Melodies - BTech Business Product Case Study

During my BTech Business class, I decided to conduct market research on earphones, as I was a passionate consumer of them at the time. My goal was to create a product that could compete with the existing earphone products on the market.

Defining the Issue

My research is focused on investigating the potential market for my technology product. To gain a competitive edge, I plan to analyse my competitors' success and adapt accordingly. By studying the ideal price range, design preferences, and popular colours of my target audience, I aim to create a desirable product. Additionally, I will research various marketing techniques to discover how best to attract customers to my product. Overall, my goal is to create a successful and appealing technology product that fills a gap in the market.

Primary Research

I conducted primary research for my BTech Business class using a questionnaire with 17 participants, including a representative from each age group.

Based on my research, it appears that a significant portion of my participants (65%) are comfortable purchasing earphones or headphones within the £0-£20.99 price range, indicating that they may prioritise cost over quality. 

As a result, I will focus on improving the durability of my product to increase its perceived value in the hopes of convincing my target audience to spend more on it.

Survey Questions

1. Gender?

2. Age?

3. Do you use earphones/headphones?

4. Which device do you use earphones/headphones on?

5. How often do you use earphones/headphones in a week?

6. Are you loyal to any earphones/headphones brand?

7. Are you concerned by the style of your earphones/headphones?

8. How much are you willing to spend on earphones/headphones?

9. How many times do you buy earphones/headphones?

Nearly half of my participants  were loyal to Apple earphones. This suggests that this brand will be one of my competitors. As some customers stay loyal to brands. For this reason, I want to try to reinforce my brand and demonstrate to potential customers and investors that my brand can be reliable and successful.

Participants mostly used earphones on their phones (71%), suggesting I should market my product on mobile apps. The majority of participants were earphone users, indicating a potential customer base for my product. Apple earphones were the most popular brand among participants, suggesting they will be a competitor. 

Overall, using a questionnaire allowed me to produce qualitative results that were easy to plot, helping me understand the views of my participants and plan accordingly. But, the sample was low so not representative of a large audience.

Secondary Research

I believe that using online sources for secondary research is beneficial due to its convenience, even though I am unsure about their credibility. I came across two articles, one from What Tech and the other from Grand View Research, which both assert that the earphones and headphones market has grown because of the advancements in technology and the popularity of portable devices. 

This information presents an opportunity for my business to stand out by being innovative and having a unique selling point. Although the Grand View Research article only pertains to the American market, I still consider it to be a dependable source. The fact that the two sources have similar findings adds credibility to my research.

Sources

https://www.whatech.com/market-research/consumer/89365-research-report-explores-the-earphones-and-headphones-market

http://www.grandviewresearch.com/industry-analysis/earphone-and-headphone-market

Conclusion

From this research, I can conclude that the technology market is going to be very prosperous. My research suggests that I might struggle to establish my brand since many businesses would want a piece of the pie. 

However, my product has a unique selling point that will encourage people to buy from my brand. From my findings the result suggests that headphones and earphones are becoming necessities for my target audiences.

Since my business operates mainly online, I aim to get into a partnership with Carphone Warehouse to sell my product in physical shops. I hope to do this to properly target several audiences. The research suggests that I need to explore more aspects of the technology market to better understand the wants and needs of my target audience.

Overall, from this research, I can infer that my business can become a great success with the right marketing and the interest of an audience. I hope to use this information in the report to produce a product that people will want.