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Nike Fuelband Market Study Essay

3065 words - 13 pages

Nike Fuelband Bracelet and its market shares in
Moscow Region

Table of content

Executive summary………………………………………………….....................................3

Introduction & Methodology…………………………………......................................5

Part 1. Situational analysis (analysis of secondary data)………………………........7

Part 2. Qualitative data analysis.………………………………..................................12

Part 3. Analysis of the survey (experiments)................................................16

Conclusions on Data Analysis........................................................................16

Part 3. ...view middle of the document...

Thus a quantitative research will take place as well because we need information such as market size for instance. Let us add that this research is not a costly research and we don’t want to do promotion through it. That is why we will not use any sample of the product or any kind of product to give to our respondents.
The research focuses on increases the information available to for the company.
Going through more details, the research methodology will contain first a focus group of 6 persons. Moreover, the main part will be a questionnaire of 15 questions regarding our bracelet, the needs of the customer, the competitors and other. The survey is organized online in a first part and in a second part by personal interview. For the online survey, we used the tool Monkey Survey and ask women and men from 24 to 35 doing sport and with middle-high incomes. On the other hand, we took the same target audience for the personal interview and we realized it directly in a sport club where people use to swim and workout.
       
The questions focus on why people use our product, or why they use another product. Also basic information on their personal objectives with this a sport bracelet and about them are asked. Finally, we wanted to know how much money are they willing to pay for a bracelet. And finally we asked people by using photos and screenshot of the application of the Nike Fuelband bracelet what do they think about it. We wanted to let a maximum freedom to the respond in their answer so that we can have a lot of qualitative information that make us know better our clients and manage to differentiate our product from the competitors’ ones. Let us add that our main competitors on this market are FitBit and Jawbone.
        We can then highlight the main results of the study. First of all it was a bit difficult to find our target audience because not every person that practice sport uses a bracelet. From people using bracelet, the majority of them knows the Nike Fuel Band but they use FitBit or Jawbone or a watch. This observation seems to be normal since these brands have the majority of the market shares.  
        The first observation we have made is that our product is a bit too expensive; indeed it is a little bit more expensive than our competitors. The second big problem is the appearance of the bracelet. Most of respondents find our bracelet nice to do sport but not wearable in everyday life.


Moreover we earned a lot of data regarding our customers. Firstly they use a bracelet to for losing weight and also for health issues. People using bracelets are mostly people going to a gym center or practicing running. The majority of them do sports 1 or 2 times a week. But the most important thing we learnt is that people are willing to pay less than 100 dollars, it means less than 6 800 rubles. Finally, our open question made us understand that they also want to be motivated by the product because the reason why they buy a bracelet is...

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