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Market Research

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Introduction

Wireless technology has taken the world by storm over the last decade. It is not only beneficial for the growth of the semiconductor and computer industry but it is also beneficial for the electrical and electronics industry. Large hues of wireless electronic devices have come up over the last two decades, with every device having a short life-span. Technology has been getting updated at such a rapid rate that within a short period of time devices are getting obsolete. From wireless phones to wireless computers (laptops) to personal digital assistants, the electronics industry has seen a revolution with the advent of wireless technology. The audio device market has also witnessed this wireless revolution. The wireless audio device industry is constituted by the key product mix which includes sound bars, wireless speakers systems, integrated audio systems, home theater in a box, standalone products, and other peripheral devices including headset, and infotainment devices. The main wireless technologies which enable the functioning of such devices include AirPlay, Bluetooth, and Wi-Fi. The major factors which navigate the growth of wireless audio devices are escalating consumer preference for mobility and the growing popularity of on-demand entertainment services. Also the technological advancement such as mass commercialization, high bit rate are enabling the wireless audio device market to grow with a never seen before rate.
In this project, we try and analyze the key factors which propel the consumer to buy wireless speakers which is a type of wireless audio device. With the help of various marketing research techniques like surveys and focus group discussions we try and list down the most and the least important features which as per the consumer when he/she decides to select a wireless audio device. Also, by interviewing the current users of wireless audio devices namely speakers, we try to examine the key features which are missing in the speakers which are present in the market today. In the end, we give a detailed result in the report where we not only list down the important features which govern the wireless speaker industry, but we also give a recommendation for the positioning of the speaker incase a new company/brand wants to launch its own range of wireless speaker. Problem definition

Management Decision Problem
How should a manager/company segment the market of wireless portable speakers and where should a manager position his new brand of wireless speakers?

Marketing Research Problem 1. What are the most important features which a consumer looks for while deciding to buy a wireless audio speaker? 2. Who are the potential buyers of wireless portable speakers and why will they decide to buy a wireless audio speaker? 3. Create a selling/distribution strategy for wireless portable speakers

Research Questions 1. The proportion of potential buyers and proportion of those who already own a wireless speaker? 2. What is the most important feature one looks for while buying a wireless speaker? 3. Through which medium, would one want to buy a wireless speaker? 4. Age-group wise preferences of features of wireless speakers? 5. Occupation wise preferences of features of wireless speakers?

Research Design

Research Techniques:
During the course of our project we have carried out both primary and secondary research to explore the main factors which an individual looks for when making the buy decision for a wireless speaker.
We have done primary research with the help of: 1. Online Survey: An online survey has been designed and sent across to more than 500 people across different cities. The samples for the survey have been chosen randomly. Mostly people from Indore and big metropolitan cities like Delhi and Kolkata have been asked to fill the online survey. The sample includes people of different age groups (mostly 18-21 and 21-25). The occupation of the people surveyed varies from students in undergraduate level to post graduate students to people working in software and other industries. The snapshot of the questionnaire has been given in the next page. 2. Focused Group Discussions: FGDs have been carried out where multiple sets of group discussions with each set consisting of ………. People mainly from undergraduate and graduate level of IIM Indore have been carried out.
Focused Group Discussion was conducted with 14 people, in two grps of 7 each. They were first asked about their opinion about Bluetooth speakers and whether they used it or not. Majority of them used a Bluetooth speaker and those who didn't were willing to buy one. Secondly when asked about the brand, JBL was the most purchased brand. Also they felt that the Bluetooth speakers offered currently of good quality was heavily priced. They were of the opinion that sound quality and shape of the speakers played an important role in their purchase consideration. When asked about the logo, they said that it looked like a mix of sound cloud and beats. They though liked the colour theme which was black and white. Finally they were affirmative about buying a speaker of a good quality and priced lower than the leading brands like JBL.

