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Marketing research for a new gaming console. My first marketing objectives are to find out who are my customers.

Extracts from this document...

Introduction

Market Research Objectives To be able to set you marketing objectives you need to clear about what market research is about. Market research is simply collecting data about a specific market through primary and secondary research. A company, firm, or a business could undertake market research to find out the possibility of a new product or service they are launching a success. Another reason for market research is to find how well their existing products are doing. Therefore, the primary objective of market research is to collect data for analysis. Analysis of the data will help determine the cause of success or failure of the product or a service. My first marketing objectives are to find out who are my customers. This is will help me target customers who are actually interested in the product. I need to find this out because it would be pointless, waste of time and money if I try to promote it to people who are not interested in my product. My second objective is to grow understanding through other business in competition with Microsoft. The two main businesses I will focus on are Sony and Nintendo. These businesses are in heavy competition with Microsoft for home entertainment products especially consoles. By doing this it will help me find, the business main strengths are weakness. Final objective is to increases customer awareness; Microsoft's aim is to get everyone interested in home entertainment products. This will help us get a bigger profit margin due to more potential customers interested in our products. Potential Customer & their Requirements My potential customers would be everyone. This is because it is a home entertainment product, which is not only for games but for music and videos as well. It will allow aged people to do online shopping through the internet. Family's can use it for get together fun. ENTERTAINMENT Possible Sources of Information - Primary/Secondary My primary source will be questionnaire and my secondary source will be websites. ...read more.

Middle

I introduced the people to my questionnaire and told them about my proposed console, so they knew what the console was about. As you can see from the graph below only one person said, they would not buy my console. The person who said "No" had never bought a console before, so I would expect this answer. This means that 97% people would buy the console, therefore there is anticipation for a console like this on the market. This is helpful when I am going to talk about whether the console release is going to be successful and this will help me set the price, because people would buy my console. I can get away with charging high prices and as people who can afford to buy, the console with high price will buy it and as I can get high sales at the start, Prices will be dropped again, so people who are not willing to pay high price will be also able to afford the console. Question 7: How much they were willing to pay for my console The chart below shows how much people were willing to pay for my console. The majority of people were willing pay �250 to �300. 12 people were willing to �250 this is 40% of people and 9 people were willing to pay �300 and this is 30% of people. This work out to majority of people which are 70% were willing to pay �250 - �300. This tells me that in reality I should set my prices in this region. So I think the pricing strategy which I mentioned before should in the Analysis of question two will actually work. Question 8: How much they are willing to pay for monthly charge for subscription. The graph below shows how much people were willing to pay for monthly cost for subscription. As you can see from the graph most people, (12) ...read more.

Conclusion

2. Europe's game is by far the largest games market as a study has show in August 2009. Europe has been in a consecutive recession for the last nine years or so, but in due to global crisis between the phase of 2007-2009 recession was very bad. GDP growth has been under the EU requirement of 3%, levelling at a mean of less than -4.8% annually unemployment has been steadily rising (9.8%) since the privatising of the public sector in the 90's minimizing the potential market for buyers. 3. The high value of the Euro in comparison to the dollar makes it less profitable for American investors such as Microsoft to sell products in Europe. Social Factors 1. Europe is suffering of a declining population, the birth rate is lower than the death rate, and the annual population growth is at 0.2%. The percentage of the population under 30 is 27% and declining. 2. The recession has resulted in a decrease of state subventions to the health system and insurance system in Europe; the expenditures on this level have flattened consumer-spending power. 3. The steady increase of cost for electricity, gas and petroleum on the world market has furthermore decreased consumers' willingness to spend as the hopes for reliable oil shipments from the east are sinking. Technological Factors 1. There have been new developments in the area of wireless communication such as Wi-Fi, mobile broadband that are aimed at increasing product utility in terms of simplicity in connecting devices to the internet and to other devices. 2. New mediums have been developed with higher saving capacities (3-D saving HDDVD, BluRay etc) allowing games of much higher quality and level sizes and enabling producers to incorporate features such as movie trailers updates demos etc. on their game discs. 3. The capability of the internet has reached amazing standards, at some localities broad band connections have transmitting capabilities of over 100m/bit per second. Moviemakers have long started to sell movies of DVD quality via the internet. ?? ?? ?? ?? Task 2 (A03) - Market Research Anas Patel ...read more.

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