Biotech industry is dynamic in nature and has several companies globally. Furthermore, there are new products being developed in the industry that are new in the global economic environment. However, several people are not aware of the products from this industry. Moreover, the industry is still growing and is among new industries to be developed and is growing at a rapid speed.
This is a marketing research proposal on biotech industry products. It highlights methodology to be used, methods of data collection to be applied in the research study, objectives of the proposed research, expected findings and research limitations.
Biotechnology is a biological field of specialization involving use of bioprocesses and living organisms in technology, engineering and medicine among other fields that require bio products. Biotechnology utilizes bio products in manufacturing processes. Biotechnology involves modification of living organisms or bio to suit the changing needs of human beings. Generally, biotechnology uses technical and scientific advances in developing commercial products.
There are several advances that have been developed in the biotechnology industry but still require more research, for instance, test tube babies among others. The United States is considered to be the highest consumer of biotech products in the globe. The research based on biotechnology industry provides an opportunity to a student to demonstrate application of his/her knowledge, skill and competencies required during the technical session.
Research also helps a student to devote his/her skill to analyze a problem and suggest alternative solutions, to evaluate them and to provide feasible recommendations on the provided data. This research proposal can be useful for companies that opt to enter the biotechnology industry, and it can also serve as an information resource in the industry. This is a marketing research proposal on biotechnology industry.
Problem definition or statement
Which factors influence consumers’ decision on purchasing bio products in the United States?
The overall objective of the proposal is determination of consumers’ attitude towards use of biotech products in the United States and entire globe. However, the objective is further subdivided into sub-objectives listed below:
To determine uses of biotech products.
To determine biotech products that consumers prefer.
To determine why consumers prefer biotech products in the United States.
Determination of biotech products’ promotional platforms (Nelson 31).
The objectives have been detailed below.
Determination of uses of biotech products in the United States
This objective seeks to trace arrival of biotech products in homes or domestic setting, how they are consumed or disposed after use. It will help in estimation of households that purchase biotech products and the products that are mainly purchased by consumers in the United States. It highlights the current uses of biotech products, and it will also identify the constituents of the target group (Nelson 33).
Determination of biotech products preferred mostly by consumers
This objective will help in identification of consumers that mainly prefer biotech products and the respective products that they prefer. It will also assist in determination or estimation of the quantities that can be purchased, and prices at which most buyers are willing to purchase the respective products (Nelson 32).
Determination of biotech products’ promotional platform
This objective will assists in determination of the brand segment that is appealing. This proposal will have three stages, for instance, inspection of existing sources. Secondly, qualitative research, which assists in designing the questionnaire will be used in the third stage of the research proposal. Finally, the third stage will be designing the questionnaire and its use in collection of primary data (Nelson 34).
This section focuses on the research methodology of the study and the theory of research design in detail. There are different types of research methodologies that can be used in research methods, for instance, qualitative or quantitative. Choice of the research method to use in research depends with the subject matter or topic and nature of the study and intended data to be collected among other statistical characteristics or features.
Furthermore, the research should be designed in such a way that the study topic is effectively and adequately addressed. The data collection method should also be reliable depending on the nature of the study and required data. There are two types of data collection methods, for instance, primary and secondary data collection methods (Mouse 63).
Considering nature of biotechnology industry, the research should apply both qualitative and quantitative research methods. Application of both research methods will enable effective and adequate research on the study topic considering the dynamic nature of biotechnology industry.
Moreover, the data collection methods should be both primary and secondary data collection methods. Data required for this research should be obtained from primary sources and secondary sources to enable comparison of the obtained data with past research on the industry because there are similar researches that have been conducted in the past. This will also ensure that the results are realistic and reliable (Sharon 33).
Secondary sources search will be conducted with an aim of refining objectives and provision of enquiry lines for the subsequent stage of the research. This stage of research will assist in evaluation of biotech products use in the United States over the past ten years. This stage will also be useful and important because it will require identification of competing products and useful information about them.
This will be important in determination of the closest competitors, their weaknesses and strengths and how to effectively approach the market despite their influence or strength in the respective market. There are several objectives of this stage of the research though its main objective is comparison and evaluation of the market trend over the past years (Nelson 32).
How many consumers prefer and or use biotech products?
What kind of biotech products do consumers use?
What are the uses of biotech products currently?
What are the current prices of the biotech products?
What are the packaging used?
What are the promotions used currently?
Who are the target audience?
The desk search should begin internally with the respective company in the industry producing biotech products and supplying the United States being the leading consumer of biotech products globally. Personnel who have access to internal records of the company should be consulted to enhance better understanding of the respective organization or company.
Internal personnel should be briefed on the requirements of the research, and this can be effectively achieved after three consecutive meetings with the company’s personnel. Sales team must be part of the personnel being briefed since the research is directly concerned with their interest and purpose in the respective organization.
There are several internal reports that should be accessed to enable effectiveness of the research. They include any complaints received by the organization, buying patterns in the respective region, customers’ correspondence, and domestic marketplace records among others. These records will be useful in determination of a likely marketplace and indicate weaknesses and strengths that will be helpful and useful in segmentation (Uche 75).
External search will also be useful in the research process. Obtaining and analyzing existing assessments of market by other companies in the respective industry is also useful and important. Relevant associations dealing with trade should be contacted, and an inspection of published research on use and purchase of biotech products in the market should be conducted.
Promotional and advertising materials portfolio should be based on the competition prevailing in the respective industry. This will be useful in choice of materials that will enable effective exploration of promotional platforms (Lenox 56).
There are certain explanatory aspects of the research study objectives, and this requires detailed qualitative information. Therefore, the research should be designed in such a way that it enhances better understanding and exploration of potential customers’ attitudes towards the products. This can only be achieved if the designed research is focused on nature. However, widespread attitudes of customers will be effectively and adequately measured by quantitative research. The qualitative research has the following objectives:
Determination of biotech products that consumers are aware of.
Whether consumers are ready to pay more for the biotech products.
The quantities that consumers are likely to purchase.
The groups of consumers that is most likely to use the biotech products.
Current use of biotech products (McCarthy 67).
Sampling and population
I would like to propose composition of four groups with different profiles to avoid confusion, for instance:
Group 1Group 2Group 3Group 4
South ABC1South C2DENorth C2DEEast ABC1