Conducting a Market - Essay Example

? Conducting a Market Research Project Introduction to the research In today’s dynamic and competitive environment, it is vital for every organisation to keep track of the changes happening in its surroundings so that it can maintain its competitive edge in the market (Malhotra, 40). Dynamic changes is causing products and business processes to change at a rapid pace and to succeed in such an environment, the businesses need to cope up with the changes in technology and other advancements. The most effective tool that is used by majority of the organisations to monitor its performance in the respective industry is conducting a well-designed market research. Market research is defined as a systematic and organised process that is conducted by a company to gather data about the perception of its offerings i.e.to determine the satisfaction level of customers with the existing products or services and identify any unmet needs of the customers so that they can be provided the respective products or services (Malhotra, 100). There are many purposes of carrying out a market research such as identifying any need or demand of the customers that is not fulfilled by the existing brands, helping an organisation in identifying any flaws in their existing offerings, gather in-depth insights about a new product that is in the development phase, analyse the activities of the competitors and ensure that necessary steps are taken to identify any significant change that is most likely to happen in the environment (Yin, 65). However, majority of the time, the companies perform a market research to determine the customer perception about their existing product or service offering. Determining the satisfaction level of the customers through market research allows organisations to understand the areas that need more attention in the product and the innovations required in new products. In order to understand the importance and applicability of the market research process, this paper will discuss the customer perception held by iPhone users. The technological gadgets have revolutionized the way in which people interact with each other and they have eased the lives of people to a considerable extent. There are many technology users found around the globe and the majority in then are the young generation who opt for latest technology products. iPhone is the pioneer smartphone that enhanced the mobile phone users’ experiences with its touchpad feature. iPhone has significantly impacted the market share of all leading mobile phones worldwide and has been successful in developing a loyal customer base (Keller, 120). Hence, the paper will analyse the success of iPhone in the smartphone industry and the customer perception about iPhone to gain a deeper understanding about the strategy followed by Apple to exceed the expectations of its customers and make them loyal to the brand. Research objectives Since the foremost goal of the research is to determine the customer perception about Apple’s iPhone, the main research objectives that are addressed in this paper are as follows: 1. To determine the best features of iPhone 2. To identify the customer loyalty level with iPhone 3. To analyse the factors that created a distinctive image of iPhone in the market Importance of the study With the help of the study, an understanding about the elements that form the customer perception about a brand will be identified. This research will allow the evaluation of various factors that have been the source of Apple’s success. When the marketing strategies of top-ranked brands are studied, it assists in analysing the key constituents that are taken into account to create the desired brand image and the steps taken to retain the customer’s attention. By studying the customer perception about iPhone, the research provided details about interesting facts that the company focuses on exceeding the satisfaction level of its prestigious customers. Limitations of the study As there were time and resource constraints, the scope of the research was limited. The research is exploratory in nature and the data collection instrument used was a questionnaire-survey. The questionnaire was designed in consensus with the previous work done by some researchers so that the questions were simple and easy to understand. Before conducting the survey, a pilot test of the questionnaire was done to ensure that the respondents were able to answer the questions properly. The availability of pure study of the subject was another constraint as the researcher is inexperienced and may lack certain skills which can affect the research paper. Literature Review Background of Apple Inc. (Apple) On January 3, 1977, Apple Computer, Inc. was incorporated by Steve Jobs; however, it was founded on April 1, 1976. The company has its headquarters in California and is considered to the market leader in the smartphone industry. Initially, the company entered the market with its computer business i.e. designing, development and creation of computer software, personal computers and very limited range of consumer electronics (Reuters, 24). The corporation was renamed as Apple Inc. on January 9, 2007 when it shifted its focus towards the specialised consumer electronic goods market by introducing ‘iPhone’. Presently, the corporation is engaged with its subsidiaries in the development, designing, creation and marketing of media and mobile communication devices, portable digital music players, peripherals, hardware and software, networking solutions, personal computers, and third-party digital applications and content (Mickalowski, Mark and Jaciel, 285). Apple’s portfolio of products and services comprise of iPod, iPad, iPhone, Apple TV, iOS and Mac OS X operating systems, Mac, iCloud and an array of professional and consumer software applications. The company is even engaged in the selling and delivering of its digital content and applications via App Store, iTunes Store, iBookstore and Mac App Store (Bojei and Wong, 15). According to Fortune Magazine, Apple has been given top ranking in the most admired companies list of U.S. for many years i.e. 2008-2012 (Reuters, 16). However, Apple has even received some criticisms for the labour practices followed by its contractors and unethical business practices of Apple. In order to respond to