Quarter 2 Market Research Summary
In our market research we were given a lot of data related to customer needs, market size, willingness to pay, and compensation. In this document I’ll provide the most important data we used to make our decision. It’s important to note the 2 markets Apex decided to initially target were the Traveler and Workhorse category.
Plant/office location analysis
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Using the data we found that it would be best to open our sales centers in America and Asia to gain maximum market share per dollar.
Combined with the shipping information above were our two main selling points of opening a plant in the APAC area. On the shipping costs chart, our shipping costs are roughly $25 dollars less than any other region.
Industry Average Compensation for Factory Workers |
Region | Salary | Health Benefits | Vacation | Pension | Total Yearly Cost |
NORAM | 16,000 | 1,600 | 415 | 1,440 | 19,455 |
MEA | 12,000 | 1,200 | 666 | 1,320 | 15,186 |
LATAM | 11,000 | 1,100 | 285 | 440 | 12,825 |
EUROPE | 17,000 | 2,550 | 944 | 2,210 | 22,704 |
APAC | 14,000 | 1,400 | 363 | 980 | 16,743 |
Our team drew two main conclusions from our factory worker compensation data. First this information further confirmed our theory that it was wise to not enter the European market. Europe was fairly strong in the workhorse market with around 4,700 potential customers. Secondly, Apex plans to eventually move away from the workhorse market and found that having a physical presence and focusing on NORAM would be a better choice.