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Research

Research

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Published by Bharat Tiwari

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Published by: Bharat Tiwari on Jul 16, 2011
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05/12/2014

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PRIMARY RESEARCH

As mentioned in our concept statement previously, we recognized the opportunities we had in the market as far as creativeness with chocolates were concerned and started working on the ideas generated by Manika Tiwari for the sole reason of being able to do what we wanted to. To fill a gap in the market that is still far from any such product and to be able to help the people in need in every way possible. After spending some quality time on brainstorming, we came to a decision to test our potential business because feasibility analysis is critical to assess potential business and its success in the industry. To do so, we needed a focus group to follow up on our brainstorming and understand the responses to our ideas from the customer's perspective. There is no specific age or target group when it comes to gifts and specially chocolates. From a toddler to our oldies, everyone loves chocolates and just can't say no to them. And whats better than having them presented to you in a whole new exciting and creative form? After analyzing the importance and need for our products in all types of age group, we decided to talk to some students personally and ask what they feel about our ideas solely because the young generation these days is highly influential and more accepting and broad minded and most importantly open to new ventures. We created a survey consisting of 9 questions on SURVEY MONKEY and had it passed on to a wide variety of our potential customers in India and in the United States to note the responses from both the areas of launch. And to optimize our results, we conducted our survey during the Valentine's Day weekend to record customer's needs and opinions about our range of gift products better. Firstly, we wanted to analyze product feasibility which is product desirability and demand, so we asked the best choice of gift people make these days for any special occasion such as the Valentine's Day amongst flowers and chocolates, and 50% chose both the options whereas, 69% chose chocolates as a better option. So this gave us the first positive response and the motivation to stick to our ideas involving chocolates. Secondly, we asked if we considered their needs and made a product comprising of both chocolates and flowers, would they buy it and 87% said they would, which clearly indicates a strong demand in the market for our products. Now, for industry feasibility, we researched if there were any such products available in the market or not. Google yields limited results for this search and the products that show up are mostly candy baskets and arrangements and we did not find any product that comprised of chocolate in flowers. Therefore there seems to be a genuine target market attractiveness which was also evident from the user comments in the survey where they were inquisitive about the launch dates,product details, availability and commented our products to be a great option. In the questions that follow, we see that most of the people will probably buy our products for a fair amount of cost price. Most of them would prefer buying them online or in nearby stores. 60 % seemed to have not heard of this idea before which gives us a

We have sufficient resources because this business has been running from Summer 2010 on a small scale as a start up business by Manika Tiwari in India with the help of some very efficient and skillful women which will also provide us the total start up cash needed. etc. Our focus group rated us between 3-5 on a scale of 1-5 with 5 being highest determining our probability of being successful in the industry. Nestle. From the survey we also found the reasons behind their demand for our products which included our products to be a new option. Now we do have a fair amount of competition in the market with big brand names and companies like Cadbury. Godiva. good selections and something they needed. we believe our customers will share our confidence in achieving our target to deliver the best products and our aim to one life has become better by our endless efforts. problem solving. Similar such companies for creative gift solutions or deliveries are doing extremely well due to the growing need of the customers and new trends. Manika Tiwari is currently working as a Sales Consultant in Wipro.very good chance to bring this new idea and spread it around. Lindt. India and shall guide us throughout. and our team in the States to mange the assembly. but we believe they will not be a threat for us mainly because they are pure chocolate companies and we are redefining history by using chocolates to create personalized gifts and bouquets. sales and delivery of products. Moreover. . Overall. convenient. for the organizational feasibility we seem to have enough management prowess with Manika Tiwari handling the manufacturing and production of products in India.

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