these issues, the corporation has taken all mandatory steps to show its support for the environment and has made changes in terms and conditions with its contractors so that the labours are not deprived of their rights. iPhone As the mobile phones have become the most popular technological gadgets that are commonly used by everyone, Apple decided to enhance the mobile user’s experience by providing a multi-touch user interface phone ‘iPhone’. The launch of iPhone created a new hype in the market as the customers never expected to use the mobile phone in such an interactive way. Apple is recognised worldwide for introducing the concept of smartphones globally and it has received immense appreciation from every customer across the world (Reuters, 42). According to Apple, iPhone is the combination of an iPod, a mobile phone and an excellent Internet communication device (30). The smartphone is so lightweight that it can be carried around with utmost ease everywhere. The smartphone has a huge collection of amazing features such as desktop-like option for web browsing, e-mail, maps and searching that is compatible for both Windows-based and Macs computers. The users of iPhone are allowed to access iTunes Store and download any video and audio that they want to use so that they can avail the opportunity of fully utilising the applications of the phone. Brand identity, brand image and brand equity Mickalowski Mark and Keltgen stated in their study that Apple wanted to create its brand identity as the best and highly reliable technological company that will always offer premium quality products and services with perfection in an environmental-friendly way (284). The key terminologies that are vital for understanding the concept of customer perception are the brand identity, brand image and brand equity (Kuenzel and Sue, 295). The foremost thing that needs immediate attention of any organisation is the vision that is how it wants to be positioned in the minds of the customers; in other words, a vision is the brand identity that a company wants to develop and embed in the minds of the customers. The way an organisation envisions itself impacts the workings and operations of the organisation deeply. The path to achieve the vision involves aims and objectives required for achieving the vision. For instance, Toyota is perceived to be a highly durable and reliable brand as it always provides its customers with the top quality products; the corporation has ensured that its marketing activities reinforce this brand image held by the customers so that they can develop an association with the brand. An organisation has to ensure that it creates a distinctive image in the market by focusing on the key features that are vital for its customers. In order to successfully strengthen its position in the industry, a brand will have to stand out from its competitors (Hanif, Sehrish and Adnan, 50). For this, the organisation may have to conduct a thorough market research bout its competitor products so that when they plan to design any new product or think of innovation in any product, they know which dimensions to cater. In simpler terms, brand identity is the image that a company wants to create in the consumer’s minds, a brand image is the perception held by the customers about a brand and brand equity gives a holistic view of the entire brand. In order to define the brand equity, there are four key aspects that should be focused by the experts i.e. brand awareness, perceived quality, brand loyalty and brand personality (Tan et al., 20). Customer Perception about a brand Since every organisation exists to satisfy the needs of its target market by offering them their required products and services, the customer satisfaction is one of their utmost priorities. As it is difficult to measure the customer satisfaction with perfection because of the human factor in it, the researchers have broken down the term into various factors and have studied the concept in terms of perceived quality, customer loyalty; customer trust and intention of repurchase (Bodker, Greg and Jona, 32). In order to determine the customer satisfaction with a particular brand, the features of that brand need to be identified and then the customers are asked to respond to the questions related to those aspects (Chang, C.S. and Hao, 742). According to Oliver (1981), cited by Seo, C. and Yair, customer satisfaction is defined as a summary of the psychological state that results when the customer expectations are unmet, met or exceeded after the consumption of the product or service (185). These customer expectations are developed by the company’s activities both the marketing and business ones. In order to meet the expectations of the customers, an organisation has to ensure that it has detailed information about the features that their customers are looking for in their offerings; when the expectation level is either met or exceeded, the customer will be satisfied and will repurchase the product or service again (Nysveen, Per and Helge, 332). When customers receive what they were looking for in products and services, then the customers start associating themselves with the brand name and the brand is able to build a positive image in the minds of the customers. Customer Perceived Value The major determinant of the customer satisfaction is the customer’s perceived value that is also known as the value proposition. Choi et al. described a value proposition as the set of a brand’s emotional, self-expressive and functional benefits that are delivered with superiority in comparison to its competitors (320). For instance, Louis Vuitton, Rolex, Gucci, Prada and Mercedez-Benz fall in the category of luxury brands and they are perceived to be made from the finest quality materials and will give the customers value for their money. Customers have the image of these products as of high quality and luxurious. Customers have this image because the organisation has positioned itself as a luxury band through it marketing and advertising activities and hence the brand image is perceived as luxurious by the customer. Generally, the customer perception about a brand is developed via two important ways; one is through the communication mediums used by the brand and other is the experience provided to the customers when consuming the product or service. The