Intro
Market research is an essential component in every business. A properly conducted market research results can provide companies with important information regarding customers, products, services, trends and competitors. Hobby R Us will be lunching a new product for the company called the “Airbender”. The Airbender is Hobby R Us version of the Hoverboard which is a two wheel self balancing board. The Airbender design is similar to an electric scooter without the handle bars that gives rides the sensation of lavation. This self balancing scooter are changing the game of personal transportation they are the new hottest trend in recreational activities for the younger generation. Hobby R Us is conducting a market research report to identify …show more content…
The market for Hoverboard is anticipated to grow at a brisk pace during the next five years backed by continuous product improvisation inculcated by global hoverboard manufacturers. Another factor supporting the upsurge in demand is expected growth in business applications of hoverboards which is expected to propel its demand over the next five years. Moreover, expected evolution of favourable policy and regulatory framework for the use of hoverboard across different countries is anticipated to fuel the market growth”(http://news.sys-con.com/node/3892710 ). According to “market statistics, the United States ' sale count for hoverboards totaled up to 2,578,000 units in 2015, with the sales revenue for that year being $997,600,000. Experts at Floating Board believe that 2016 can be an even bigger year for hoverboards if there are some innovations made to the previously sold models” (http://www.prnewswire.com/news-releases/floating-board-announces-new-line-of-fast-charging-hoverboards-300302321.html). When looking at secondary research, it revealed that our competitors Hoverboard product has safety and performance issues that violated the US.S. Consumer Safety regulations. Spokesperson Patty Davis for the U.S. Consumer Product …show more content…
Given that evidence show that are many different companies selling products that is similar to ours. Hobby R Us biggest concern is selling a product that is affordable, enjoyable and safe to ride. The primary research in this study consist of consumer survey, and a field observation. Hobby R Us surveys and field observation will be conducted in person at the cities Fairground event. The research gathered will be collected, organized and utilized to help the company determine the cost and design features. Hobby R Us survey consist of 10 questions that will be analyzed to help the company identify the key factors that matters most to potential customers. To better understand our target market in the recreational sector the survey will focus on the markets, demographic and psychographics behavior of the target market, in regards of selling our product. In addition to utilizing the survey Hobby R Us will also conducted a field observation. The field observation will is an important part of our research method because it will provide information on how individuals react to the new
Market research is an essential component in every business. A properly conducted market research results can provide companies with important information regarding customers, products, services, trends and competitors. Hobby R Us will be lunching a new product for the company called the “Airbender”. The Airbender is Hobby R Us version of the Hoverboard which is a two wheel self balancing board. The Airbender design is similar to an electric scooter without the handle bars that gives rides the sensation of lavation. This self balancing scooter are changing the game of personal transportation they are the new hottest trend in recreational activities for the younger generation. Hobby R Us is conducting a market research report to identify …show more content…
The market for Hoverboard is anticipated to grow at a brisk pace during the next five years backed by continuous product improvisation inculcated by global hoverboard manufacturers. Another factor supporting the upsurge in demand is expected growth in business applications of hoverboards which is expected to propel its demand over the next five years. Moreover, expected evolution of favourable policy and regulatory framework for the use of hoverboard across different countries is anticipated to fuel the market growth”(http://news.sys-con.com/node/3892710 ). According to “market statistics, the United States ' sale count for hoverboards totaled up to 2,578,000 units in 2015, with the sales revenue for that year being $997,600,000. Experts at Floating Board believe that 2016 can be an even bigger year for hoverboards if there are some innovations made to the previously sold models” (http://www.prnewswire.com/news-releases/floating-board-announces-new-line-of-fast-charging-hoverboards-300302321.html). When looking at secondary research, it revealed that our competitors Hoverboard product has safety and performance issues that violated the US.S. Consumer Safety regulations. Spokesperson Patty Davis for the U.S. Consumer Product …show more content…
Given that evidence show that are many different companies selling products that is similar to ours. Hobby R Us biggest concern is selling a product that is affordable, enjoyable and safe to ride. The primary research in this study consist of consumer survey, and a field observation. Hobby R Us surveys and field observation will be conducted in person at the cities Fairground event. The research gathered will be collected, organized and utilized to help the company determine the cost and design features. Hobby R Us survey consist of 10 questions that will be analyzed to help the company identify the key factors that matters most to potential customers. To better understand our target market in the recreational sector the survey will focus on the markets, demographic and psychographics behavior of the target market, in regards of selling our product. In addition to utilizing the survey Hobby R Us will also conducted a field observation. The field observation will is an important part of our research method because it will provide information on how individuals react to the new