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Marketing research P4:M3

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Introduction

Unit 10 - Marketing Research Task 4 - P4:M3 CONFIDENTIAL For: MCK Electronics Managing Director Date: 4th November 2008 From: MCK Electronics Marketing Manager REPORT ON THE RESULTS OF MY MARKET RESEARCH ON THE MP3 MARKET 1.0 TERMS OF REFERENCE As the marketing director of MCK Electronics I was asked to look into the mp3 market, and whether it is worth producing a rival to the Apple iPod. If this is so I would then have to research what the public would want in a new mp3 player. 2.0 PROCEDURE In order to obtain the relevant information and opinions, I followed the following procedures: 2.1 Find if there is a gap in the market. This will enable me to discover if it is worth rivalling the Apple iPod. ...read more.

Middle

Although iPod and auxiliary port docks are available but they lack the sound quality of a truly good hi-fi unless you are willing to pay thousands of pounds for it. I think that a hi-fi MP3 sound system at an affordable price is definitely a gap to aim for. 3.3 To find a suitable product to fill the gap I undertook some primary research. This was in the form of a questionnaire. I got a sample of 50 people and analysed the results to see what the general public is looking for. I only asked 16-30 year olds to make my findings more accurate and I tried to get an even amount of male and female samples. Using Quota sampling. Using the results from the questionnaire and the secondary research a product idea of an MP3 hi-fi system was created. ...read more.

Conclusion

The focus groups like the idea of something colourful with an easy to use library as well. Easy connection to a PC was suggested for transferring music files to the library as well as the idea of some form of internet access to download directly to the system. 4.0 CONCLUSIONS To conclude there is definitely a gap in the market. If we act quickly enough we may be able to snatch the market majority. The favoured idea is and MP3 quality hi-fi system. The focus group have suggested colourful and not to large but keeping the high quality. The also do not want it to be overly expensive. 5.0 RECOMMENDATIONS 5.1 I recommend that MCK Electronics really rethinks the idea of competing with the iPod and looks for new opportunities to take in the MP3 market. 5.2 Creating the suggested MP3 hi-fi sound system is a great way for MCK Electronics to grow in the ever competitive market. 6. ...read more.

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