messages in the communication medium should emphasize the attractive features that will prove to be beneficial for them along with clarity so that they can understand the message clearly and concisely (Hanif, Sehrish and Adnan, 49). When a brand promises to fulfill any of the specific attributes that are desired by the customers, then they should be present when it is consumed by the customers. For instance, if a fast-food restaurant claims that the food will be served in ten minutes after the order placement time, and then customer should be served the meal within the allotted time. Otherwise, the customer will get dissatisfied and form negative perception about the restaurant. Sherth, Newman and Gross (1991) developed a Model of Consumption Values to determine the customer perception about a brand; the Model has been effective in identifying the true picture of the brand and it has helped many companies in making mandatory changes to enhance its performance in the market by exceeding the satisfaction level of its customers (Ismail, Muhammad and Sebastian, 235). According to the Model of Consumption Values, there are five set of values that need to be studied about a brand to determine its perception in the consumer’s mind. The five values are functional value, emotional value, social value, epistemic value and conditional value. Functional value is acquired by the presence of effective, physical or functional features such as performance, durability and reliability. An emotional value is created when the consumption of a brand develops some sensational feeling or sentimental state. The social value is the perceived benefit availed from the brand’s association with specific social groups (Bodker, Greg and Jona, 12). Likewise, the conditional value is acquired when there is antecedent present in the form of social or physical contingency to enhance the functional or social value of the brand. The epistemic value is the perceived effectiveness that is acquired from the brand to arouse a sense of curiosity, introduce something innovative i.e. providing novelty and/or satisfying more desire for knowledge (Park and Kun, 423). Hence, this model has been used by many researchers to understand the customer perception about a product or service and most of the organisations are using this model to get more in-depth information about their customers’ perception and attitudes towards their brand. Customer Trust and Loyalty It was found in the study of Pappu, Pascale and Ray that customer loyalty is an important element to gain the trust and commitment of the consumers (150). Brand loyalty is created only when the customers are satisfied with the quality, features and price along with other key prerequisites that is being offered by a brand (Tan et al., 31). Almost all the customers trust specific brands for their usage as they know that the quality will be compatible with their needs and they will get value for their money. In high technological products, the customers have to be given top quality products and services so that they develop a trust in the brand and remain loyal to it for their life time. Customer Perception about iPhone In the market, iPhone is believed to be the well-known brand in the smartphone industry and the company has been successful in retaining its market share by introducing the latest versions of iPhone that have much advanced features than the previous models of iPhone (Park and Jengchung, 1352). Apple’s management team has focused on various crucial elements to create a right perception about iPhone such as implementing appropriate marketing plan to inform the customers about the latest offerings and new product launches of the brand, using right mediums to reach the target market, maintaining the same quality level, communicating clear and concise messages in the advertisement and fulfilling its promise of offering superior quality products and services that will give value for money to the customers. In order to understand the customer perception about Apple’s iPhone, the variables from the Model of Consumption Value will form the basis of the research. The Model comprises of all valuable features that are essential requirements of the smartphone users and they will be incorporated in the research instrument to gather information about iPhone’s successful features and analyse Apple’s customer perception effectively. Research Methodology According to Keller, research is a method in which the search for knowledge is done to develop an understanding about the physical and social aspects of the concepts being studied (212). The research allows the researchers to scientifically follow the guidelines as laid out in the research design so that the direction is followed in the right way. Research methodology can be defined as a systematic approach that is adopted by a researcher to achieve the research objectives or provide a solution to the research problem (Kalpana and A. Elizabeth, 362). Research design and method of research The data is collected by conducting both primary and secondary research studies. The primary research method involves direct interaction with the potential customers of the services or products so that their opinion can be directly recorded. Whereas, in case of secondary research, the research work that has already been published is reviewed to form the basis of the primary research; it is usually available in the form of books, websites, blogs, journals etc. (Harris and Gavin, 4). The secondary sources of information are compiled mainly from the research journals and articles along with the books available on many online stores. The variables for the study are deduced after careful evaluation of all the factors. The variables have been defined in detail so that an understanding about the purpose of research can be easily developed. Data Collection Method In primary research method, one of the most commonly used methods is the questionnaire. In more than 85% of the quantitative research studies, this instrument has been used and it has helped the researchers in achieving the appropriate set of results effectively. The research done through questionnaires requires a multi-method approach so that authentic data can be collected (Park and Jengchung, 1355). There are two types of questions in the questionnaire i.e. open-ended and close-ended