Market Research Assignment Sample

STRATEGIC MARKETING ENTREPRENEURSHIP: MARKET RESEARCH AND IDEATION FOR A NEW PRODUCT LAUNCH

 Introduction

A marketing strategy has been considered for setting a business’s overall plan for reaching its valued customers. It has also turned them into customers of that company’s services and products (Hansen et. al. 2020). It has included the company’s value proposition, key brand news, customer demographics for segmentation, and other valued elements. Based on the chosen case study of SME, the chosen new product called Rice Cooker with innovation, an idea based on market research has been demonstrated.

Task 1 – Market Research

Market Trends and Competition

Figure 1: Market Value of Residential Segment in the UK

Within key market trends, it has been seen that most of the UK’s residential segment has occupied a major market share, where 83% are purchasing new equipment and only 53% of people replace their appliances due to breakdown (Bilovodska et. al. 2020). However, it has been seen that the water purifier segment purchase has been increasing with constant growth rate in the UK.

There are various key players in the market, who might become strong rivals against Harley and Adamsonis SME in the UK. Those have included Whirlpool, Electrolux AB, LG, Smeg S.p.A, Hausgate, and others. These companies have delivered quality products to consumers with a vast range of prices with technological advancements.

Supply Chain and Distribution

In the UK, the kitchen and cooking appliance market is on an upwards trajectory, where the non-domestic catering equipment is expected to see a rise of 3% with a 2% value growth forecast. For improving seamless supply chains and distributors, most companies have focused on building feasible relationships with merchants, DIY, and others (Amjad et. al. 2020). Manufacturers and importers have placed at first phase of distribution, whereas in second phase, importers and distributors have connected to retailers, merchants, and other outlets with highest productivity. Distributors have also focused as per recent market trends, which make it easy to sell those appliances with high productivity and profitability.

Target Market Segmentation

Table 1: STP Analysis

Figure 2: STP Analysis

As in the UK market, the rate of using modern kitchen appliances and modular kitchens have been increasing, high-income-based and housewives have been targeted by Harley and Adamsonis SMEs to buy their new products and services in the existing UK market segment (Palacios-Marqués et. al. 2019).

Business Capabilities – Internal Environment of Business (SWOT Analysis)

Table 2: SWOT Analysis

From the above analysis, business capabilities of the SME have been identified. In detail, the SME can promote and sell its new product range across the UK market with huge market share and benefits equipped with technological advancements (Liñán et. al. 2020).

Significant factors affecting Business

Here have been demonstrated some key factors which have affected new business of the SME at the time of launching new product across the UK market with innovation below:

• Prominent leadership and management aspects
• High motivation and influence among existing employees or workers (Gornostaeva al. 2019)
• Rich organizational culture with benefits and flexibility at work
• Proper means of knowledge and performance management with benefits and desired outcomes

Therefore, it can be said that these factors have helped a lot to the SME with a diversified range of business opportunities and benefits. Moreover, at the time of launching a new product in the market, these factors must help to boost overall rates of productivity and profitability altogether.

Key Opportunities of Company

Based on unmet needs of customers and market in cooking appliance industry in the UK, following opportunities can be gained by the SME –

• High diversification in market across kitchenware products and appliances
• SMEs can nurture their business through E-commerce channels with seamless SCM
• Digital influencers can promote the product with effective campaigns and clear objectives
• Due to the emerging rise in this industry, standard lifestyle choices should be utilized by the SME (Cooper, 2019)
• Home appliances product usage has been increasing with lots of benefits and advantages cost-effectively.

These opportunities should be availed by the SME with positive outcomes and benefits in core business operations.

Relevant Ethical and CSR factors

Before launching a new product with innovation in the market of the UK, following ethical requirements and CSR factors should be fulfilled –

• Fair and transparent business policies
• Clear and concise hiring and recruitment strategies
• Community development campaigns with numerous business benefits and advantages
• Proper recycling, water, and waste management policies (Abhari al. 2020)
• Proper maintenance of ISO 26000 standard with obligations and favorable approaches

Finally, it has been said that these kinds of ethical and CSR factors have played major roles for the SME to launch their new product across the UK market successfully. It also helps to maintain the company’s overall productivity and profitability rates.

