The CEO has asked for a range of services from our agency including the advice for a major labor issue faced by the company in the recent past. A detailed analysis was made in this regard to help Delstar to come up with same market share as that of its male athletic equipments. The following paragraphs will discuss the issue in detail to find a way out and help Delstar to survive and succeed in the market. Our agency, therefore, suggest a range of efforts to be performed by Delstar to compete with other firms in the industry and to become a threat for them in the years to come. The company has to conduct a couple of researches in this regard. To start with, our agency advices Delstar to conduct a market research so as to know the pulses of the target group.
The first and foremost task in the effort of marketing any product /service is to know whether there are consumers for the desired product/service in the market. So knowing about the market is advisable before thinking about the product and its features. Once the consumers' taste and preferences are well understood, the company can start thinking seriously about the product design and development. Because, our agency believes firmly in 'Prevention is better than Cure' policy in marketing. Market Research is the process of gathering data relating to the consumers, competitor and the market and use of such data for decision making and actions. A market Research is indispensable for Delstar not only because it is going to introduce a novel product to a new target group, but the competition from industry icons such as Reebok, Nike, and Adidas is quite stiff. The target group for the new product, Basketball sneakers, has already been fixed by the company and it is female market. It is composed of both basket ball players and those who are fascinated by the style of basket ball sneakers and players.
Market Research Method
The process by which the data from target group are collected and analyzed is known as Market Research Method. Delstar is advised to conduct a Qualitative Market Research as it involves the study about the market feasibility of a new product, and a focused group. The focused group for the study, as already stated, consists of female basket ball players and female teenagers and women who are fascinated by the style of sneakers and basket ball players. Data are collected from the focused group by means of personal interview with them. In the basket ball players segment, female players are approached with an Interview Schedule to gather data. In the second group, a sample survey was conducted among teenagers and women who like basket ball sneakers for daily use for easy and comfortable walking. The players were asked mainly about their views on the sneakers presently available and their expectations about the one which is like to be launched in the market. An interview schedule is to be prepared with logically arranged questions on consumers' needs and aspirations about the product. In addition to the interview with focused group, a one-on-one in-depth interview with a renowned basketball trainer is also prescribed for the company since it is likely to generate more authentic and reliable information. The survey among the non-players female group is conducted using Random Sampling Method wherein the opinion of respondents are more likely to be