The last aspect of our research in Morocco concerns market research. As this product is still in an early stage, this research should mainly give an indication of the commercial future of the Fortune Cooker in Morocco. The possibilities for commercial success can be estimated by researching the suitability of the product to the target group, and by researching the possibilities for local production.
The purchasing power of our target group, their motives to buy our product, and the best ways in which their motives can be influenced, give us insight in whether or not the Fortune Cooker fits our aspired target group. Furthermore, the local possibilities for production can roughly be outlined by researching the availability of the materials, tools and resources that are most needed to set up the business and production. For both studies, the influence of geographic and socio-geographic circumstances will be taken into account.
When these aspects are researched, we can draw conclusions on the feasibility of bringing the product to market in Morocco. If either one of those two researches point out that commercial success is not probable, the project is still in an early enough phase to alter the direction in which it is going. Hereby, including if this would be improved once the user knows about the beneficial aspects of the Fortune Cooker, to know if a good promoting strategy can make a difference.
Suitability to target group
In order to know whether our target group can have any reason to buy the Fortune Cooker we need to know more about them. What is the amount of money they can spend, what is the amount of money they are currently spending, and what are the benefits that the Fortune Cooker can offer them? All these aspects influence the decision of our target group.
Along with the user research, we will interview test persons on their fuel consumption and what this costs. This information can help to determine whether or not the Fortune Cooker can provide a financial benefit by consuming less fuel. Also, we will ask questions on how much their current cooking device costs, to get an idea of the range of costs of the product category that the Fortune Cooker is in. The answers to these questions can give a price range for the Fortune Cooker and the need for the product.
After demonstrating the Fortune Cooker – in which the test person participated – we will compare it to their current cooking device by asking the test person what price she would want to pay for this product. Furthermore, we will compare the amount of fuel they can save and the durability to that of their current cooking device. This will give an idea if the test person values the Fortune Cooker the same, less or more than their current cooking device.
To give an indication of the price of Fortune cooker, which we will compare to the price that our test persons indicate to be able to pay, we will calculate a price from all the necessary materials and tools and the price we paid for it. Seeing that possible prices for labour are not taken into account, this price is merely a global indication.
Possibilities for local production of wood pellets
By performing small research queries on the availability of wood pellets, we hope to find out whether it possible to buy wood pellets for the user, in the near distance. If not, other queries should point out whether there are possibilities to produce the wood pellets on location, like availability of resources.