A Study on StoneTether
I decided to direct my research project towards a new up and coming product called StoneTether. StoneTether is a unique wireless tracking device that goes together with its smartphone application. Consumers can attach the device to any items they desire, such as luggage, computers, or any necessities to an event. Whenever consumers forget or lose items with the StoneTether device tagged onto it, they will receive reminders/alerts on their phones. This forthcoming product can also help parents keep an eye on their children and pets in busy environments, by getting alerts if they move past a set distance. They can then track their location or even extend the distance out further if appropriate. StoneTether is currently in the beginning stages of production and plan on going on sale April 2015 for $25 per unit. This research project will help determine whether StoneTether will launch successfully or not and which market strategy would be beneficial.
This research question is important to answer for managers because manager needs to know the potential market for the new product their company has been developing. The decisions made for marketing strategies need the support of research to see how customers will view the product and how it will stand next to competition and other outside pressures. By gathering information, managers can find out the attitudes and beliefs consumers have towards the product. The interpretation of data collection and statistics are also very essential for companies to see because it analyzes and explains the actions of consumers in a particular market. For example, it identifies whether StoneTether’s design will have an impact on sales or not, whether StoneTether’s offerings should be altered to better serve current and potential customers, or determines which demographic StoneTether should be heavily marketed towards.
Primary market research is a critical component to make this decision because the information gathered will directly assist in making marketing decisions for the product.
Market research does this by giving marketers a picture of what might occur when the product launches and may suggest options for introducing new products into the market share. This research question cannot be answered completely through secondary sources because it will not deliver more accurate and specific results than that obtained through primary research. Primary market research provides more information that is customized to company’s needs and collects feedback. It also determines the demand for a proposed product, which is a really important factor when launching a new product.
In order to answer the proposed research question, I constructed a survey consisting of nine questions discovering people’s perceptions and potential behavior towards StoneTether. I also included a description and picture of the product so my respondents had enough information when filling out the survey. One of the things I considered when conducting my survey was determining the type and amount of people I planned on surveying. I decided on choosing people based on who I had access to and what my research is focused on. My respondents compromised mostly of friends and family, a total of 12 people. I chose 12 as a target number of surveys to conduct because it would give me enough answers to support any findings I may make, without being overwhelmed when analyzing data.
I had an equal number of male and female respondents to analyze if responses based on gender have a significant impact on data. Approximately 58% of my respondents were under the age of 25 and 41% were of the age 25 or older. The comparison between these age groups may explain the different types of reactions consumers may have to the company’s marketing actions. I made an attempt to survey people with children versus without. I chose this…