., 2004. Doing Social Science Research. NY: SAGE. [Online]. Available from: http://books.google.com/books?id=Ct2Sy4H4HZ8C&printsec=frontcover&dq=doing+social+research&hl=en&ei=PlZETpSKH8nCtAaHg53mBw&sa=X&oi=book_result&ct=result&resnum=2&ved=0CDEQ6AEwAQ#v=onepage&q&f=false [Accessed 20 February 2012]. Read More