Answer the question ‘What type of customers is best for targeting?’ with quantitative research (Marketing research class)
Well, here is the instruction so you can have a read first before doing my task.
(I uploaded the origin task instruction)
Group Assignment & Instructions
Tesla is a leading brand in the electric vehicle market. Currently, the Tesla Model 3 is the world’s best-selling plug-in electric vehicle. Michael is planning to enter the electric car business as a dealer of Teslas Model 3 in Japan. He has four key marketing research questions:
1. What markets in Japan hold the most promise for Michaels new business?
2. What type of customers is best for targeting?
3. What product features do target customers prefer?
4. How Michaels new business can compete with competitors in the target market in Japan?
The Internet offers considerable information. However, Michael wonders about the relevance of previous research and questions whether he is capable of doing any primary research himself. He considers hiring someone to do a feasibility study for him.
Michael has many decisions to make. For instance, where can be the best place to locate his business? Michael is considering the market potential in a given geographic market in Japan. In order to determine the market potential for the area he wishes to locate, for example, he needs to know the number of potential buyers, the average quantity they purchase, the number of competitors, and the relevance in advance.
Other key decisions revolve around his target customers. For example, who are they? What product and/or service does a car dealer offer to the target customers? Information such as the number of current customers and potential ones and their attitudes and/or behaviors towards electric cars would also be useful.
An important decision will also be the major competitors identified for his business. For example, who are they? Where are they? What is the competitive advantage of these competitors? What else does Michael need to know to develop the best marketing strategy for his electric car business in Japan to compete with them?
Now, it is time for your group as a consulting company to help Michael by completing the following three tasks. **Your group needs to use updated (i.e., 2018-2021, ideally 2020-2021) and relevant information to support your statements.
Task 1: Identify the appropriate approach of research suitable for the four key marketing questions
Instructions:
Identify one appropriate approach of qualitative research (for example, focus group interview) and one appropriate approach of quantitative research (for example, online survey) suitable for all of four key marketing questions identified by Michael. Make justifications for your choices.
Before making your decision about the appropriate approach, refer to (1) each stage of the marketing research process; and (2) the nature of qualitative research and quantitative research, compare and contrast these two types of marketing research.
*****Let me explain what to do******
Actually this is a group work and we try to do task 1, so for the task 1, our group need to answer with 4 question based on the group discussion (you can see the group discussion result below). And as you can see the instruction, the answers should be related to Qualitative research and Quantitative research. So, what you need to do is my part is only for Question 2s Quantitative part, so please answer the question 2s Quantitative part which is What type of customers is best for targeting?. (basically, you dont have to care about question 1,3,4! What we need to answer it is only for question 2s quantitative part)
Well, here is the group discussion result.
End Discussion Quantitative Research
We will be committing to an online survey for customer satisfaction, that will be conducted multiple times for a more accurate and dependable result. Focusing on analyzing the market trend, to gain an accurate insight.
End Discussion Qualitative Research
Our main aim while conducting a Qualitative is to add value to our product so that we can charge a premium price, while making customers want our product. We selected Interview(Focus Group), since this research method has already been conducted previously by Tesla; and have had great results. Without risking the market for Tesla in Japan by trying new strategies, we plan to stick with Tesla’s original strategy which has been practically implemented and proven.
Q1 What markets in Japan hold the most promise for Michaels new business?
Qualitative- one of group member will do it.
Quantitative- one of group member will do it.
Q2 What type of customers is best for targeting?
Qualitative- one of group member will do it.
Quantitative- ME. my part
Q3. What product features do target customers prefer?
Qualitative- one of group member will do it.
Quantitative- one of group member will do it.
Q4 How Michaels new business can compete with competitors in the target market in Japan?
Qualitative- one of group member will do it
Quantitative- one of group member will do it.