questions. The open-ended questions ask the respondents to give their opinion about something; while, in close-ended questions, the respondents have to select the best answer from the options provided. In this research, the primary data was collected by conducting a small survey that comprised of fifty respondents. Online data collection method was used to reach the respondents as contacting them via email was the easiest method. The sampling method used was the convenience sampling as all the respondents were college students and accessing the data via online survey was the most feasible option. When the questionnaire was developed, a pilot test was done on ten respondents to determine the understanding capability of the respondents and to ensure that the respondents had no difficulty in understanding the meaning of each question. Since the response rate is slow in online data collection method, the entire data was collected in ten days. When some of the respondents gave half-filled questionnaires, they were asked to fill them again and submit a completely filled questionnaire. Data Analysis Once the data was collected, it was then entered in the excel sheet which was later used for in-depth analysis. When data analysis was done, undue care was given to the tools used for analysis. Since the main purpose was to understand the customer perception about iPhone, the analysis was kept simple as most of the data is presented in descriptive statistics i.e. frequency, percentage, means and etc. so that readers can easily understand the findings of the research. The main problems encountered during the research were slow response rate and cancellation of interviews with Apple’s marketing department people. Findings The data collected from the secondary sources revealed that the leading brands in the mobile phone industry are Apple, Nokia and Samsung and among these Apple is the leader in the smartphone category. The main attributes of iPhone highlighted in the studies were that it is easy to use, has a user-friendly interface, is reliable, durable and provides access to a wide range of digital applications and content. The top-ranked attributes of iPhone that makes it stand out from its competitors are its compact size and stylish design that gives it an appealing look and users love to carry the phone around with them everywhere as it makes a statement about the user’s personality and enhances the prestige of the user as well. The analysis of the data collected from the primary research showed that 65% of the respondents were male and 35% female; majority of the respondents i.e. about 70% were of 20-35 age group, 10% were below 20 years and 10% above 35 years. Almost 70% of the respondents were students who were attending colleges and universities and 30% were employed people who were working in various organisations. When the respondents were asked about the usage of smartphones, more than 80% responded that they own and use them and the phone is an integral part of their life. Some of the respondents even said that they use the phone for maintaining their schedules and have even stored valuable information in it as well. The respondents who did not use smartphones belonged to the age group of above 35 years and the primary reason for not using it was that they believed that it there were too many applications that were of no use to them. However, some even considered the smartphone to be difficult to use as they believe that using a mobile phone is a lot easier than a smartphone. When the respondents were asked to give their opinion about the best smartphone brand in the market, 75% of them gave top-ranking to iPhone, 20% to Samsung and 5% to HTC. Other options were not selected by any of the respondents which showed that Apple is definitely the market leader in the industry. Likewise, when the respondents were asked about the factors that influenced them in making purchasing decision of smartphone, 60% of them said that they seek opinion from their friends, 20% said that they do online search and 20% consulted with their family members before making the final decision. Similarly, when the respondents were asked about three features that they consider to be the most important when buying a smartphone, more than 70% of the respondents gave first priority to the credibility of the brand, 60% gave second priority to the quality of the smartphone and 58% showed that they give third priority to the price of the smartphone. The result shows that credibility of the brand is the most important determinant of the customer’s purchasing decision and it should be developed by exceeding the expectations of the customers by providing them top quality products and services. When the customer perception about iPhone was analysed from the data, it was found that all the customer have given excellent rating to all attributes of iPhone from its design and style to prestige. iPhone has been able to create a distinctive image in the minds of the customers and has even successfully captured and retained the targeted market share. In order to enhance the smartphone user experience, iPhone keeps on offering various appealing products and promotional offers so that it can exceed the customer satisfaction level effectively. From the survey, it was found that the customers liked all the features available in iPhone but more than 80% preferred Messaging, Internet and Applications features, 60% liked Phone, Messaging and Internet features, 55% liked Messaging, Games and Internet features and 40% liked Internet, Applications and Game features. Hence, Internet feature is the top ranked attribute of iPhone that has become the competitive edge for Apple. The survey also revealed that more than 80% of the respondents find the features of iPhone easy to use, 90% considered it to be the market leader, 90% of the respondents believed that iPhone gives them value for their money, 95% agreed that iPhone is better than its competitors, 90% considered it to be the most compatible choice among all smartphone options, 85% agreed that the customer service is excellent and 90% are satisfied with the marketing activities of the company and believe that they are sufficient for creating brand awareness in the market. Simultaneously, the research showed that 100% of the respondents are satisfied with the overall performance of iPhone