Marketing Research Report

Marketing Research Report
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Abstract
Consumer Electronics Company intends to enter into a new product line. The company wants to maximize the level of profits. The company has also seen a high potential in the target market since these areas are not tapped enough. The product will be known as Kid Smart tablet. This product aims at reaching children from age 1-9 years. This target market will be in a position to learn on how to operate the gadget and also enjoy music, games and other services provided. The different characteristics of the target market need to be considered so as to come up with a marketing strategy that will be effective in the market. The marketing research will utilize foe methods that are effective. These methods are personal interviews, surveys, field trials, observation, and use of focus groups. These methods will be seeking questions regarding market characteristics which are demographic, behavioral, geographic, and psychographic. Finally, seven steps will be adhered to from idea generation to commercialization of the new product.
Consumer Electronics Company intends to launch a new line of products. This strategy will be important in ensuring that the company maximizes returns since income will be realized from a broad range of products. This company has decided to create a tablet that is meant to serve children between 1-9 years. This target market will be attracted by this tablet as it will help them play games, access movies, cartoons and songs that they like.

Children like to learn a lot since it helps them to grow. They are curious, and they want to discover many things around them. Most of the time they like taking their parents phones and tablets which are very delicate and they can get spoilt easily. It is, therefore, crucial to fill this gap that has been left on the market.
The target market can be divided into two categories. Children from 1-4 years are a bit young, and they use the tablet to discover how the gadget works. This target market learns a lot from interacting with tablets, mobile phones, television and other gadgets. Their minds expand on a daily basis as they discover to operate these gadgets and as a result, they grow in regards to their thinking and other creative areas. These children require the tablets as it will assist parents to keep their phones, computers and others gadgets safe as children will have their tablets too. The another category of children is from age 4-9 years. This target market is already school going, and therefore they can use this device to communicate with their parents when they are in school. They can also communicate well with their friends after they go home or during weekends. This category of children knows how to operate the tablet and others and therefore they can play games comfortably and enjoy music and other interesting things that are available in this product (Nelson, 2013).
The new product will be known as KidSmart tablet. This product will be unique in that it will have features that are suited for children. The tablet will have a plastic cover that will be hard to break. The purpose of creating this tablet with this feature is because children drop phones and other important gadgets on the floor and they end up being damaged. The tablet will be easy to use since the buttons will be large and visible. The phone will have applications that will be suited for making children happy and busy all day.
The geographic location of the target market is critical to be considered when creating this product. The question that needs to be asked is which regions or countries will this product do well? In regards to the demographic aspect, the company needs to ask itself how the tablet will be shaped to suit children of different ages? In regards to psychographic whether the target market has the same attitudes, lifestyles or values. In regards to the behavioral aspect, the company needs to ask itself whether the target market will be purchasing the product from the company frequently or not. The marketing strategy depends on these factors. The company needs to ensure that the different children from the different geographical regions are reached using the product. The product needs to be altered depending on the various ages of children. The product needs to suit the different lifestyles of the target market. The company needs to know the behavior of its target market so as to serve them well (Strydom, 2004).
There are five methods of conducting market researches that have for years proven to be effective. The methods that are recommended for conducting market research are observations, personal interviews, field trials, focus groups, and surveys. Observation is the method whereby the individuals are tasked with responding to the survey and focus group particularly in the odds of the actual behavior of the consumers. Observation is a method that will give an accurate picture of the shopping patterns of the customers. It will identify the shopping patterns of the consumers which are a behavioral characteristic of the market hence answering the question of the shopping patterns of the consumers. The second method that is effective in conducting market research is through the use of field trials. The approach will entail placing the product in the market although in selected stores make adjustments on prices, packaging, and some modification so as to identify the reactions of the consumers. This method will be effective in addressing the psychographic question since one will understand the changes in the character of the consumer based on various changes in certain variables in the market thus the approach is very crucial in testing the product in real-life condition. A personal interview will be another method of conducting market research, and it is expected to address the geographic question on the reactions of the consumers in different regions. The personal interviews are unstructured, and they provide a subjective data. These personal interviews offer valuable insights regarding the attitude of the consumers in regards to the new product launched. However, the approach is important since they do represent the views of the whole population thus making them statistically unreliable. The use of focus group is another approach of conducting marketing research that utilizes scripted questions to lead a discussion among a group of consumers. The approach will be seeking to address the issue of demographics and the reaction of different categories of people in the society regarding the product. Finally, conducting of market research will also utilize the survey approach. This approach will include structured questions in the questionnaires will be used to evaluate a sample from a target market. The plan will cover a wide geographic area since the survey utilizes telephone survey, in-person survey, online survey, and mail survey. This method in most cases guarantees reliable data (Nelson, 2013).
There are various steps that will be adhered to from idea generation to commercialization of the product. The first step in the process is the idea generation. At this point, the concept is initiated and tested for its viability. Conducting a SWOT analysis is very important as well as conducting a market research. The second step is the idea screening. The stage ensures that ideas that are not suitable regarding the product are rejected and only the ideas that are objective pass this stage. The third step is regarded as the concept development and testing. The individuals who are important at this stage are the customers or the market. The fourth step is the business analysis which is concerned with testing whether the idea will be profitable. Market strategies, marketing mix, and product positioning are utilized at this stage. The fifth step will be product development where the product is approved, and prototypes are created. The response of the consumers in relation to the packaging and designing is highly valued. The sixth step is the test marketing where prototype product is introduced to the market in accordance with the marketing plan (Strydom, 2004). This step is very crucial since it validates the whole concept and it paves the way for the refinement of all elements of the product. The seventh step is the commercialization of the product which occurs after the product has been tested and developed hence making the product ready for launch. The marketing and pricing plans are finalized at this point making the product ready for the launch stage.

References
Nelson, B. K. (2013). New product development for dummies. Hoboken, N.J : John Wiley & Sons.
Strydom, J. (2004). Introduction to marketing. Cape Town, South Africa: Juta.