Consumer Analysis of Scandinavian Tropical Shrimp Market – A quantitative research
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This thesis aimed to investigate if there is willingness-to-buy tropical shrimp among consumers at high-end restaurants in Scandinavia. We conducted a quantitative survey in Scandinavia’s most prominent cities to answer two research questions: - Which factors influence the willingness-to-buy a Norwegian produced tropical shrimp by consumers at high-end restaurants in Scandinavia? - Are there statistically significant differences between the Scandinavian countries? This research can discover a whole new industry for the Norwegian market. In a society characterized by the oil crisis and the repercussions of the international financial turmoil, Monad may contribute to value creation in the Norwegian economy through sustainable innovation and development. Through quantitative research strategy, we received data from NorStat based on 508 respondents distributed in Norway, Denmark and Sweden, financed by Monad. The first research question builds on willingness-to-buy, and how it measures the behavioral intention of consumers at high-end restaurants to purchase a product in Scandinavia. Results showed a significant relationship between the independent variables country-of-origin-Norway, consumer ethnocentrism, ecological and sustainable breeding and dependent variable willingness-to-buy. The result indicates essential factors for Monad to focus on in their branding of the product in Scandinavia. The second research question explores the statistical differences that occur between the countries in the independent variables. The outcome of the analyses indicates small differences, but yet important ones. Norwegians are not willing-to-pay a higher price for a Norwegian-produced tropical shrimp, which does not make sense since the correlation is very high for consumer ethnocentrism in the country. However, Denmark is willing to pay a high price for a Norwegian-produced tropical shrimp than imported ones from other countries. This indication can be a consequence of Norway being a sought-after exporter of seafood and has a good reputation. Sweden has the lowest significance for paying a higher price for Norwegian-produced tropical shrimps relative to imports from other countries. At the same time, they are less ethnocentric than Norway and Denmark which can indicate that they are more concerned with quality.