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Glue Dots International (GDI), Keighley, has approached us to carry out Market Research for a new range to their product line, Glue Dots, within the Craft sector. However, in order to clearly understand how to target the right audience

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Introduction

HNC Business Studies Unit 17 - Market Intelligence ASSIGNMENT-1 MAY 2003 BY Karen Laughlin MARKET RESEARCH REPORT Prepared On Behalf Of GLUE DOTS INTERNATIONAL KEIGHLEY OUTLINE Glue Dots International (GDI), Keighley, has approached us to carry out Market Research for a new range to their product line, Glue Dots, within the Craft sector. However, in order to clearly understand how to target the right audience and obtain relevant and measurable data, outlined below are the areas that we need to address. * Who are the potential buyers * What is the most efficient research technique * How to analyse the data received * Customer Satisfaction Background Viking Industrial Products is a company based in Keighley supplying Safety Wear / Work Wear/ Tapes and Adhesives into the Industrial Sectors. In 1998, Colin Bennett was approached by an American company to become the UK distributor of Glue Dots. In 1999 Viking began producing the Dots in the UK with machinery brought over from the United States and a 'joint venture' began and Glue Dots International was set up. However, because of the size of the company it was decided that GDI would not supply UK customers direct but sell to Viking, who would then sell to their customers, become the 'middle man' in the process, this continues today. However, the exception to this is the overseas market because it is growing rapidly and the consignments are larger, GDI trade directly with export customers but only within the Industrial Sectors. Over the years Viking have developed various ranges within the product line and are continually trying to produce for new target markets. ...read more.

Middle

YES Within Diffusion there are 5 different areas Diffusion Description Achieved By Glue Dots Relative advantage Vastly superior to its predecessors YES Compatibility Will it fit in with customers needs / wants YES Complexity Can the customer easily use it YES Trialability Can the customer have samples YES Observability The more the potential customer sees the product, the quicker the diffusion YES As we can see from the above tables, GDI are very well placed to venture into a new market. It is a very simple process to adapt the quantity / size / adhesive of the Dot to accommodate all prospective customers. This will enable them to become market leaders within the Craft Sector. What areas topics we need to research and why? - What products do 'Crafters' currently use Before time and money are wasted on producing new products for the Craft Sector we need to look at what products Crafters currently use and the pro's and con's of each product. If a Crafter has been using the same product with good success for a long period of time, then it is going to be a challenge to sway them into purchasing your product. You need to know your market and tailor your product to suit their needs and requirements, with the minimum of financial input. Who are our target Market and Customers Since GDI have attended recent Craft Fairs and from talking to the people attending the Fairs, the decision of who is the Target Market has already been decided by Mr Bennett, this being the Retail Outlets. ...read more.

Conclusion

The diagram below sets out how we would carry out a research study Recommendations The following is a simple list of our recommendations :- * Utilise your existing databases to carry out telephone research of your customers to find out if any of their businesses supply to Craft Retailers o Send out literature on the new products * Compile a list of Craft Retailers - possibly buying a list from Yell.com or a similar database company o Send out a questionnaire asking if they had heard of the product o Who would make the decision in buying the product o What would make them stock your products o Would a display box encourage them to buy your products - because it would come in the same box that could then be displayed o Is the cost of the product a major factor o Of the 4 products produced is there 1 that the retailer thinks would be the better seller * Conduct telephone research of the Craft shops asking similar questions as you would the Retailer - obtaining this information from either the internet, database lists bought / craft magazines. Asking :- o Do they know the product o Is price a big factor of purchase o What do they currently use o What problems have they encountered with their current choice o Out of the 4 products produced is there 1 that the Crafter thinks is the better product. Once all the information is gathered then we can produce comparative analysis between the Retailer themselves and the Crafters. This will then enable you to produce the product the customer wants and will buy. ...read more.

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