Market and Technical Research Report on Outdoor Fitness Equipment

This report provides a comprehensive market and technical analysis of outdoor fitness equipment. It covers various aspects such as local and global market analysis, competitor benchmarking, product price points, patent searches, and relevant legislations and standards. The market research synthesis predicts a significant growth in the outdoor fitness equipment market, driven by increasing awareness of health and wellness. The technical research explores current and emerging trends, including the rise in preventive healthcare and awareness of lifestyle diseases. The report also discusses concept generation methods, including inspiration boards, hand sketches, storyboards, and mock-ups. It highlights the importance of understanding consumer preferences and adapting to market trends to ensure the success of outdoor fitness equipment. Desklib offers a platform for students to access similar solved assignments and past papers for academic assistance.

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UNIVERSITY NAME
Student’s name
Student’s ID
Marketing

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1. Market Research
Market analysis is a means of gathering and collecting of valuable and significant data to
help a company find out a market for its anticipated product or service (Insam and Mark 2016).
The information collected from market research frequently assist businesspeople to be wise and
beneficial business decisions it is the key to success in any businesses, organizations or
companies. However, many entrepreneurs make many mistakes when it comes to their
customer's preferences as they think they know what the clients want ever without asking them
which can result in no sales later on (Pal et al. 2014). The anticipated information gathered for
Outdoor Fitness Equipment enables the entrepreneurs to find out and increase the market size
both locally and internationally (Insam and Mark 2016). It allows businesses, companies and
organization to make a wise decision which benefited them in their marketing process of the
equipment (Pal et al. 2014).
1.1 Local and Global market analysis
Prabhakar (2017) suggested that analyzing market is concerned with how valid the
marketplace is and the research about vitality which can either be locally or internationally.
Marketing analysis can also be defined as the charisma of a certain marketplace in a given
business (Pal et al. 2014). However, marketing analysis is typically carried out to formulate and
strategized on how to manage an organization by considering some definite aspects which will
make business operation to be comfortable (Insam and Mark 2016).
Market analysis for Double Air Walker both locally and international is expected to
multiply up to 30% by the year 2022 (Pal et al. 2014). Geographically, this report divides local
and global locations into various areas. Therefore, Double Air Walker can increase its income

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sales, rate in growth and its share in the market when company does thorough local and market
analysis for the product. The areas that Double Air Walker can increase its market according to
Karas (2016) include Japan, India, China, south Asia, Europe and United States of America. The
international competitors for Double Air Walker who also share significant sales and market
include Play Core and Landscape Structures.
1.2 Competitor benchmarking
Competitive benchmarking is the continuous process of comparing performance
procedures and a firm’s practices to that of its most successful competitor in the market (Ward et
al. 2016). Thus, benchmarking is a means by which business measure the performance against a
standard. Standard can be anything which is important to be measured in a business performance
against a set of competitors (Karas, 2016). The most persuasive reason why benchmarking is a
firm’s practices to business activities is because entrepreneurs’ want a better company. Thus, by
going through all the process of benchmarking a company will find areas to improve clients’
service and sale. In benchmarking process most business attempts to find out which aspects
affect their products and sales in the market. This aspect includes the determination of
customers’ satisfaction concerning its products and services.
1.3 Product price point
PPP is the suggested retail market price of a product which is being determined in a way
that a product can favorably compete with other products (Ward et al. 2016). A product may or
may not be introduced in a marketplace with a definite price point, but that cost, value or price
can be altered depending on the existing demand and competition in the market (Firth et al
2017).

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The product price point for Outdoor Fitness Equipment can be found in many ways since
there are a variety and different types of pricing strategies in a business environment (Aldhaheri
et al. 2017). Thus, there is no formula based that is accurate to approach when it comes to all
kinds of products, trades, or markets which can accommodate the product price point (Firth et al
2017). Pricing especially on OTE products usually involves consideration of specific primary
factors such as pinpointing the target clients, tracking how much other competitors are charging
in the market, as well as a perception of the relationship between the price and the quality of the
products. Nevertheless, with product price point right they are an enormous deal of flexibility
since the setting of rate depends on the products depends on the business owner (Firth et al
2017).
1.4 Patent search
Patents can be defined as the property rights granted to an originator to exclude others
from making the same product or service, selling, buying or even importing a scrupulous
invention (Aldhaheri et al. 2017). However, application for a patent or a patent search is not
legally essential. However, it is a crucial aspect as it helps in finding out whether any prior patent
will interfere with business or company ability to acquire a license. A patent search also
facilitates the avoidance of patent infringement, patent application, understanding of the
competition, and studying more about the field in which company or organization inventions
belongs (Benson and Magee 2015).
1.5 Legislations and standards

