Essay on Market Analysis

Submitted By TinHoang
Words: 2438
Pages: 10

DB150 - Business Project - Group R2

Market Research
This report will aim to research the existing gaming market as well as discover whether or not there is a potential gap in the market for Waterpark.(1085 words)
Fiona Bane, Harriet Crossby, Jean-Claude Goddard, Tin Hoang, Ivo Zeferino

Contents Aims 3 Methodology 3 Rationale 3 Research and Key Findings 4 Product 4 Price 5 Place of Distribution 5 Promotion 5 Appendix 6 References 10

Aims This report provides in-depth research of the target markets for Smartphone and tablet applications, while analysing the four marketing mix elements; product, pricing, promotion, and place of distribution, focusing on the specific mix for Waterpark. Perspectives of the target market are examined in order to understand how to compete successfully. Factors attracting gamers, with emphasis on Waterpark, are also explored. Other aims involve discovering potential market gaps in which Waterpark can thrive as well as the bargaining power competitors and customers have. Last but not least, a questionnaire designed to better understand the existing markets for such products will be given to a sample of the market. The questionnaire aimed to find out whether or not the product being proposed would sell in the current market, how much game players are willing to pay in order to successfully price Waterpark, how existing games are promoted and also where or how they are currently distributed.
In order to fully understand the gaming market, carrying out both primary and secondary research was essential. To investigate the market; a specifically created questionnaire for a precisely selected number of participants was to be completed. Simultaneously available secondary research was analysed, for example; gaming company websites and statistics websites. Conducting this research allowed the main players in the market along with the public’s preferred genre of games as well as platform on which to play them to be known. Whilst conducting research, it was important to decide whether quantitative or qualitative data was needed. In this case, both market size figures and frequency of players in certain age groups were needed alongside qualitative data such including opinions of individuals.
The motive for conducting this research was to gain a better understanding of the target markets for Smartphone and tablet games as well as how the marketing mix can be incorporated into the business strategy of Waterpark. Primary research in the form of a survey was decided to be the most appropriate method in collecting quantitative data that would help provide a useful insight into developing an effective product, price, place of distribution and promotion plan for Waterpark. Another purpose of the research was to identify potential gaps in the market for Smartphone games and determine the level of competition for Waterpark by researching existing data in the form of graphs.
Research and Key Findings In creating a questionnaire [figure 2], it was decided within the team to ask a sample of the gaming population, however upon reflection of time available to carry out the completion and analyse all findings, it seemed more appropriate to use all data from all respondents (those within the selected sample who actually completed and returned the questionnaire.)[Figure 4] The original sample would have consisted of predominantly females aged between 20 and 34 years [figure 1.a]. A pilot survey was considered to gain feedback on clarity of the questionnaire and whether it achieved the aims stated, once again, it was decided that the lack of time available to send out the survey, collect responses, make required changes and send it out again to a larger number of participants would prevent this. When considering which platform to market Waterpark on, it was decided that Smartphones and tablets were the most suitable. Although consoles are still…