Primary Research Method
Entering a Japan market, our company, Tesla Motors has decided on using the primary research approaches which is one of the popular market research techniques to obtain the research results that is useful for us. The research area that we are going to concentrate on is the customer in Japan. We will conduct this primary research by formulating a questionnaire as well as face-to-face interview to our respondents. The series of questions in the questionnaire will be created as simple as possible in terms of no double-barreled question, and the language used in our question will be in easy form in order to make sure our precious Japanese respondents are easily ...view middle of the document...
Once the various market opportunities available in Japan market have been identified, it can assists the Tesla Motors’ top-level management in making a better decision to tap into these market opportunities effectively and efficiently ("Market Research Techniques: Primary And Secondary Market Research"). For example, once we identified which age group and gender of Japanese is higher in purchasing power, and it will be easier to decide to sell the Tesla’s premium electric vehicle to this targeted market segment successfully. Assuming Tesla Motors has successfully target the right market, it has not only better serving the customers’ needs and wants, but also the growth opportunities for Tesla Motors in Japan will be increase.
Secondary Research Method
Besides using the primary research approaches on customer, Tesla Motors has also decided on using secondary research approaches which is considered as one of the common research method to gather beneficial information for us. We will use secondary research approaches to gather information about Tesla Motors’ competitors in Japan. The competitors’ profile in Japan will be search out thoroughly by assessing the multiple sources. The multiple sources that we are going to assess are from internal and external sources. We will look for the internal sources such as sales figure, inventory records, balance sheet and also profit and loss statement of competitors in Japan. Besides, the external sources we will seek out by attending the competitors’ keynote, and also accessing the internet which is the most used secondary research source.
Conducting the secondary research on competitor is very important for a foreign company entering into new international market like Tesla Motors entering Japan. Tesla Motors can undergo this research to get a preliminary understanding of Japan electric vehicle market, and what are the strengths and weaknesses of competitors are. This research method is used on analyzing competitor because most of the information can be taken from readily available multiple sources for almost free of charge. For instance, we will pay a visit to the website that has relationship with the competitor as well as monitoring competitors’ social media activities to capture some valuable information. As a result, the valuable information may able to convert into our corporation’s competitive advantage. This can help such a big corporation like Tesla Motors takes a lot of fewer times and save costs.
The competitors of Tesla Motors in rapidly developing industries, especially in the aspect of technology, keep engaged in developing new advanced product (Ingram). However, after using this secondary research approaches on competitor, our company able to gain enormous advantage by learning what the competitors are improving or developing for the next upcoming product release. Once we learn and capture the competitors’ direction in planning for the next upcoming product, it can help our company to...