Retrak Market Research Essay

Topics: Preference, Electronics, Power cord Pages: 13 (3635 words) Published: December 18, 2012
Retrak Market Research and Recommendation

12 December 2012

Table of Contents
Title Page 1. Executive Summary
2. Marketing Objective
3. Survey Execution
4. Data
5. Data Analysis
6. Recommendation
7. Sample Survey
8. Graphs and Data

Executive Summary

This report contains Group 7’s research and analysis of ReTrak, a retractable electronics company that started in 2004. Retrak sells over 150 innovative retractable products that offer “true mobility.”

Before any data was collected, the group came together and discussed some problems. One problem that the group strongly agreed on was that people do not understand the added value of retractable products and therefore did not purchase them.

With the main objective of identifying the added value of retractable products to the consumer, a survey was created, given to subjects, and responses analyzed. Each member of our group accumulated 20 surveys. The survey consisted of a variety of open and close ended questions to gain insight into consumer preferences of retractable versus straight cords. The information was gathered, coded, and analyzed. Microsoft Excel was primarily used to analyze data. Graphs and charts were used to identify trends in the data. Our main method of data analysis was cross tabulation. The recommendations for the target, product, and marketing were based on the descriptive and inferential data. The sample size was limited and mostly convenience sampling was used, therefore, educated inferences were made based on the responses given on the survey.

The Research Objective
The primary research objective was to identify if consumers understand the added value of retractable products for their electronics. Our group designed our survey to identify the following. · Identify consumer knowledge and preferences on retractable versus straight cords · Gain insight into consumer preferences of retractable versus straight cords · Identify correlation between any key attributes and the data · Explore consumer knowledge of ReTrak products

The questionnaire was designed to gain insight into the added value of retractable products. We compiled a final survey of 16 questions, including 1 ranking question, 7 binary close-ended, 1 polytomous close-ended, 4 open-ended, 2 multi response and 1 rating. 100 subjects were interviewed, a mix of students and non-students, all over the age of 18. Closed multi-response questions were utilized to increase the speed of the survey for the subject. Several open-ended questions were used to gain unique and specific preferences from the consumers. The survey flow began with consumer knowledge and preference on electronic products and retractable cords, then to knowledge of ReTrak, and ended with consumer demographics.

Once the survey was designed, it was pre-tested by UTD Market Research students and then finalized. The following guidelines were used to survey subjects. · A total of 100 surveys were completed for data analysis · Paper surveys were handed out to subjects

· Sample various ReTrak products were handed to subjects

Descriptive Statistics

Of the 100 surveys that were completed, 54 of the participants were female and 46 of the participants were male. The age groups that were identified in the survey was 18-29 years old (63% of respondents), 30-39 years old (14%), 40-49 years old (13%), and 50+ years old (10%). The number of respondents that were employed was 72, and the number of respondents that were currently unemployed was 28. Even though the primary age demographic was between 18-29 years of age, it was still possible to get an even number of students (57) and non-students (43) to participate in the survey. A question that was asked to the survey participants was to...
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