Task 2 – Ideation Process

Brainstorming

In the field of ideation of a new product launch in the market, this process has been defined as a safe, creative space for people, and others, which also helps to set new and productive ideas for that product. Now, for introducing Rice Cooker as new product from the SME across the UK market segment, following stages should be followed:

• The time limit for launching new products in the market should be capped in six (6) months.
• Point of View (PoV):

Table 3: PoV

• Advanced innovation and technology should be incorporated in the new cooking equipment, which will become easier for customers to handle with easy accessibility. It helps to avoid any accidents while using the automation feature and benefits (Paczkowski, 2020).
• Attractive advertising and promotional campaigns should be arranged for selling the product among targeted customers with the help of social media channels and offline mass mediums.

Phases of Ideation

Here have been demonstrated three (3) key stages of ensuring successful ideation of the new product launch from the SME as follows:

• Generation: In this first phase of ideation of the launch of rice cooker from the SME, following things need to be considered:

Table 4: Generation in Ideation

• Selection: In this stage, the marketers and manufacturing engineers have acquired key accountabilities to promote and sell the new product, rice cooker of the SME in the UK market (Meijer al. 2019). A well-organized selection process must be adopted, through which attractive labeling can be accomplished. Other innovative features in the appliance like automated heat and humidity control, long durability, lightweight and portable measures, and other valued aspects should be embedded.

• Implementation: In the final phase of ideation, depending on the SME’s business capability, new products have been launched in the market. Right workflows should also be needed to maintain specific roles and responsibilities (Spearpoint and Hopkin 2021). A proper workflow plan should be induced for ensuring successful implementation of the ideation plan of the new product launch across the whole UK market segment directly.

Business Model Canvas

Figure 4: Business Model Canvas

(Source: Self-made, 2022)

This graphical representation has shown the strategic management scenario of the new product launch of rice cooker on behalf of Harley and Adamsonis SME in the UK market. It has also helped to induce new and productive business models with right documentation aspects with benefits (Rousseau et. al. 2021).

Conclusion

It can be concluded that for new business entities, strategic development and management have played significant roles with desired outcomes. For the SME, to launch new products in the UK market segment, in-depth market research along with a plausible ideation process have been highly prioritized with a range of benefits.

 References

Abhari, K., Davidson, E.J. and Xiao, B., (2020). Modeling social product development process, technology, and governance. IEEE Transactions on Engineering Management.

Amjad, T., Rani, S.H.B.A. and Sa’atar, S.B., (2020). Entrepreneurship development and pedagogical gaps in entrepreneurial marketing education. The International Journal of Management Education, 18(2), p.100379.

Bilovodska, O., Melnyk, Y., Alenin, Y. and Arkusha, L., (2020). Implementation of marketing and legal tools in the process of commercialization for innovative products in strategic management and entrepreneurship. International Journal for Quality Research.

Cooper, R.G., (2019). The drivers of success in new-product development. Industrial Marketing Management, 76, pp.36-47.

Gornostaeva, Z.V., Lazareva, N.V., Bugaeva, M.V., Gribova, O.V. and Zibrova, N.M., (2019). DIRECTIONS AND TOOLS OF STRATEGIC MARKETING MANAGEMENT OF RETAIL TRADE ENTERPRISES IN MODERN RUSSIA ON THE BASIS OF QUALITY MANAGEMENT. International journal for quality research, 13(2).

Hansen, D.J., Deacon, J.H., Pascal, V. and Sethna, Z., (2020). The future is in the past: A framework for the Marketing-Entrepreneurship Interface (MEI). Journal of Business Research, 113, pp.198-208.

Liñán, F., Paul, J. and Fayolle, A., (2020). SMEs and entrepreneurship in the era of globalization: advances and theoretical approaches. Small Business Economics, 55(3), pp.695-703.

Meijer, M., (2019). Strategizing the ideation phase of the startup studio model: How can the application of design in early phases of innovation enhance startup studio ideation?.

Paczkowski, W.R., (2020). Deep Data Analytics for New Product Development. Routledge.

Palacios-Marqués, D., García, M.G., Sánchez, M.M. and Mari, M.P.A., (2019). Social entrepreneurship and organizational performance: A study of the mediating role of distinctive competencies in marketing. Journal of Business Research, 101, pp.426-432.

Rousseau, N., Leach, M., Scott, N., Bricknell, M., Leary, J., Abagi, N., Kumar, V., Rastogi, S., Brown, E. and Batchelor, S., (2021). Overcoming the “Affordability Challenge” associated with the transition to electric cooking. MECS Programme Report.

Spearpoint, M. and Hopkin, C., (2021). Household cooking oil use and its bearing on fire safety. Journal of fire sciences, 39(4), pp.265-284.