Consumer Behavior - Research Paper Example

Table of Content: Research design…………………………………………………………………….. Implementation of the research design …………………………………………………………………….. Findings …………………………………………………………………….. Market Analysis…………………………………………………………………….. Recommendations…………………………………………………………………….. Figures …………………………………………………………………….. Part 1: Research Design The research process will entail undertaking a survey. While other patterns are also available but the advantage of the survey and questionnaire is the fact that it will allow for rapid and more accurate responses. More digitally enacted research models may come up with fast responses, yet they may not be directly inclusive of the clients and the users’ mindset and its reflection. Deliverable: Production of domestic food product from soy milk: The production process will be facilitated and undertaken through a comprehensively worked out research and survey. The survey will be part of the overall research process entailing multiple domains. Such as the research design configuration, comparison of other products and services in the same category and decision making based on the critical success factor and other associated variables that need to be taken into account while launching a new product or service. Part 2 and Part 3 Combined: Design implementation and Analysis: Research Implementation: Survey undertaking: The survey which is an essential component of the overall process of new product launch was undertaken in the form of questionnaire. The questionnaire was designed in a comprehensive manner making sure that all the essential elements are included in order to get a clear idea of all the variables, constraints and factors necessary to be considered. Survey questions: What is your favorite product made from soy milk? What do you like the best? People’s liking and affiliation towards each of the following: Soymilk: Love Tofu: Edamame: The set of questions and survey had both open ended and closed ended questions. A Likert scale was provided in order to assess the level of knowledge, the level of requirement and the level of desire expressed by the responders. The following were few of the questions and subsequent responses. One of the questions that was asked pertained to the determination of the client’s favorite product being made from soy milk. The responders were given with three choices based on which they had to present their views in terms of their liking. This question was designed on a Likert scale pattern with five scales in between the Strongly Agree to Strongly Disagree. Another question was asked about the frequency of the responder’s buying rate. It was also a Likert scale designed question. Response and analysis: The response of the responders revealed that the soy products are quite often used by them. Over 75 percent of the response was between “Quite often” to “Moderately often”. Three of the responders replied to” extremely often”. Based on the responses, it can be evaluated that the soy products are quite common and in use amongst the general users. Another question was related to clients’ response regarding the soy products usage. They were given with the options of Soy Milk, Edamame and Tofu. Responses analysis: Out of total number of responders interviewed, 76 percent of the responders replied in positive in terms of usage of the soy product. Only 24 percent of the responders replied in negative. Source : S.M, 2014 Analysis: The 76 percent usage percentage shows high market margin and investment chances which can be explored. This also shows, large promise in this sector. More open market means more competition and more advanced and improved services and products for clients. One of the questions was related to the average rate of usage of soy product by the responders. Through the findings, it was established that great percentage of people used edamame. Soya Milk was the least preferred by the responders. Analysis and future prospect determination: Investment in the field of Edamame would possibly lead to positive outputs in terms of future prospect Another question was related to determination of the rate to which the people use the soy products. The following were the findings and responses recorded against it. Analysis: The following facts can be analyzed from this particular question: Since large percentage of people are still relatively away from the usage of soy products, much more awareness needs to be spread in order to make the product a success. Apart from awareness, more attractiveness must be brought about in the actions which will allow for easier market capturing chances. Locality factor: While locality plays an important role towards the overall product and service availability and ease of access, it was therefore imperative assessing the store which was most likely being used by the responders. Out of the total number of responders asked, 69 percent response was collected. 31 percent did not respond to this particular answer. Analysis: out of the 69 percent responders’ percentage, it was established that the stores that were relatively broader in servicing providing function and provided soy products attracted more number of customers as compared to those that had kept limited number of products for the clients’ needs fulfillment. Price as a determining factor: Price often plays an important role towards the overall determination of the product of service that is being sold. The same was question was undertaken in order to assess the importance of soy products and the subsequent pricing factor. The following table and graph shows the percentages and inclination of the people towards the soy products and their price factor adjustment. Analysis of the findings: Through the findings, it was established that the price did not play the direct and only factor role towards the soy product. A modern and mixed response and reaction was collected in this regard. It can be inferred from the findings that the price is not the single factor, rather quality, access in market, customer friendly factors, health hazard and health consideration are few of the many factors which influence the clients while making any decision with regard to the soy products usage and purchase. Only a small percentage of the responders termed price as a distinguishing and deterministic factor, but largely it was considered as one of the many factors. Soy products and Online sale trends: A question was floated in order to determine people’s orientation towards purchase and making orders online for the soy product. Findings: Through the findings and survey, a very negative and discouraging trend was observed and revealed. None of the responders replied in positive with regard to the purchase of soy products online. The following graph and response reported through the responders filling of the questionnaire gives the following report: Analysis based on the findings: Through the findings multiple factors can be established. The first is the lack of interest of the people. This is largely due to the lack of promotion and advertisement in this field. No substantive funds or support has been established which would allow for a more comprehensive sell of the soy products online. Lack of organized websites is another area where the possible exploration of the product investment can be undertaken. Creating attracting websites, and allowing the customers to gain benefits from online purchase is one of the strategy that can be incorporated into this area (Rubin & Babbie, 2009, 117). Market Decision: Market decision is based upon the findings and analysis conducted through the extensive survey performed. Number of standout factors were deducted through the overall survey which were directly oriented to the market consideration. These included the following factors and constraints; Locality of market near to the client’s resource and available infrastructure is a key element in the entire process of soy milk and other products manufacturing. The soy product has a promising market and the responders showed considerably large amount of promise, however there is need for shaping up the mechanism and means by which the clients can be more integrated into the product purchase and successful marketing process that will benefit both the customers as well as the investors. The online website and resources availability is an essential component that is presently missing. The local market would benefit largely from it through the introduction of the online platform. This would directly reflect upon the sales of the products and in turn allow for a more open market with more competition altogether. Advertisement is another area of the marketing domain which must be integrated and looked into (OGuinn & Allen, 2009, 15). The surveys established that there exists considerable amount of gap between the customers and the products as a result of which the products are not sold in the sufficient amount. Recommendations: An integrated effort needs to be incorporated into the market. This includes marketing considerations, the clients’ consideration, technology integration, and establishment of means and measures to create communication means and channels between the clients and the producers of the products. State of the art means of advertisement must also be introduced into the market in order to open new horizons. More integrated surveys need to be conducted from time to time which will allow for the better understanding and better translation of the clients demands as well as the modern day developments that are taking place. Usage of graphical methods and advanced softwares for this purpose is vital. Installing these applications into the network is also a function that must be taken into account. Overall the domestic food product manufacturing has a promising future to it provided the overall system is integrated accordingly. References: OGuinn, T., & Allen, C. (2009). Advertising and Integrated Brand Promotion. Cengage Learning Rubin, A., & Babbie, E. (2009). Essential Research Methods for Social Work. Cengage Learning S.M. (2014, June 11). Food product made from soy milk. Retrieved from survymonkey: https://www.surveymonkey.com/results/SM-TC8M5N78/ Read More