Secondary Research
The secondary research primarily deals with trends like change in perception of consumers for portable speakers, increased mobility, growing adoption of smart gadgets are enabling the growth of the wireless audio industry. The portable speakers’ current largest market is Americas, followed by Europe and Asia Pacific region. Asia Pacific region is expected to grow the most and is expected to become the second largest market for portable speakers by 2018. The major market players in India in this market are: Sony (Japan), Creative (Singapore), Logitech (Switzerland), JBL (Herman International, U.S.), Philips (Netherlands).
The market for portable speakers has been segmented along the following parameters:
Market by Technology- The market is segmented on the basis of the technologies used in portable speakers. The technologies include: Bluetooth, Wi-Fi, RF, IR and SKAA.
Market by Geography - The market is segmented into four geographical segments: The Americas: North America and South America, Europe, Asia Pacific: Asia & Australia and Africa.
The primary trends in the portable electronics market are:
High growth in the market- Total revenue of the wireless audio device market is expected to grow at an estimated CAGR of 24.02% from 2013 to 2018 to reach to $13.75 billion by 2018
Shift towards online marketing-E-retail has emerged as a major channel. Players are shifting to online medium to sell their products. For example: Harman launched its JBL GO wireless portable Bluetooth speaker in India, exclusively on Snapdeal, a leading e-commerce website.
Hampering of sales due to high inflation- Sales of consumer electronics including portable speakers have been impacted due to high levels of inflation. Expectations of reduction in prevailing prices have led to postponement of purchase in consumer electronics, the portable speakers segment.
International players continue to dominate the Indian market-All the major players: Sony (Japan), Creative (Singapore), Logitech (Switzerland), JBL (Herman International, U.S.), Philips (Netherlands) are international companies and domestic companies continue to lag behind in terms of market share.
Electronics and appliance specialist retailers continue to be the dominant channel-Electronics and appliance stores remain the preferred channel for Indian consumers. Although, online retail has been registering strong growth, bricks-and-mortar stores have managed to maintain a strong lead. This is mainly due to the limited penetration and reach of online retailing in India. Online retail has grown tremendously but it has been restricted mainly to urban areas. However-retail has helped the domestic players stay competitive by lowering their setup costs and passing on the benefits to consumers.
Consumer electronics is expected to bounce back over the forecast period- The slowdown in the Indian economy witnessed over the recent year is expected to disappear in the future and the increased growth will drive the consumer electronics sales. Thus future outlook for the consumer electronics including the portable speakers segment is expected to be positive.
Expected Outcome
The three main outcomes expected from the results of the research are: 1. Identification of the demand/potential buyers for wireless speakers 2. Identifications of the segments of the wireless speaker market and the most viable positioning for a product. 3. Identification of the key features which propel the buying of wireless audio speakers.

Data Analysis

An exploratory research was done to clarify and find out the basic parameters that need to be gauges and checked to get a proper insight. Our exploratory research is used mainly to find out the preferences that customer have in mind while buying a portable speaker. A brief summary of the questionnaire response is being presented in the section below. Major decision making can be done through these data points. The summary has been presented question wise for easier understanding: - 1. Do you own or used or planning to buy a portable speaker?

Type | Frequency | %age | Already Own | 28 | 43.1% | Used | 15 | 23.1% | Planning to buy | 22 | 33.8% |

2. What brand have you used or own ?

Type | Frequency | %age | JBL | 27 | 41.5% | Logitech | 5 | 7.7% | Sony | 10 | 15.4% | Philips | 8 | 12.3% | Creative | 10 | 15.4% |

3. Rank the following features according to their importance in buying decision

Type | Frequency | %age | Portability | 30 | 46.2% | Battery | 17 | 26.2% | Bluetooth Connectivity | 7 | 10.8% | Design | 9 | 13.8% | Warranty Period | 2 | 3.1% |

4. How important is after sales service for you?

Rating | Frequency | Percentage | 1 | 27 | 41.5% | 2 | 10 | 15.4% | 3 | 11 | 16.9% | 4 | 3 | 4.6% | 5 | 3 | 4.6% | 6 | 1 | 1.5% | 7 | 2 | 3.1% | 8 | 5 | 7.7% | 9 | 2 | 3.1% | 10 | 1 | 1.5% |

5. How important is peer review for you?

Rating | Frequency | Percentage | 1 | 9 | 13.8% | 2 | 18 | 27.7% | 3 | 17 | 26.2% | 4 | 6 | 9.2% | 5 | 6 | 9.2% | 6 | 2 | 3.1% | 7 | 1 | 1.5% | 8 | 3 | 4.6% | 9 | 3 | 4.6% | 10 | 0 | 0% |

