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FSAE Group Presentation Market Research

Marketing Research Final
by

Alison Thomas

on 21 April 2013

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Transcript of FSAE Group Presentation Market Research

FSAE MARKET RESEARCH CONCLUSION FINDINGS COLLECTION METHOD PURPOSE RESEARCH DESIGN #2 The Apathetic Consumer #3 The Casual Autocrosser DATA ANALYSIS IMPLICATIONS RECOMMENDATIONS "Learn about the consumer's preference for design features in racing cars that could be built and raced by amateurs" Identify: TARGET MARKET Who will buy the product? FSAE MARKET RESEARCH Alison Thomas
Luke Thomas
Emma Wilson
Michael Connors
Tyler Thayer BUA 387, Daniel What are they looking for? What are their needs? Analyze the Trade-Offs Key Dimensions: Price
Engine Size
Fuel Economy Handing
Weight
Construction Questionnaire: We designed an in-depth web administered survey aimed at determining what is important in an autocross car, what they are looking for, and most importantly, who they are Sample: 63 respondents Cumberland Motor Club NE Region Sports Car
Club of America Other racing and autocross
participants "Turning Data into Information" Toolbox: SPSS The results of the survey are sent into the data analysis program SPSS
Helps to identify relationships between the consumer's trade-offs
Helps draw an accurate picture of the target market We want to know the trade-offs people make between the features and prices of the race car so we know what is important to them. (Non-Random) #1 The Mechanic Value for the money They're looking for a project Fuel and suspension systems are important Almost 75% are married Has no preferences when it comes to factors of the car 100% are married Place great importance on frame and body material Want the kit easy to assemble Concerned about the car's handling 55% are married What did we learn? Not Concerned about the cost What Does this Mean for FSAE? Start Small but look Globally
Create Marketing Message to Cluster #1 (The Mechanic)
Test the Market (Pre-orders)
Finally, focus on understanding the market/consumer (Further Research in Global Market) FINDINGS Importance of Ease of Assembly
Importance of low Price
Importance of Good Value for the Money
Importance of Frame and Body Material
Importance of Fuel and Suspension System
Importance of Handling
Importance of Braking and Tires FINDINGS FINDINGS CONCLUSION (Market Structure/Composition) #1: The Mechanic: 20.8% of sample #2: The Apathetic Consumer: 55.4% of sample #3: The Casual Autocrosser: 23.8% of sample Importance of Ease of Assembly
Importance of low Price
Importance of Good Value for the Money
Importance of Frame and Body Material
Importance of Fuel and Suspension System
Importance of Handling
Importance of Braking and Tires Importance Ratings Cluster #1 Cluster #2 Cluster #3 Ease of Assembly Good Value Fuel and Suspension Frame and Body Handling Good value for money, fuel and suspension Assembly, frame and body material, handling, braking Ease of Assembly, frame and body, handling Frame and body material, fuel and suspension system, handling, braking and Tires Good value for Money, braking and tires Target Market: The Mechanic
Niche Market so GO GLOBAL
Autocross is very broad activity
Focus is Critical Questions....? (Ease of Assembly) Importance of Ease of Assembly
Importance of Frame and Body Material
Importance of Handling Importance of Good Value for the Money
Importance of Fuel and Suspension System CLUSTER DISTRIBUTION CLUSTER #1 CLUSTER #3 CLUSTER #2 20.8% 55.4% 23.8% FINDINGS Questionnaire Purchase Results Definitely Will Not Probably Will Not Might or Might Not Probably Will 14% 36% 39% 11% FINDINGS Mean Purchase Intent Questionnaire Questionnaire Questionnaire Will Not Probably Not Might or Might Not Definitely Will Probably Will Purchase Intent Purchase Intent Method Purchase Intent Method Importance Ratings Importance Ratings By Importance Ratings
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