A Report on approach towards the Market research on Bottled water Management decision problem:- Should Better Life Corporation enter the Market with branded bottled water? Market research problem:- Study on consumer attitude towards safe drinking water in the eastern region of India. Research Design:- As mentioned in the market research problem statement, the market for the bottled water is not yet fully understood so we need to develop some insight into and understand the consumer attitude.
For this we would first conduct exploratory research and develop some hypothesis and then go for descriptive research to assess the magnitude of demand of bottled water. Exploratory Research:- The objective of this research will be a)Formulating the problem more precisely b)Clarifying concepts c)Gathering explanations d)Gaining insight e)Eliminating impractical ideas f)Formulating hypotheses. For this we will go through case studies, literature conduct secondary research and, the most important, focus group discussions e. g. e may segment the consumers on demographic basis and conduct the group discussions about their perception of safe drinking water, existing preferences, ideal form of requirement etc. of each segment separately. Once we formulate the hypothesis after conducting the exploratory research, as mentioned above, we proceed with the descriptive market research. Descriptive research:- The objective of this research will be a)To predict who the user of the product is b)The magnitude of future demand c)To determine existing substitutes d)To determine the competitors
Once we formulate the hypothesis we try to prepare a questionnaire on those hypotheses keeping the following things in mind. a)It captures all the questions seeking answers to the critical information as per our hypotheses b)The questions are worded in such a way that correct answers rather than socially acceptable answers are obtained from the subjects c)The questions must be able to uncover even the subconscious preferences of the consumers After the preparation of the questionnaire we determine the suitable sample size so that figures can be extrapolated to arrive at a realistic total future demand.
As soon as the above two steps are complete we start the exercise of collecting data known as primary research by personally contacting the sample size determined above and interviewing them on the prepared questionnaire. Data Analysis and submission of the report:- After the primary research is complete we analyze the data and present the report having answers to the management decision problems.