and 90% even responded that they will switch to the latest version of iPhone when given the option of buying the second smartphone; it shows that the customers are brand loyal and they are 100% satisfied with the performance of iPhone. Conclusion and Recommendations After reviewing the literature review and findings of the market research, it can be concluded that iPhone has a strong brand image in the customer’s mind and Apple has ensured that it implements all vital features that will help it in maintaining its strong image in the market. The company has been always exceeding the expectations of the customers by offering them unique and innovative products that have been developed with latest technology and high quality materials. As the main purpose of iPhone is to allow the users to enhance their smartphone using experience while fulfilling all requirements of the mobile phone, Apple ensures to introduce new and advanced features in its recent products so that the customers remain satisfied with the brand. From the research, it can be concluded that iPhone provides complete value proposition to the customers; the functional value is acquired by iPhone’s superb performance, excellent range of features and enhanced reliability. iPhone is the social symbol as it acts as an icebreaker between two people to start the conversation and the social value is fulfilled by developing an association with the friends via this smartphone. The emotional value is created by allowing the users to enhance their networking so that they can facilitate their sense of belonging; the integrated technologies of a smartphone provide tools for changing a person’s emotional state such as listening to music when upset, watching a TV show when getting bored and many more. The iPhone effectively satisfies the epistemic value in various ways such as the artifacts inspire curiosity as people to explore latest technology, quickly learn the way of using a new device and enjoy the sensational experience of a GUI. A constant stream of novelty is provided by allowing easy access to the applications and content that can be easily downloaded. Finally, conditional value is created when the laptop stops working, there are connectivity issues, and the time is limited or any other conditional situation which mandates using the smartphone for easily accessing the Internet feature in iPhone. Hence, iPhone offers a value proposition that will enhance the customer experience with this smartphone. iPhone is considered to be the best brand in the smartphone industry as it has been providing an exceptional experience to the users. With each new breakthrough invention, Apple continues to enhance the customer expectation level; it has definitely an excellent perceived quality which is evident from the growth in number of customers every year. The phone developers have done a marvellous job by creating the smartphones in a simple and easy to use form. However, the company should try to attract the people of old generation by offering them attractive packages. Since old people are reluctant to using the latest technological gadgets, Apple should try to grab their attention by informing them the positive sides of using the smartphone such as providing them additional features such as their diet schedule, reports related to health, calorie counter, managing their daily routine and many more. Hence, it can be concluded that the customer perception about iPhone is strong and positive and they have trust in the brand that they will be offered only genuine and fine quality products which will ensure that they get value for their money for a long period. As the quality of iPhone is durable, there are fewer chances that the customers face any problem when using it; in case of any issue, they can easily contact the company’s representative who will resolve the matter as soon as possible. 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Appendix – Questionnaire of the survey Personal Information: Gender: Male Female Age: ____________ Occupation: ___________________ Thank you for taking out time for the survey, your co-operation will be highly appreciated and confidentiality will be maintained regarding the information provided. Q1. Do you use smartphone? Yes No Reason __________________________________________________ Q2. Which is the best smartphone brand? (Select only one option) Blackberry Samsung iPhone HTC Palm Nokia Palm Q3. How do you make your decision of buying a smartphone? (Select one option) Take opinion of friends Seek advice from family members Do online search Read the comments of the customers Gather information from the company’s website Q4. When you buy a smartphone, what are the features that are considered to be of high importance for you? (Select only three options and rank them in order of priority, 1 being most important) Design and style _____ Price _____ Quality _____ Ease of operation _____ Number of applications _____ Performance _____ Credibility of the brand _____ Prestige _____ Q5. How would you rate iPhone on the following features on the scale of 1-5 (1=Excellent, 2=Good, 3=Average, 4=Needs improvement, 5=Worst): Design and style _____ Price _____ Quality _____ Ease of operation _____ Number of applications _____ Performance _____ Credibility of the brand _____ Prestige _____ Q6. What are the three features of iPhone that you like the best? Messaging Phone Internet Game Video Camera Organizer Applications Music Others, please specify _______________________________ Q7. How would you rate iPhone on the following statements? Strongly Agree Agree Neutral Disagree Strongly disagree All features of iPhone are easy to use iPhone is the market leader iPhone gives value for money iPhone is better than its competitors in the market Customer service provided is excellent Marketing activities are sufficient for informing the customers about the latest products iPhone is the best choice for smartphone users Q8. Are you satisfied with the overall performance of iPhone? Yes No Q9. What would you do when given the option of buying second smartphone? Buy latest version of iPhone Switch to other brand Buy a mobile phone instead of a smartphone Q10. Would you like to give any recommendation for improving the performance of iPhone? _____________________________________________________________________________ Read More