Objective of the research
The main objective of this research is to gain a better understanding of B&O’s target segments in China. To get profound knowledge about the market, we must know the facts of current market situation and customer behavior.
Market Research Process
Define the problem and research objectives
Problem: B&O is struggling with establishing footing in the Chinese market and is repeatedly reporting larger quarterly losses than expected for the past several years.
Objective: The main objective is to gain a better understanding of B&O’s target segments, market share and solutions in China.
Develop the research plan
The research consist of two parts; exploratory research which uses a predominant divergent approach and the explanatory research, which uses a convergent approach, that explains our result in the exploratory research.
Exploratory research
The research is divided into two tasks. Firstly, the project team will conduct an internet search to collect information about general idea of the current situation for B&O in China. The internet research for this project is secondary data sources and consist of qualitative information. Secondly, an in-depth interview with B&O´s executive sales manager in their flagship store in Shanghai will help us to understand more about customer segments (demographics and behavior). The in-depth interview is our primary research, semi-structured and consists of qualitative questions. We also want to explore and have an structured open conversation with the manager.
Explanatory research
In this section we will try to develop a better understanding of the information obtained through a quantitative survey. To enlighten the main objective there will be questions refer to brand awareness, buying behaviour, price and preferences. It´s endeavoured to collect the information from respondents within the target group, and get at least 30 answers in order to react a significant level.
Analyze the Information
Present Findings
To reach the most rational data collection (unbiased information), the explanatory research will take place near B&O’s flagship store and we will target random sample (people who are nearby the store) as it maximizes the chance of reaching the correct respondents.
The findings will be visually presented, both in statistics and text. The main goal is to present the findings as concise, and understandable as possible, without misleading the reader.
This step includes making the final decision based on our research which will lead to our final marketing strategy development.
Sample unit: We will only survey Chinese citizens, both young and old, as we want to measure the consumer behavior among the Chinese market.
Sample size: To achieve a significant result, we will survey at least 30 people. This way, we will get the sufficient amount we need in order to make a statistics.
Sampling procedure: The survey will be distributed personally, but one of us will at all time be available for any questions the respondents may have. This way we can clarify uncertainties that may arise.
Sampling Plan