Methods
of market research
Primary
or secondary data
We decided to use primary data for our product; this
was carried out through a questionnaire, this is primary data as it is
information gathered directly from the public. However we did use an element of
secondary data, as we looked at research of other proteins to see if there was
anything similar in the market at the moment, as secondary research is based on
reports, studies that others have completed or published. We found out there was nothing similar, so
our product was right underway. Our questionnaire that we carried out was very
qualitative data, this is because it was open questions that asked a specific
question but allowed the public to elaborate on their answers and expand on
what they can say. However we used a few closed questions, which just gave our
public a choice of answers we wanted them to pick from, such as; yes, no, maybe
etc.
For our product testing, we would go into different
sports clubs, and get involved with different athlete that had a different
specific sport for them. This would then give us an indication if our product
is going to be a big success in the current market, or not. To be able to test
this we would need to get the athlete of different fitness components to try
out these different supplements in our to see how they work and react.
Market
research
The market research we carried out was that we
identified the trends that are currently already in the market, and see how
they have done over the time they have been in competition with other products.
Also we looked at competitive analysis, and researched if there was anything
else in the market, that could come close to our upcoming product. Another main
element of market research we looked into was the price analysis, having a look
at how much other things were going for in the market and making our price
decision off that, as we didn’t want to make this product to overpriced, and
not make any money however we didn’t want to put the price too low and not make
any profit.
The sample size of people that we are going to give
our questionnaire to is a high number of the public. Up to 200 people
individuals. For example, a wide variety of different gyms, sports clubs, and
individual athlete’s in order to gather different information from a variety of
different people, of different abilities and working towards different fitness
components for their specific sport.
The location of our market research will be carried
out in Kingston upon Hull, and East Riding of Yorkshire. This is because we
feel they’re the only places that are appropriate to ask as this is where our
product will be launched and sold. So carrying out our market research far out
of the way isn’t appropriate as it is not in their area where it is going to be
sold.
The time we will carry out our market research will
be day time, during the week, heading towards about 5-6 o’clock when everybody
has left work and have headed to gyms, also weekend days when people have gone
to the gym and training. We would also elaborate and ask people on weekday
nights at sports clubs, when people go training and go to different sporting
arenas to their hobbies.
We will find out from our market research whether it
is accurate or not, and if the individuals we have asked are telling the truth,
by giving it to people and giving them their own time to answer the questions,
for example going into sports clubs/gyms/and leisure centres and leaving the
questionnaires there for people to answer, and leaving them behind after they
have filled them out, also giving it to people when they’re sat in the changing
rooms at gyms, or sat in the foyer at gyms waiting to work out, or even wait to
be picked up or leave etc. this will give us an indication that ur feedback
we’re receiving is accurate as we are not putting pressure on the public to
answer the questions to our face, and they won’t feel like they need to give us
the answer we want, they will answer truthfully and accurately on their own
accord.
We
asked a range of different questions within our survey, for example we asked a
couple of Likert questions, such as; ‘how much on average do you spend on
sports equipment per month’, from this we gave a range of different answers,
these where £10 or less, £11-25, £26-50 and £51+. This is a Likert scale type
of question as when responding to a Likert questionnaire item,
respondents specify their level of agreement or disagreement on a symmetric
agree-disagree scale for a series of statements. Thus, the
range captures the intensity of their feelings for a given item. Trendowicz, A. (2013). We always used closed questions,
for example one of our closed questions that required a response where; ‘Are you an individual that consumes
protein supplements, if no; would you consider using protein if it was made
specific to your individual sport or fitness components? Yes or No, if no;
would you considering using protein if it was made specific to your individual
sport or fitness components? Yes or no? We always used a closed question to end
our survey, this was; ‘Do you personally feel like there would be a place in
the market for this type of product.’ These are closed type of questions
because it is a question format that limits respondents with a list of answer
choices from which they must choose to answer the question. Mohamma, A. (2010)
Cost
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