Market Research for Business Success - Essay Example

The proposed product is new in the market but is susceptible to trends in environmental factors. One of the environmental trends that affect the product’s demand is the legal environment. As an innovative product, we expect to reserve rights over the product through patent rights. This prevents other people or entities from producing and trading in a similar product. Patent rights however run for a specified period then the protection of rights over innovation becomes void. During the protection period, the venture anticipates an increasing demand as the product gains popularity in the market because of the limited level of competition. The legal environment will ensure minimal competition but tight competition is expected after the expiry of patent rights as other parties are likely to develop and sell similar products and demand will be expected to reduce. Trends in the legal environment that changes by legislation may also have adverse impacts on the venture should legislation be enforced to term illegalize the product on safety and health grounds. This is because of its scope that allows electric charges into people’s bodies, a factor that may become controversial legislation that bans the product will terminate its demand (Lamb, Hair, and McDaniel, 128, 155).

The economic trend also affects the product because of the trend’s impact on people’s ability to purchase. Inflation and unemployment that are significant at local, national, and global level influences demand that is inversely proportional to inflation and unemployment rates. The trend in technology that has facilitated the generation of modern products with improved features is another major factor in the product’s demand. Product diversification that trends in technology have offered also facilitates competition and undermines the venture’s market. Demographic factors such as level of education social class and age are other trends that affect the product’s demand. Level of education plays an important role in informing people of the safety of using the device and together with social class empowers people towards demand. The wider scope of the product’s market that targets the global market extends these trends from local to national and global levels (Luck, 56). Consumers’ tastes and preferences against the product may influence the market and limit our potential to sell the product.

Primary research was necessary to understand the target market. The research implemented a qualitative research design through phenomenology. Qualitative research was selected because of its scope and type of data that corresponded to the type of research that aimed at understanding the psychological and behavioral aspects of the target market. Phenomenology, a research design that relies on participants’ experience to develop an understanding of their perspective was used because of its suitability for the scope of research and its ability to capture reality. The survey questionnaire was applied to a randomly selected sample of 12 participants (McNabb, 147, 148, 301, 302, 308). The following is the applied survey questionnaire. The participants were offered the product to use for a week and the questionnaire was administered to each of them.

Eight of the participants identified laxity in waking up after their alarm rings and often ‘snooze’ the alarms while none of them had tried our product. All of the participants agreed that the product is more effective in waking people up and they attributed this to the involved physical engagement and electric shock. Nine of the participants expressed interest in purchasing the product and seven indicated their willingness to recommend the product to other people. The highest quoted price was $ 49 while the lowest was $ 30 with an average demand price of $ 34. The study, therefore, indicates the target market’s willingness to purchase the market and to market it among social networks. The anticipated price among the sample is close to the set price with a higher deviation on the sample’s anticipated maximum price than the minimum price and this identifies flexibility to purchase the product at its recommended price.