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Makket - Demand Analysis

Makket - Demand Analysis

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Published by: api-3757629 on Oct 17, 2008
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03/18/2014

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Market and Demand Analysis

Introduction:
The success of any project depends on the demand for the
output produced by it. Catering an unfulfilled need should
the ultimate objective of commercial projects, if they should
succeed. Identifying the need, or the potential demand for
the product is the main issue involved.

Identification of the target market:
Study of the market needs a detailed analysis of:
1. Whether the consumers can be classified on the basis of
\u2022
Income groups
\u2022
Age groups
\u2022
Industries
\u2022
Geographical distributions
\u2022
Sex
\u2022

Or any combination of these or any other factors,
called the market structure. The component of the
market which should be targeted should be identified.

2. The nature of demand, i.e. monsoons, personal
disposable income, prices, fashion, or any other factor.

3. Size of the market: In case of an existing product, the
present market share of the company, that of its main rivals
and if the market share should be increased, the hurdles
likely to be faced.

4. If the presently known market is not attractive,
whether any other markets offer potential for selling the
product.

Choice of the market strategy:
For laying down a clear cut marketing strategy, the
following aspects have to be considered:

\ue000The channels of distribution, keeping in view those used
by the competitors and their efficacy and whether
any innovative channels can be identified.
\ue000 Advertise \u2013 when, where and how? Check on the spending.

In case of new product, whether introduction of the same
product under a well established brand name will adversely
affect the sales and if yes, how to counter such an event.

\ue000 The price at which the product can be sold, considering
the prices of competitors\u2019 products and the ability to
withstand a price war.
\ue000 The nature and frequency of the after sales service
required to support the product.

Projection of demand:
Based on primary data:
The following steps are required:

\ue001 Statement of Objectives \u2013 the output required from the
study.
\ue001 Specifications of data required
\ue001 Design of the sample

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