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Legislations and standards are the guidelines set by the authority to guide business, a
company on how to use OTE both locally and international (Iversen et al..2017). some of these
guidelines include the undertaking of rigorous risks and benefits consideration (Virtaluoto et al
2016). Some guidelines overseen the items which are risky than others for instance, the ones
with moveable bodies which assess the proximity of unauthorized playgrounds for children.
Others regulations include paraphernalia, assessing the product that are suitable to use on
specific facilities and used by the people of the right age range (Iversen et al. 2017).The
guidelines work by examining and investigation the location the equipments will be placed (Pal
et al. 2014).
1.6 Market research synthesis
Statistical surveying amalgamation predicts that the Outdoor Fitness Equipment or OFE
market will develop at a CAGR of over 05% by 2021 (Iversen et al.. 2017). The analytical
surveying examination or union typically identifies the expanded mindfulness about the
centrality of wellbeing and wellness as one of the essential development factors for this market.
Shoppers are progressively getting to be mindful of the significance of practicing and concerning
the accessibility of new and propelled gear (Mignot et al. 2015). To expand client mindfulness,
merchants in this market have begun utilizing intuitive recordings and pages via web-based
networking media channels that empower the clients to get appropriate direction
straightforwardly from the specialists. Wellness experts give an assortment of wellness
apparatuses, for example, exercise schedules, exercise number crunchers, and preparing tips for a
variety of individuals with fluctuating levels of wellness. The expanding activities taken by the
merchants to instruct individuals about wellness will fundamentally add to the development of
this market.

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2. Technical research
Applied research bent toward disciplines or field of study such as engineering is being
referred to as the functional research and is aimed at the development of testing equipment as
well as tools to provide a solution to a given problem technically but not theoretically
(Rawhouser, Cummings and Crane ,2015)
2.1 Current and emerging trends
Customers like products that are current and trending (Rawhouser, Cummings and Crane
2015). Therefore, Double Air Walker was manufactured to meet the preferences of consumers
that are currency and trending products. Before manufacturing the product the company ensured
that they did a lot of study of the market to understand the needs of consumers.
Ascend in preventive medicinal services
Preventive medicinal services are relied upon to fuel the development of the home
wellness gear showcase amid the figure time frame. The developing wellbeing cognizance and
the ascent in social insurance costs are urging individuals to be more substantial and dynamic. To
this end, customers are concentrating on expending more advantageous nourishments and taking
part in day by day exercises to remain vigorous and oversee weight (Iversen et al. 2017). For
weight reduction, shoppers use online weight administration projects to tweak counts calories, in
this manner acquiring quicker and ideal outcomes. As preventive human services incorporate
practicing day by day, there has been an ascent sought after for wellness hardware, which
combines home wellness gear showcase.
Developing mindfulness about way of life maladies

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Double Air Walker has a meaningful development because it has been there in the form
of life and dietary propensities for people in recent decades, primarily because of the increase of
urbanization and consumerism (Iversen et al. 2017). The utilization of fake and manufactured
nourishment items is at an unequalled high, and an absence of adjusted eating routine joined with
stationary ways of life have brought about expanded the rate of a way of life illnesses, for
example, coronary disease, stroke, weight, diabetes, and atherosclerosis.
2.2 Technical research synthesis
Technical research synthesis is a finding which evaluates a research study that have been
analyzed, implemented and paraphernalia on one-to-one initiatives from a variety of states.
According to Wardet al. (2016) some factors related to successful implementation of Double Air
Walker fitness equipment were general teacher professional development, right to access
technical support team, and constructive teacher attitudes toward learners concerning technology
(p.31). The evaluation and implementation of the research analysis enable entrepreneurs and
inventors of Double Air Walker fitness equipment to make successful use of their initial
decisions.
3 Concept generations
Idea or concept generation is the process of creating, communicating and developing an
idea which is abstract, concrete, or visual. The method may include the operation of constructing
the concept through innovation the theories, developments of the process, and bringing the idea
to veracity.
3.1 Inspiration board

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Inspiration boards serve companies’ with a great purpose in the beginning of a new
project proposed (Benson and Magee ,2015). For instance, in the development of OFE which is a
creative funk, inspiration boards allow individuals to plot out ideas and throw arbitrariness
together.
3.2 Hand sketches and storyboards
The sketches are referred as the basic description whereas storyboards can be defined as a
source of information or data on a particular object or equipment (Benson and Magee ,2015).
3.3 Mock-ups
A mock-up is a model representing a machine or equipment that is under invention
(Karas 2016). The Double Air Walker fitness equipment mock-up comprises of a few static
pictures which were taken after the invention of the item. The application may be in different
ways as depending with type of mock-up needed.

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