6. How much does advertising affect buying decision?

Rating | Frequency | %age | 1 | 5 | 7.7% | 2 | 8 | 12.3% | 3 | 14 | 21.5% | 4 | 12 | 18.5% | 5 | 8 | 12.3% | 6 | 7 | 10.8% | 7 | 5 | 7.7% | 8 | 2 | 3.1% | 9 | 1 | 1.5% | 10 | 3 | 4.6% |

7. How much does the brand matter?

Rating | Frequency | %age | 1 | 14 | 21.5% | 2 | 21 | 32.3% | 3 | 8 | 12.3% | 4 | 10 | 15.4% | 5 | 2 | 3.1% | 6 | 0 | 0% | 7 | 3 | 4.6% | 8 | 3 | 4.6% | 9 | 2 | 3.1% | 10 | 2 | 3.1% |

8. Which one is most important to affect buying decision?

Type | Frequency | %age | Advertisement | 0 | 0% | Promotional offer | 8 | 12.3% | Peer Review | 22 | 33.8% | Service | 18 | 27.7% | Brand | 17 | 26.2% |

9. Where would you prefer to buy a product like Portable Speaker

Type | Frequency | %age | Online | 49 | 75.4% | Brick and Mortar Shop | 16 | 24.6% |

10. Your Age group­

Age | Frequency | % age | Below 16 | 0 | 0% | 16 ­ 20 | 4 | 6.2% | 21­25 | 55 | 84.6% | 26­30 | 6 | 9.2% | Above 30 | 0 | 0% |

Findings/Results Based on the data that we have collected there are some basic conclusion that we can make. They are listed below:- * Portability has been the highest and the most prioritized characteristic that have been considered by customers to make a buying decision. It is followed by battery performance in the preference list. * After sales service and peer review is perceived as a very important attribute affecting buying decision. Advertising also has considerable effect as can be seen from the data * Again Brand image also plays a very vital role in choosing a product like a portable speaker. * An online ecommerce portal is a preferred platform for such transaction. It maybe because the buyers are mostly young and have adapted themselves to the new system of ecommerce. * A good peer review always pushed more than other sources in completing a buying decision.

The basic exploratory research would help us to find out and a pin point actual factor that acts as catalysts for customers while a buying decision is made.

Limitations
Market research may be driven by scientific tools but it has human limitations. A conscious effort has been made so that the process of sampling and analysis is objective but some flaws are bound to sweep in due to limited researcher experience.
Time Constraints
We had to work within a given time frame and balance the requirement for having a broader perspective of customer needs and preferences to complete our project work.
Sample
The online survey was shared with more than 67 people across cities. A sample of 67 was chosen at random to perform analysis. Focus Group Discussion was carried out with 15 people.
Questionnaire
The questionnaire design was kept simple and objective. However, we did realize later that some questions should have provided more alternatives (such as others). Also, we could have included a few more questions related to features since that was one of the main objectives of our study.
Focused Group Discussion
Since the FGD was conducted on a homogeneous set of people (IIM-Indore Students), it might lead to biased opinions and not provide a good representation of the entire population. The discussion became influenced by one or two dominant people and it was difficult to encourage others to speak their individual viewpoints.
References:

1. Euromonitor International: Consumer Electronics in India Report http://www.euromonitor.com/consumer-electronics-in-india/report 2. Wireless Audio Device Market By Products (Speakers, Headphones, Sound-Bars & Microphones), Technology (Bluetooth, Airplay, SKAA, & Wi-Fi), Application (Home, Consumer, Commercial, Automotive & Defense) - Global Forecast & Analysis (2013 - 2018) http://www.prnewswire.com/news-releases/wireless-audio-device-market-by-products-speakers-headphones-sound-bars--microphonestechnology-bluetooth-airplay-skaa--wi-fi-application-home-consumer-commercial-automotive--defense---global-forecast--analysis-232497141.html 3. Electronics Industry in India - Corporate Catalyst India www.cci.in/pdfs/surveys-reports/Electronics-Industry-in-India.pdf 4. Digit Magazine: http://www.digit.in/audio-video/creative-launches-the-sound-blaster-roar-portable-bluetooth-speaker-in-india-25152.html

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