Prepare New Line of Product: Mobile Spa Market Research (Coursework Sample)
Use the same company from your Week 3 assignment.
Mobile Spa decided to launch
Develop at least one question for each characteristic of the target market (demographic, geographic, psychographic, and behavioral) that will be important for you as you determine the marketing strategy for this new product.
Recommend the best methods of conducting marketing research to answer these questions. Be sure to include why you chose these particular methods.
Outline the steps you will take to bring your product to market from idea generation to commercialization, using a multi-step product development process.
I've attached the last paper that has the target market in it. Feel free to be creative as you want.
Mobile Spa: Market Research
Mobile Spa: Market Research
The target market of the Mobile Spa is the business professionals, including lawyers, accountants, HR specialists, bankers, auditors, directors/managers, and sales and marketing teams. The creation of an efficient marketing strategy demands a proper research of the market to understand their traits and customize the marketing. The following are some of the target market characteristics questions that will aid in the development of Mobile Spa’s marketing strategy.
What is the average income of the target market and their spending characteristics?
What is the education level range for the group?
Which age bracket and gender comprises the target market?
How does the target market perceive spa services and relaxation time?
What spa activities are common in the target market?
What is the target market’s usage rate of spa services?
Are Spa service customers loyal to brands?
What are the possible locations of the target market and their sizes?
Market Research Methods
Mobile Spa will employ a combination of market research techniques to get data concerning the questions highlighted above. First, secondary research will be used to acquire information about a spa market. The process will involve the searching of information in different platforms, including the news articles, the internet, and lifestyle magazines. The method is critical because it will provide the background data, ensuring the creation of the right questions in the primary market research approaches (Silver & Wrenn, 2013). Through the technique, extensive data can be accessed enhancing the accuracy of the details. Additionally, it allows for the understanding of the competition and gunner business intelligence. Also, the method is cheap as it only requires gathering information from other sources.
The second approach will entail the use of surveys to gather information. The method will include online, telephone, email, and in-person inquiries. The potential customers will be presented with questionnaires that they can answer. The personal approach will be the primary method. The reasons for this is because the business professionals are busy individuals and hence emails or internet surveys may not yield many responses. Additionally, the in-person technique provides a chance for the further explanation of the Mobile Spa services and feedback is instant and assured. As discussed by Creusen, Hultink, and Eling (2013) surveys are critical in gaining customer attitudes towards a new product. However, the method requires time, money, a...
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