MARKETING

Coin Machine: Marketing Plan

Coin Machine: Marketing Plan

Introduction

The progressive integration of world economy and the associated increase in the complexity of the task accomplishment pose special challenges to the management of modern enterprises. The key drivers of this process are political-administrative (successive liberalization, deregulation and privatization) and technical (improved transport, information and communication technologies). Steadily rising international commodity, financial and investment support in this global economic development and accelerate at the same time, which increases the international competition in the domestic market. One goal that is common in every small, medium and large firms is to get introduce new product line in order to match the pace of changing world (Ereaut, Imms & Callingham 2002, pp. 48-78). This increases the demand of market research, and since past few decades market research have gained immense recognition and importance as businesses and investors are now relying on the market research before introducing any new product or investing in any particular market. Marketing research help companies to identify the potential customers, factors of risk, appropriate time and place to invest and above all how to invest, this heightens the importance of market research.

Choosing the right techniques of research is of high importance as McDaniel (2009) mentioned that the accuracy of any research is completely reliant on the method adopted to carry out research, if inappropriate method will be selected, then no matter how much efforts one put in, the research will bring false results. This study in this connection, will carry out market research of a coin machine, and will explore the market situation for businesses to introduce coin machine that is used in casinos also known as slot machines in UK market.

Product review

The coin machine is a mechanical cum electronic device that functions by the insertion of the coin in a slot. Throughout the United Kingdom, coin machines are used widely for different purposes. These machines are available with diverse variations; however, this market research will focus on the coin machines that are used in casinos. Due to massive revenue this machine can bring to casino business, several countries have legalized gambling via coin machines. This increases the demand for coin machines all over the world and number of companies entered in manufacturing coin machines. British manufacturers have had the primary market segment. For geek's coin machines, only the controls, sound cylinders, which are settled, and most of all, falling coins tinkle when they dropped the metal fingers of the machine. However, our coin machine will use

Market research

Market research is the gathering, recording and analysis of data related to problems of market goods and services. For our purposes, there are four terms we need to include in that definition. These are: (1) systematic, (2) objective, (3) information and (4) decision-making. Therefore, we define marketing research as a systematic and objective approach to the development and provision of information applicable to the process of decision making in marketing management (Gadde & Hekansson 2001, ...