Marketing Research Report for ABC Company Ltd.

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March 29, 2024

Marketing Research Report for ABC Company Ltd.

Part One

ABC Company Ltd contracted our firm to carry out a market research to inform a planned expansion into the United States (US) market, specifically the State of Hawaii. ABC Company has been in operation in the Canadian market for five years and deals in the production of a wide range of beauty products, from haircare, to lip care, make up, skin care, eye care, and chemical exfoliation. Having successfully created a strong customer base and market niche among quality-sensitive customers in Canada, the company wishes to expand into the US as part of its ten-year growth plan. The problem is that ABCs top leadership is not sure that Hawaii would offer a feasible market for its products and what marketing strategies to use to ensure effective penetration. The research sought to help the company identify the most appropriate marketing strategy given the target markets demographic profile, tastes, and preferences.

The research focused on four elements of the marketing mix: product, price, place, and promotion. The general objective was to identify the most appropriate marketing strategy for the companys products in the Hawaiian market. The specific objectives were tied to the four elements of the marketing mix: i) To determine the most commonly consumed beauty products in the target market, ii) to identify feasible pricing strategies for the target market, iii) to determine where Hawaiian customers purchase their beauty products; and iv) to identify the most preferred advertising strategies among Hawaiian customers. The subsequent sections of this report outline the research design employed, the sampling procedures, the data collection methods, data analysis techniques, research findings, and policy recommendations.

Part Two

Hawaiis Demographic Profile

Demographics are a crucial determinant of business strategy and success. They dictate fundamental business factors, including the nature of promotion factors, product packaging, and pricing (Babin et al., 2020). When a companys marketing strategy aligns with the markets demographics, sales are likely to increase (Babin et al., 2020). Data from the United States (US) Census Bureau places the total population in Hawaii at 1.4 million as at July 2022, where females comprise 49 percent of the population (US Census Bureau, 2022). The population is dominated by Asians, who make up 40 percent, followed by whites at 25 percent, and Pacific Islanders at 10.3 percent (US census Bureau, 2022). Approximately 55 percent of the population is aged between 18 and 64, and 92 percent are high school graduates, out of whom 34 percent are holders of a bachelors degree or higher qualification. In regard to income, data shows that only 10 percent of the population lives in poverty and the median household income stands at $98,414, which is significantly higher than the $74,580 national average (Guzman & Collar, 2023). Over 90 percent of households own a computer and 89 percent have internet access (US Census Bureau, 2022). At a glance, Hawaii provides a relatively attractive market for ABCs products, which mainly target middle-aged customers who focus on looking good and are willing to pay a premium for quality beauty products.

Research Design

The research design outlines the plan of action for the research (Babin et al., 2020). The research adopted a descriptive research design, whose main focus is describing phenomena as they are, without establishing cause-and-effect relationships (Babin et al., 2020). Descriptive research designs are appropriate when the researchers aim is to answer questions around who, where, when, and what, and not to determine why phenomena are the way they are (Babin et al., 2020). The aim of...

Figure 5

Interpretation: The figure on the left shows that most Hawaiian customers (69.5%) prefer to purchase their beauty products from cosmetic shops, as compared to only 18.8 percent who purchase from retail outlets such as Walmart. A possible reason is that cosmetic shops often have brand ambassadors who offer advice to customers, helping them make effective purchase decisions. The figure on the right provides a view of the most preferred advertising platforms for beauty products among Hawaiian customers. The findings show that most customers learn about their beauty products via social media, word of mouth referrals from friends and relatives, and print media, particularly newspapers and magazines.

Recommendations: ABC could maximize sales in the Hawaiian market by partnering with popular cosmetic shops to supply its products. The company could also hire brand ambassadors in these cosmetic shops to promote ABC products among visiting customers. Further, ABC should invet most of its resources in social media ads, and advertising in popular fashion magazines. Reward programs that offer rewards to customers to encourage them to refer others to purchase ABC products would also be an effective way to market the products and help the company gain market share in Hawaii.

Part Three

This report makes use of three fundamental principles: simplicity, comprehensiveness, and objectivity. Simplicity was ensured by presenting the research findings in the form of tables and graphs that are easy to understand and interpret. Comprehensiveness was ensured by including all necessary content the company needs to know to guide its decision-making. As part of enhancing comprehensiveness, the report covered the target market demographic characteristics and all four elements of the marketing mix to ensure the company is adequately informed in its marketing strategy. Finally, objectivity was ensured by including in the report all the objectives…