Market Research for an innovative new product in the field of water technology (floor drain)
Does a floor drain with integrated backflow protection have a chance of success in the competitive Swiss market? How is the saturation level of the market and who are the competitors? An extensive market research for an idea in the field of water technology has been carried out.
Selin Karatay & Fikrete Racipi & Enis Sejdi & Carole Tobler, 2022
Projektarbeit/Praxisprojekt, Lasso Technik AG
Betreuende Dozierende: Stefan Gürtler
Keywords: Market Research, Water Technology, Innovation
The company stands for high-quality products and has profound knowledge as well as experience in water technology. It wants to evaluate whether a floor drain with the characteristics of a backwater protection system can compete with the products of competitors. The product provides protection against flooding during high water, against insects and amphibians entering pipelines, and prevents odors from the sewage system. The customers are plumbers, distributors and construction companies. The results of the analysis are relevant for the company in order to grow economically in the Swiss market.
In order to answer questions such as “What are the requirements for a floor drain with integrated backflow protection?”, qualitative interviews and surveys with experts were conducted. Once the competitors were recognized, the Value-Benefit Analysis (VBA) of competitor’s products was applied. In order to position the company in the Swiss market, the Market Volume, Market Share, Market Potential, and Saturation Level were investigated. By applying the theory of Marketing-Mix, a specific solution regarding the development of the new product can be suggested.
According to the market research, a potential floor drain in combination with characteristics of a backwater protection system, has a substantial market potential, with 14.29% of the developers and property owners polled indicating a readiness to buy the product. The potential market volume is determined to be 49,314 units, whereas the quantity-oriented market share of the company is 1.6%. The main findings of the competitor analysis are that three competitors already sell a similar product as the company plans to develop. The VBA combined with the Marketing-Mix, resulted in company’s first requirement to lower the price of the new innovative product in order to increase the products’ competitiveness with other similar goods on the market. Second, in order to ease the access for customers for products, the company may consider extending the distribution channel such as inclusion of additional merchants or online marketplaces. Third, sales can be increased by implementing promotional activities or discounts to attract more clients. Finally, the company should consider adding customer testimonials or reviews which might assist in establishing credibility and trust with new clients.
Studiengang: Business Administration International Management (Bachelor)
Fachbereich der Arbeit: