Market Research for Imago Architects Floating Glass Staircase - Assignment Example

Market Research for Imago Architects Floating Glass Staircase Introduction Marketing a product is not simply producing one and exposing it through retailing. This may have been the case for a few small businesses and during the early years of trading, which was about centuries ago. Today, marketing a product such as a floating glass staircase, will need not only a good product design but a market research to enable a good marketing plan and product positioning. This paper is an advice to a chief architect on the importance of market research. Overview In marketing new products, it is always important to identify the target customers. The ways in which to start working on this is by profiling target customers. However, before customers can be identified, it is very important that a market research is to be conducted about the possibility of selling the latest Imago Architects design: a laminated glass staircase that appears to float. This paper will proceed to indicate what market research is, how to conduct one, and what are the advantages and disadvantages of conducting a market research. Report Market research is a tool for businesses to determine the needs or demands of the market, size, and competition (McQuarrie, 2005). There are several types of markets and can be divided in several segments but for the purpose of marketing the floating glass staircase of Imago Architects, it will limit segmentation samples to what may or may not be applicable for the targeted market. Market segment for the floating staircase may be classified for their price (affordability) or design preferences. Upon defining various market segments, Imago will need to undertake product differentiation. Imago will need present the floating staircase as something unique yet desirable to its targeted market. One major concept to be exploited is as a “state of the art” product for interior design wherein technophile groups or market segment may be targeted. It is then important to define the group or market segment. Various market segments may be categorized into geographic differences, personality differences, demographic differences such as gender, age, among others. In defining the market segment, the market researcher will need to explore what are the basic demographic data of the target market or even individuals in that market segment. These data include income bracket, age, profession or source of income, area of residence, where this person shops, his family status, hobbies, preferences in consumption, activities, and many others. These are important in order to determine the ways in which marketing communication will be delivered (Bradley, 2010). This will ensure that the message about the floating staircase as fit for that certain target market is sent successfully. It will mean positive consumption or that the customer will buy the product. Aside from the demographics, market research also defines the needs and expectations of the customers. It will determine market trends in the interior design industry and home building manufacturing industry. Market research serves as a map of which a business will need to follow in order to arrive at his destination. It will also help the business to market timely as it will help in the development of a business plan to determine when is the right time to promote, launch, and put the product on sale. Methods in Conducting Market Research Market research involves primary research of which first-hand information are gathered by the researcher about product preferences. For the purpose of the floating staircase, the market researcher may use various tools to gather data such as interviewing consumers of interior design firms, designers, or retailers. The researcher will need to use questionnaires and may undertake the interview by person, phone, by postal mail, or even online which is now considered the most convenient. It may also use a focus group by gathering a sample of potential clients and getting their feedback about what products they plan to buy in the nearest future or within a year, what they expect about new house features, price expectation, and what do they suggest for improvement that will influence their purchase in the future. The basic information gathered in market research will include prices of staircase as is and installation, demand, as well as supply. Supply will include existing competition and availability of the Imago floating staircase. It will establish whether another floating or glass staircase is or are already available in the market, how much do they cost, and how are they faring? This portion will determine if the product will be profitable. By determining the current price of staircases, availability, and installation costs, the researcher may proceed to finding out if the cost of Imago floating staircase will be competitive or not. This early, it will be able to do adjustment whether to continue the product line or phase it out where price may render the business to loss at production, marketing, and other costs (McDonald, 2007). Another method to conduct research is use of secondary research or data which has been published and gathered by another. The advantage of secondary data is that it allows the researcher an overview of possible trends, preferences, and will know patterns of consumption for certain product such as price, design, retailer, and its consumers. Secondary data also allows the researcher a glimpse on competitor’s products and selling trends. Advantages and Disadvantages One major function and importance of market research is in providing the business a tool to properly communicate its product from design, presentation, public relations and advertising campaigns, retailing, and other ways in which the floating staircase becomes known to the customer. It will determine what magazines must be used to feature the floating staircase and it will answer questions like: Is the Country Home proper for the floating staircase? Will a tech magazine provide a better alternative for exposure? And so on. Market research also defines trends in the category of the product. It will provide a reflection to the existing product the firm wants to market: what are its best assets, functionality, fit to what kind of interior design, its price and affordability, and why it should be purchased by the customer. One important aspect of market research is in knowing about what people want, need, believe, and how they act. In determining these data, the marketer will know how to market the Imago floating staircase. It will also find out the marketability of the product: will it sell or not? The disadvantages of using market research may be in gathering useless data due to loopholes in the research design. One loophole may be the limited research method such as interview of persons known to the researcher only. This may be done by small firms crimping on their budget. Another loophole is to limit data gathering in internet based information. Another is limitation of use to available secondary data only. The disadvantage of this may backfire on the company at one time or another due to limited knowledge about the market. Another disadvantage of market research may be its cost as gathering of data may take a bulk of a limited budget. The researcher should find ways to maximize his resources to avoid further complications on the matter. Marketing Effectiveness This is the process which will determine how the Imago floating glass staircase will fare in the market. The firm should be able to optimize resources to achieve goals, and that is to make the product become profitable in the short-and long-tern. Overall, effectiveness can be determined through analysing customers, choice models, competition, risk, product, advertising, and marketing mix (Bradley, 2010). Marketing effectiveness, however, can be influenced by the size, budget, and status of the company whether Imago is a newcomer, an established one, a struggling, or a high profile one. It is also influenced by competitiveness, through being constantly aware and updated about trends and how to maximize goals even with limited resources. Then, customers or consumers also influence marketing effectiveness. By understanding their needs, preferences, and purchasing decisions, a firm may take advantage of all the information gathered. External factors also influence marketing effectiveness such as economic conditions, weather, regulation, interest rates, among others which may be political and outside the perimeters of consumer decision-making and marketing strategies. Recommendation Market research is a very important tool that should be incorporated to any business plan. It will determine not only the market for Imago floating staircase but will also establish the possibilities of marketing the product, what systems to avoid, how to market the product, when to market the product and how much should the product cost. These are necessary information to enable the consumer to learn about the product as well as prepare and finally purchase the product. Knowing about the consumer of a product has become a major marketing technique that will inform marketers in communicating and sending across their message. It will determine the success of popularizing the Imago floating staircase. In addition, market research will describe past and current trends that Imago will need to consider to successfully package and market the floating glass staircase. It can avoid mistakes that competitors and like-producers may have committed. It is therefore relevant that a thorough market research be undertaken prior to the launch of the Imago Architects floating glass staircase. This is to ensure that the product takes off properly and takes a guided direction towards meeting goals. Reference: Bradley, Nigel Marketing Research. Tools and Techniques.Oxford University Press, Oxford, 2010 McQuarrie, Edward (2005), The market research toolbox: a concise guide for beginners (2nd ed.), SAGE. McDonald, Malcolm (2007), Marketing Plans (6th ed.), Oxford, England: Butterworth-Heinemann. Read More