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Marketing Research- Vite Ramen

Marketing Research- Vite Ramen. Double ACE: Sara, Harrison, Quintin, Meles, Breanna & Devin. Introduction. Background. Vite Ramen Instant ramen company Twin brothers Tim & Tom Zheng Aims to provide nutritionally complete ramen to consumers

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Marketing Research- Vite Ramen

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  1. Marketing Research- Vite Ramen Double ACE: Sara, Harrison, Quintin, Meles, Breanna & Devin

  2. Introduction

  3. Background • Vite Ramen • Instant ramen company • Twin brothers Tim & Tom Zheng • Aims to provide nutritionally complete ramen to consumers • Changing the way consumers think of instant ramen • What sets their instant ramen apart from competitors? • Flavors-Vegan Mushroom Shio, Garlic Pork & Soy Sauce Chicken • Healthy, quick and taste good • 25% of daily value of vitamins and minerals

  4. Consumers & Industry/Market • Market Share-  • Competing with Nissin Top Ramen • According to Nissin's website, they were the first instant ramen manufactured & sold in the US • Consumers- • Simmons OneView demographics for Nissin Top Ramen:  • Age 25-34 ~20% • Age 35-44 ~19% • Age 45-54 ~ 18% • Usually think of college students, not adults who likely have high paying jobs

  5. Managerial Decision Problem • Problem:  • Vite Ramen needs to understand their target population to create a marketing strategy to increase their sale potential • Solution: • Split target market into two groups: noodlers (those who eat instant ramen) and non-noodlers (those who don't) • Target marketing towards non-noodlers

  6. Research Questions Investigate the importance of decision factors that affect daily meal choices for Noodlers and Non-noodlers.  a) How important are the following reasons when choosing meals for Noodlers? i. Price      ii. Taste      iii. Nutrition      iv. Convenience  b) How important are the following reasons when choosing meals for Non-noodlers?      v. Price      vi. Taste      vii. Nutrition      viii. Convenience  c) Are the importance of those decision factors different between these two groups? Establish the profile of the target population. a) To what extent does this sample reveal the prevalence of instant ramen noodle consumption?  b) What is the percentage of college students in the Noodlers group?  c) What is the percentage of college students in the Non-noodlers group?  d) Are the percentages of college students different between these two groups? 

  7. Research Questions Continued Determine the Non-noodlers’ attitude toward instant ramen noodles and Vite Ramen.  a) How positive or negative is their attitude toward instant ramen noodles, in general?  b) How positive or negative is their attitude toward Vite Ramen after they learn the unique selling points and price of Vite Ramen? c) Are their attitudes toward instant ramen noodles and Vite Ramen different? d) To what extent are they likely to try Vite Ramen after they learn the unique selling points and price of Vite Ramen?  Determine Noodlers’ ramen purchasing and consumption behavior and their attitude toward Vite Ramen.  a) How much do they typically spend on one serving of instant ramen noodle?  b) How many servings of instant ramen noodles do they typically have in a month?  c) To what extent are they likely to try Vite Ramen after they learn the unique selling points and price of Vite Ramen?

  8. Data Collection • Collected through Qualtrics • Utilize convenience sampling • At least 100 responses • Used SPSS to analyze survey results • Questions designed to answer the previous research questions • Qualtrics will allow us to establish key factors • Importance of decision factors affecting daily meal choices • Price • Taste  • Nutrition  • Convenience  • Instant ramen purchase and consumption behavior • Target population- 18 to 44 years old 

  9. Data Summary • 113 respondents • 8 not in target market • Left us with 105 surveys • In analyzing data, realized that one respondent only answered the first question, leaving the rest of the survey blank • Valid sample size of 104 • Noodler Results • 65.38% eat instant ramen • 34.62% do not eat instant ramen • College Students • 81.82% are college students • 18.18% are not

  10. Data Analysis-  Profile of Target Market RQ1 • Using these formulas and the following variables: p= .99 n= 104 z= 1.282 (80%)Sp= 0.009756  • Lower Bound: 97.75 %  • Upper Bound: 100% • At 80% confidence level this sample's prevalence of instant ramen noodle consumption lies between 97.75% and 100%. 

  11. Data Analysis- Profile of Target Market RQ1  • What percentage of college students are in the Noodlers group? • 61.7% • What percentage of college students are in the Non-noodlers group? • 38.3% • What percentage of non-college students are in the Noodlers group? • 72.2% • What percentage of non-college students are in the Non-noodlers group? • 27.8%

  12. Data Analysis- Profile of Target Market RQ1 Are the percentages of college students different between these two groups? • Null : There is no difference between the noodlers and non-noodlers in terms of percentages for college students . • Alternative: There is a significant difference between the noodlers and non-noodlers in terms of percentages for college students . • P value= .403 • Signifigance level= .2 • .403 > .2 • Do not reject the null hypothesis because the p-value is greater than the signifigance level • There is no difference between the Noodlers and Non-noodlers in terms of percentages for college students.

  13. Data Analysis-Importance of Decision Factors Affecting Daily Meal Choices- RQ 2a & 2b Non-Noodlers Valid Sample Size- 36 Taste = most important factor Convinience = least important factor Noodlers Valid Sample Size-65 • Taste = most important factor • Nutrition = least important factor

  14. Data Analysis-Importance of Decision Factors Affecting Daily Meal Choices (RQ 2c)  NOODLERS NON-NOODLERS

  15. Data Analysis- Noodlers

  16. Data Analysis

  17. Data Analysis – The Noodlers (RQ 3c) • Those that do eat ramen, and were likely to try Vite Ramen: • 68 Total Respondents (63 Valid, 5 Missing Cases) • Mean of 2.43 • Lower Bound of 2.30 • Upper Bound of 2.56

  18. Data Analysis-Non-Noodlers (RQ 4a & 4b) Non-noodlersattitute towards Vite Ramen:  Scale out of 5 Mean of 2.43 Between "positive" and "neutral" • Non-noodlers attitude towards instant ramen: • Scale out of 5 • Mean of 2.87 • Between "positive" and "neutral"

  19. Data Analysis – Non-Noodlers feelings towards Instant and Vite Ramen (RQ 4c)

  20. Data Analysis – The Non-Noodlers (RQ 4d) • Those that do not eat ramen, and were not likely to try Vite Ramen: • 36 Respondents • Mean of 2.83 • Lower Bound of 2.61 • Upper Bound of 3.06

  21. Conclusion • About 65% of the respondents consume ramen noodles.   • About 38% of respondents consume more than 2 serving of ramen noodles each month   • According to our results, college students are more likely to consume ramen noodles than adults.  • This is due to our sample population, we surveyed mostly college students • After learning about Vite Ramen as a healthier alternative, about 54% of the responds said they were willing to try Vite Ramen.  • Most of the respondents were concerned with the taste of their meals, closely followed by convenience. 

  22. Managerial Recommendations • Focus marketing to college student and busy young adults who are looking for convenient meals.    • Focus on taste and convenience  • Focus marketing on informing non-noodler's about Vite Ramen's nutrition • Non-noodler's were overall more likely to try Vite after learning about it

  23. Critiques & Limitations • The sample size did not accurately reflect the population size • Needed more than 105 responses • Most of the respondents are not too concerned with nutrition when it comes to ramen noodles  • Vite Ramen's main selling point

  24. Questions?

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