The research problem is the determination of the preferences and buying behavior of the customers and whether the new product will be successful in the market. When introducing a new product, there is no idea of how the customers will respond to it. There is a research gap as to how a product idea will perform in the market. The research objectives can be as follows;
Determine how the customers respond to the product idea.
Seek much information about the consumers include income range, buying behavior, and location.
Understand the nature and extent of competition within the market.
Means of Obtaining Data
Market research surveys can obtain data from the respondents. The respondents will d be provided with questions which they should answer. The questions can entail issues related to customer preferences, needs, income range, location, and buying behavior. The survey method is preferred because it is most useful in describing the characteristics of a large population. Besides, the focus group is beneficial to understand the features of the market and market competition. In the focus group, a small group is selected, and their reactions studied to understand the market.
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Type of Data
The primary data is needed for this research. The primary analysis will have to be conducted to answer the research questions because it involves a new product idea. It requires going to the field and getting the original data from the respondents using surveys and questionnaires. The benefit of going for the primary data is that it will provide original data that is most reliable and accurate. Besides, it allows for the collection of specific data relevant to the study and research questions.
Type of Research
Qualitative research will be used to obtain data. The purpose of this mark research is to understand how to target customers to feel and react to the product idea, which can only be achieved through qualitative research. Most people feel connected to a product before they buy it. Identifying customers' emotional connectedness with a particular product idea is the primary objective of qualitative market research ( Barnham, 2015 ). Qualitative research will be used because the study seeks to identify the reactions and feelings of customers to the new product idea. It best provides the opinions of the customers about a product.
Sampling Plan
The survey will be conducted for people in the region where the product is expected to be sold. The demographic target market of the product forms the source where data will be obtained. It will also be based on other segmentation variables such as the specific age group targeted and the particular income group
A sample size of 500 people will be surveyed. The precise number of answers required from the survey is 450, and given that a small group may not provide complete responses, 500 sample size will be used.
A random sampling procedure will be used to find the sample to be used. Five hundred people will be selected randomly for the study. Random sampling is a technique in which every element of the population has an equal chance of being selected ( Boddy, 2016 ). The significance of random sampling is that it provides a fair opportunity for selection for the targeted audience. This reduces the risks of errors during data analysis.
The subjects will be reached through a direct face to face contact. The researcher will go to the subject's location and present the survey questions in a face to face interaction. This method aims to increase the accuracy of the data collected as one can seek clarity. o decide on whether to develop the product or not; the data will be analyzed. If a large number of the subjects (75%) support the product idea, then it will be right for the engineers to proceed with product development.
References
Barnham, C. (2015). Quantitative and qualitative research: Perceptual foundations. International Journal of Market Research , 57 (6), 837-854.
Boddy, C. R. (2016). The sample size for qualitative research. Qualitative Market Research: An International Journal .
