Marketing for Ice Pad - Research Paper Example

?Marketing Research for Ice Pad Businesses conduct market researches to get a good picture of the kind of products or services that may be most profitable to them. Market research can be conducted to establish whether the products that a business offers meet customer expectations and needs or not according to Pyle (2010). Market research can also be done to establish whether or not a new product will be profitable or not when introduced to a market. Based on the results of a market research, management can make decisions regarding what to offer in the market or what changes they need to make to their product(s) for better performance in the market (Babin & Zikmund, 2012). Yet again, market research can help management decide how best to deliver their products to the target market. With many manufacturers producing and marketing a variety of ice pads in the U.S. it is important for a new entrant in the market such as Ice Pads Limited to establish what kind of products it needs to offer to win a significant part of the market. Ice Pads Limited was established in 2011 and has been a market leader in the supply of ice pads in China. The company sees a great potential in the United States, and particularly in New York City where winter sports are commonly played. The company targets individuals of either gender who engage in winter sports such as skating and ice hockey aged between 16 and 60. The sports are played by people across all socio-economic backgrounds and who have different lifestyles. Although these games are popularly played during the winter season when there is a lot of snow, there are places in New York that have ice courses for playing throughout the year. The major competitors in the New York market include Paragon Sports, New York Golf Center, and Jack Rabbit, all of which offer various ice pads used for sporting purposes. Problem Definition Ice Pads Limited needs to establish the kind of ice pads to offer to the New York market, the best price for the products, and the factors that people consider when buying ice pads for winter sport activities. The organization is a new entrant in the market and needs to offer unique and well priced products to win a significant part of the market within its first year of operations. Objectives 1. To establish what customers like or dislike about the products that are offered in the market currently 2. To establish what needs to be improved in the products offered in the market currently to make them better for customers 3. To establish the factors that consumers consider when buying ice pads 4. To establish the appropriate price for ice pads in the New York market Research Methods Data for market research can be drawn from primary or secondary sources according to Wight (2013). During the market research, primary as well as secondary data will be collected. Secondary data will be drawn from the Internet and brochures produced by competitors in the market. Primary data will be collected through a field survey. During the survey, a sample of 50 respondents randomly drawn from New York city will be issued with questionnaires containing about 10 closed ended questions. Given that the products for which the market research is conducted are mainly bought and used by individuals across all age groups, the sample frame will include individuals of either gender, living in New York City aged between 16 and 60 years interested in and actively engaging in winter sports. In this respect, the samples will include individuals who have at least taken part in one winter sport at one time or another in their life. The samples will be drawn from different streets in New York City. The researchers will draw the samples by randomly approaching individuals between the age of 16 and 60 going about their businesses. The potential respondents will be asked to spare a few minutes of their time and introduced to the research. More specifically, the researcher will introduce themselves before briefing the potential respondent about the study; its nature and the objectives of the study. The potential respondents will be screened to ascertain whether or not they form the sampling frame. If a potential respondent is unwilling to participate or does not qualify to participate in the study, they will be thanked for sparing their time and left to proceed with their business. Individuals who qualify to form part of the sample will be informed about their right to withdraw from the study at any time without having to give a reason for their decision. The respondents will be issued with a copy of the questionnaire that contains a small set of questions relating to the research objectives and a pen. The questions presented on the questionnaire will mainly be qualitative in nature, a few of them requiring quantitative statistics. Once they have filled the questionnaire, they will be duly thanked and left to proceed with their activities. Findings and Data Analysis The data collected from the field will be coded on SPSS or MS Excel software before being analyzed as suggested by Churchill (2001). The data will be analyzed for descriptive statistics (frequencies, mean, mode, median and cross tabulations). Based on the results of the study, the main factors that impact customers’ decisions to buying ice pads will be established. Furthermore, the results will reveal some of the things that Ice Pads Limited may need to work on to offer superior products in market. For example, if the results reveal that the materials that other companies use to make their ice pads are not durable enough, Ice Pads Limited may consider making its products from more durable products. From the results relating to recommended product prices, the company may make comparisons with the prices offered by competitors with due consideration to their quality before adopting a pricing strategy that will work to its favor. With respect to the factors that impact buyer decisions, the study may hint to the fact that quality, price, brand strength, or other factors affect such decisions. References Babin, B. & Zikmund, W. (2012). Essentials of Marketing Research. Cengage Learning: London. Churchill, G. (2001). Basic Marketing Research. Cengage Learning: London. http://www.theguardian.com/small-business-network/2013/aug/23/small-business-tips-market-research Pyle L. (2010). How to Do Market Research--The Basics. Retrieved from http://www.entrepreneur.com/article/217345 Wight E. (2013). Small business tips: How to do market research. The Guardian. Retrieved from Read More