Market Research in Business free essay sample

Bubble tea is originated in tea shops in Taiwan during the 1980s, which consist of pearl milk tea and other similar tea and juice beverages. The tea and the flavoring was shaken vigorously to produced frothy bubbles in the beverage. Bubble tea begins its international recognition spreading from Taiwan to other Asian countries before travelling to North America via the Asian community in Vancouver and the West Coast. Now bubble tea can be found across the country. The competition of bubble tea is very stiff in Singapore due to the ease of entry as starting capital, labor and equipment cost are low, specialized knowledge is also not really required. There we can find bubble tea shops everywhere from shopping malls to housing estates. Apart from the famous bubble tea brandings like Sweet talk and KOI, there are still many other small ones, and with the presence of so many bubble tea brandings and choices, none of them is large enough to dominate the industry. We will write a custom essay sample on Market Research in Business or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page With the high level of competition, more ideas to improve business is needed from advertising, promotions to other services. As of today, one of the services provided by a few bubble tea companies will be deliveries. And according to our background research, many of these delivery services are made with requirements of minimum purchase or within their range of service. Therefore, our client is now considering the possibility of enhancing the service in targeting households. This will be classified under existing products; new markets under the Strategic Framework For Market Research In Business Expansion as show in figure 1. 1 Figure 1. 1 Strategic Framework For Market Research In Business Expansion [pic] Aims and Objectives The overall aim of the study is to measure the profitability of delivering bubble teas to household. The three specific objectives include; ) To examine how popular bubble teas are needed in household settings 2) To identify attitudes of our clients delivery service and their competitors 3) To identify how our clients delivery service can adapt to customers needs Below are the further details under each objectives 1) To examine how popular bubble teas are needed in household settings This objective will look into the need of bubble teas in household. It will establish on the frequency of households consuming bubble teas and the number of cups of bubble teas that are consumed each week. It will also look at on what occasions or celebrations will bubble teas be more welcomed. Most importantly this objective will also attempt to identify what should constitutes the target audience. 2) To identify attitudes of our clients delivery service and their competitors This objective will look into which group of households are more likely to consume bubble teas. Under this objective, it will give an indication of what type of bubble teas are usually preferred and how much more will they be willing to pay for delivering services. It will also establish what other bubble teas delivery services from competitors are they aware of in order to prompt awareness for our client. 3) To identify how our clients delivery service can adapt to customers needs The last objective will look into the need of our clients customers and potential customers, what are their needs and expectations regarding the deliveries of bubbles teas to their house and what our client can do in order to achieve higher level of customers satisfaction.