iFly is an indoor skydiving centre with its first site operating in Sydney. Use the Market Research process to develop a plan to research the feasibility of launching an iFly in Adelaide.

The market research process can be divided into several steps that are important to understand in evaluating the feasibility of opening an iFly in Adelaide. The following is a plan outlining the different stages of the market research process that can be used to evaluate the potential for success of an iFly in Adelaide: 1. Define the research problem: The initial step is to define the research problem, which is to determine the feasibility of opening an iFly in Adelaide. This step involves understanding the current market trends, customer preferences, and the market size and potential. 2. Determine the research design: The next step is to determine the research design, which involves selecting a research method that will meet the research objectives. In this case, both primary and secondary research methods could be used to collect data. Primary research may include surveys, focus groups, and interviews with potential customers to gather demographic and psychographic data. Secondary research may involve collecting data from industry reports, competitor analysis, and government statistics. 3. Collect data: This step involves collecting data through the selected research methods. Primary research methods may involve conducting online surveys, phone surveys, or focus groups. Secondary research may involve sourcing data from industry associations or reports, government data, or competitor analysis. 4. Analyze data: Once the data has been collected, it needs to be analyzed to assess the feasibility of opening an iFly in Adelaide. Data analysis may involve identifying customer preferences, market trends, competitor analysis, and the potential size of the market. 5. Evaluate the feasibility: The final step is to evaluate the feasibility of opening an iFly in Adelaide based on the data collected and analyzed in the previous steps. This evaluation involves assessing the potential for revenue growth, the level of competition, and the existing market demand for indoor skydiving experiences in Adelaide. In conclusion, a comprehensive market research process will provide valuable insights into the feasibility of launching an iFly in Adelaide. It will enable the assessment of the potential market, identify trends and competition, defining customer personas and their preferences to guide marketing strategies, and inform decision-making processes to mitigate risk and ensure success.