Our product is a portable laptop bag which contains a battery and universals adaptors. These adaptors are used to charge varies types of portable devices. The battery can be charged by plugging it to the normal electricity socket. Through initial market research we have found that currently there is no product is that market which has similar specifications as the PCB (portable charging bag). Hence we have forecasted that the PCB will not face much competition in its initial launch stage but however later competitors might enter the market and so we had to customize our research techniques in order to explore current customer needs and also be able to predict future changes in consumer tastes and trends in product preference so that incase of increased competition we are able to modify our product so that be able to meet further customer demands and be able to capture any new or niche markets arising within our product market.
The main problem was that our product will be new in the market and so no secondary research was available for us to utilize before deciding our research method or test-market to try PCB amongst the customers. Therefore, we decided to make use of several primary research methods to collect information on what customers expect from our product, the price they will be willing to pay for it, the place they expect to buy it from and the various promotional methods we will be using to spread product awareness across our customer base.
Our key idea of research approach was to plan and construct surveys which aimed at gathering qualitative and quantitative information about customer thoughts and opinions on a product like PCB and so the research instrument we used was questionnaires, which were distributed in 21 private and government colleges and universities in the region and also engineering and banking firms. Also, to make use of technology an online survey was created by our marketing team on www.survermoney.com and the link was...