Market Analysis Report: Consumer Behavior and Market Methods

This report provides a comprehensive market analysis, focusing on the aims of marketing research and its significance in understanding consumer expectations and reactions. It emphasizes the importance of market analysis for business growth, highlighting both qualitative and quantitative assessments of products within diverse market contexts. The report delves into market methods such as surveys, observations, and field trials, detailing their applications in understanding consumer needs and preferences. It also discusses the strategic approach to market analysis, including segmentation, targeting, and positioning. The analysis uses these methods to evaluate the potential of a family business product that focuses on innovative technological solutions to address air pollution. The report also highlights the importance of proper marketing methods for introducing the product and its features to customers, including conducting surveys and evaluating results based on observations. This report is a great resource for students looking for examples on market analysis.

Running head: MARKET ANALYSIS
MARKET ANALYSIS
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1MARKET ANALYSIS
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.

2MARKET ANALYSIS
The observation is the essential factor that needs to be assessed properly in order to evaluate
the outcomes. It provides more accurate picture of the consumer’s usage habits and buying
patterns (Burns, Bush and Sinha, 2014). Fields trials is another basic marketing method that
is used to test the customers in the real-life selling strategy and conditions. Through this
method one can understand the lacking features in the product. Following it, the products are
then modified accordingly, provided with the adjustment in the prices and improvements in
the packaging.
On the basis of market research and analysis through the strategic methods, the family
business organization is facilitated in its growth. The product of the family business is based
on an innovative technological measure in order to maintain a sustainable life in the increased
air pollution environment. The knowledge of proper marketing methods for providing strong
recognition to the product, clean tech devices, is crucially important in the global context.
Thereby, the variations of technological in-built features of the devices are introduced to the
customers in order to understand their satisfactory factors and expectations. Following it,
surveys are conducted and further evaluations of the results based on observations are made.

3MARKET ANALYSIS
References:
Babin, B.J. and Zikmund, W.G., 2015. Essentials of marketing research. Nelson Education.
Burns, A.C., Bush, R.F. and Sinha, N., 2014. Marketing research (Vol. 7). Harlow: Pearson.
DeSarbo, W.S., Blanchard, S.J. and Atalay, A.S., 2017. A new spatial classification
methodology for simultaneous segmentation, targeting, and positioning (STP analysis) for
marketing research. In Review of marketing research (pp. 95-123). Routledge.
Malhotra, N.K., 2015. Essentials of marketing research: A hands-on orientation. Essex:
Pearson.