Solver Case Study

1. Market Research, Projections and Segments

1. Buyers
2. Market Size
3. Market Growth

1. Target Customers and Market Opportunities

1. Age

Solver is targeting consumers of age between 20 to 45. This particular age group consists mostly of working adults. Based on the survey conducted, 50% of them are willing to spend $10-$20 when asked about how much they are willing to pay for a product that consists of a key holder and a device to help them find their misplaced keys. The other reason for targeting this particular age group is because the majority of them do own keys.

1. Income

The targeted working adults earn a minimum income of $1000 and up to $3000 or more. This shows that adults are more likely able to afford the product.

1. Gender

According to a detailed survey of 5,500 women, conducted by The Economist Intelligence Unit focusing on female consumers in Asia – 41% of them are joint breadwinners in the household. This also means female do get more involved in the household’s buying decision. Based on our survey results gathered, 74% of them are females making them Solver’s highly potential target consumers.

1. Occupation

Primarily, Solver is targeting a range of people from homeowners, working adults, housewives and mainly those people uses keys in their everyday life. In the future, one of Solver’s plans would be targeting corporate to office owners.

1. Special Preferences

Solver’s main purpose of coming out with this product is to help act as a time saving device for people who often misplace their keys and need to find their keys fast. One research shows a total of 3,680 hours is spent searching for things, in our lifetimes. The study of 3,000 adults conducted a poll. Half of them claimed that they were constantly searching for their lost or misplaced things, majority of which admitting to finding the things at somewhere obvious. 75% of all misplaced possessions emerged, occurs at home, while others tend to lose their things in their workplace and car every day. The cause of them misplacing, according to the study is that these people knew that untidiness and poor memory will make them lose track of their items. With FMKeys, it will encourage these people with common behavioural problems to be more organised so as to minimize the chance of them misplacing their keys

1. Number of target customers

1. Market opportunities

Solver’s future market opportunities would be those offices or corporate branches that require them to hang their sets of keys in one place. According to the market trend right now, corporate places are commonly card instead of keys to access the doors. With this in mind, Solver could expand their business plans to “Find My Card”(FMCard) products.

1. Current and Potential Future Competition

1. Short Term (3 years’ time)

The short term competition will be the indirect competitors such as Stick N Find and KABA that sell products with normal features which other products also provide.

For Stick N Find, they are using Bluetooth sticker and also an application to track their misplaced items, which there are many companies providing such device and services to the public. However, Solver’s product does not require any app to work.

For KABA, they are selling many products and one of the products is the Digital door lock - Rim Series. They can be Solver’s indirect competitors as nowadays, more and more people started using digital locks instead of keys. This will result in fewer people to purchase the company’s product.