Increasing investments in research and development have led to the creation of new products. Floor coatings are among them, and they are expected to drive the growth of safe constructions. Hospitality and other service industries such as schools and hospitals are keen on branding, and consumers expect a high level of aesthetic and safety. They require safe and comfortable flooring achieving a balance between durability and style. Unlike in retail environments, schools and hotels should provide an inviting experience. Therefore, their flooring selection has a significant impact on cleanliness and safety. SpotOn manufacturers should conduct a critical analysis of the market to identify the right consumers for their products. They should gather and evaluate information on various variables of interest to enable them to test hypotheses and evaluate market outcomes.
There are various data collection methods from which SpotOn manufacturers can select. Qualitative data collection methods involve descriptive approaches to the phenomenon that cannot be measured but observed (“Lectures 1 through 8,” n.d.). On the other hand, quantitative data collection methods provide information on quantities of substances (“Lectures 1 through 8,” n.d.). The appropriate approach for SpotOn manufacturers is the qualitative method because the company is interested in identifying the product’s users and the channels through which it will reach them. The process seems subjective, and the company can apply it to acquire information on how people would respond to the product.
Qualitative data collection methods will also help the company to identify consumers’ perceptions of the value proposition. Through qualitative data collection, SpotOn manufacturers will obtain information on the current consumption trends on the paint. They will primarily reach consumers to ask them about their level of satisfaction and their preferences. Additionally, the company can contact trade associates and other professionals to inquire about the demand for anti-slippery paints.
The first data collection method is quantitative, and it will entail the use of online quizzes and surveys to the respondents in schools and hotels. The question should focus on their rates of consumption, their buying prices, and those of other sellers, as well as their presence on color, size, and density. It is also crucial to ask how often the hotel and retail businesses renovate their facilities, as well as their expansion plans. The company can also collect data using focus groups, especially during particular social gatherings. In this case, they can convince buyers and collect significant information on their attitudes towards anti-slippery paints.
Through quantitative sampling, the company will learn about the financial characteristics of the product, apart from determining its sensitivity to market fluctuations. Using quantitative survey questions, especially closed-ended ones, according to the company’s goals is essential to find information that can be analyzed using graphs, numbers, charts, and tales (“Lectures 1 through 8,” n.d.). They can use the approach to measure previous buying rates, why competitors outsell the paint and obtain price margins in their sales.
Non-probability and probability sampling would be used in the research to obtain relevant data. Non-probability sampling is categorized into four types, including convenience sampling, snowballing, judgmental or purposive sampling, as well as taking quotas (“Lectures 1 through 8,” n.d.). Snowballing will help the company to obtain data through the networks and reputations it makes with clients. On the other hand, quota sampling requires the organization to identify relevant segments of a population, such as males and females, and decide on a fixed number to include in each category.
Purposive sampling will enable the company to reach an environment that is difficult to access. Probability sampling involves giving equal chances for members of a population to be selected. SpotOn manufacturers can use this approach to collect data through sampling ratios in target populations. Specifically, they can reach specific schools and hotels they want to study in a particular region and divide the sample size of a few consumers by the total population. Stratified sampling is also appropriate for the paint manufacturer, and it involves dividing a population into non-overlapping segments and taking samples from the strata (“Lectures 1 through 8,” n.d.). SpotOn manufacturers can divide the samples based on target characteristics. Overall, stratified sampling is the best sampling method because the chosen data is more representative than in random sampling.
To determine the correct sample size, it is crucial to analyze the margin of error, which will offer negative and positive deviations in the survey results. At the same time, the confidence level can be determined, which helps to find out the proportion of samples lying within the bounds of the margin of error. Based on the company’s choice of the confidence interval and error margin, they can calculate the sample that shows the number of respondents to reach.
In conclusion, SpotOn should choose a comprehensive data collection method to obtain all the necessary information for long-term plans. The most appropriate method is qualitative, and it should effectively meet the company’s marketing goals. The best sampling method is determined based on the stated research aims. They should also choose the sample size carefully to effectively represent the total population depending on the niche market. In case it targets a larger niche, the population size should be significant enough to obtain a true value during data analysis. Good sample size is expected to precisely provide results reflecting the target population.
Reference
Lectures 1 through 8. (n.d.). [PDF Document].