1. Research objectives:
The main research objectives are to answer the following questions:
· Who is our target customer?
· How likely is our target customer to buy the product?
· What is the best product formulation for our target customer?
· How much is our target customer willing to pay?
· Where is our target customer likely to buy the product?
· Who are our perceived competitors/substitutes?
· How hard is it to penetrate the distribution channels?
2. Market analysis:
Our market analysis tool is to be found in annex 1.
It lists all the different data that we still need and where we will get them (questionnaire/ focus group/ secondary research).
3. Research methodology:
We will proceed using 3 tools:
a. A consumer questionnaire
b. A bar tender questionnaire
c. A consumer focus group
We will begin with the questionnaires to help us define the product grossly.
Then a following focus group will help us fine tune the product and answer the last questions.
a. The consumer questionnaire
The first draft is to be found in annex 2.
We will ask qualitative questions in the beginning of this study, and then propose a conjoint to begin collecting the quantitative results (price).