Business Decision Making Essay Example | Topics and Well Written Essays - 4250 words

Business Decision Making - Essay Example However, the introduction of internet made it necessary for technology companies to design products which would help people to access this vast space of information. That is when these companies came up with innovations such as smart phones and tablets. Since then the number of people using these products have sky rocketed. With the use of these products people have also craved for other peripherals such as Bluetooth speakers, external headphones, wired speakers, Bluetooth microphones and so on and so forth. It is with regards to these requirements that our company is endeavouring to introduce a Bluetooth enabled speaker which has unmatched quality of sound output and also comes at a very low price. This product is set to compete with the likes of products manufactured by Sony, JBL and Sennheiser. The underlying rationale of this market research plan is to learn about needs and requirements of the target audience. This will help the company’s managers to have a holistic view of the market as well as learn about the expectations of its target market. Moreover the analysts will also be able to make an estimation of the price that should be placed for this particular product. The objective of this market research is to conduct a detailed study of the target market (tablet users in UK) which in turn will help the organizational managers to understand the factors that will serve as a key determinant of the product’s success. In order to conduct this research in an appropriate manner, a mix method approach needs to be adopted where the researcher will be conducting surveys as well as interviews with households in the UK. The higher income households will be interviewed while the households within the lower income range will be included within the survey. The underlying reason behind the application of a mixed method approach is to have a holistic view of the issues that is being researcher. It will enable the researcher to have an in-depth idea about the needs