Aims of Research and Market Analysis

Running head: MARKET ANALYSIS
MARKET ANALYSIS
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MARKET ANALYSIS1
Aims of research and Market Analysis
The aims of marketing research dwells in the expectations and requirements of the
consumers. Following it, the evaluation of consumer reaction towards the product measures
the promotion of the business opportunities patterns (Burns, Bush and Sinha, 2014). The key
factor of any business growth is market analysis. Market Analysis is the qualitative as well as
the quantitative assessment of the business product in the market consisting of diverse
customer base with various buying patterns and behavioural traits, the competition along with
the regulatory factors of barriers in the economic, political as well as environmental context.
The sustenance of the business is acquired through the marketing process and strategies
(Babin and Zikmund, 2015). The primary strategy is followed on the basis of segmentation,
targeting and positioning of customer base (DeSarbo, Blanchard and Atalay, 2017).
Following it, potential customers are identified and then further estimation on market value
are evaluated. From the tactical point of view, the market need is to be well-analyzed and
then positioning of business plans in the market is recognized. The analysis is carried on in
order to put a benchmark for the competitors patterns (Burns, Bush and Sinha, 2014). These
benchmarks and bars, that is, the price, add-on services, quality, and many other factors,
drives the demand in the market.
Market Methods
The basic market methods are identified through surveys, observations, focus groups,
and field trials. The survey method is the most effective method for the marketing of
business. The survey determines to understand the needs and expectations of customer base.
It includes the process of in-person survey, online surveys (Babin and Zikmund, 2015). It
further follows the assessment of group discussion that contains scripted series of topics that
are given out in the group to analyze and evaluate them by observing the group discussion.