Question

Propose your market domain and explain the reason you selected this market domain. Describe your research approach and your sources of information. What challenges will there be in researching this market domain?

Topic: Healthcare

Answer 1

Market domain has market attractiveness and contains target market segmentation benefits.

Healthcare:

Market domain selected is Eye care. It involves laser operations to remove spects or correction of any eye disorder possible with laser treatment. This mainly enhance eye beauty and helps to make a personality attracive.

This market has healthcare along with cosmetic benefits to it.

Country : India

Why this market is selected: Many teenagers and adults are fed of spects and want to remove it. They are ready to pay a good amount. A lens price is coming down due to high competition and at less costs higher profit margins can be ensured.

Research approach and source of information:

Research approach is divided into two categories:

Approach of data collection and

Approach of data analysis

I will have both qualitative and quantitative research. Qualitative data will be collected through questionnaire and personal interviews for open ended questions like importance of eye beautification questions. Quantitative data will be collected through closed ended questionnaires, e-mails, telephonic interviews and personal interviews with common people and experts.Doctors availability, remuneration and skills data will also be collected.

Data analysis will be done by using statistics and inductive methods.

Challenges in data collection: 1. Difference in perspectives and personal norms: A person may understand problem differently than a researcher view.

2. Data collection is huge as market potential is high. It may lead to over or under analysis of data.

Other problem in analyzing this market is there is too much impact of social media on beautification and peoples tastes and preference are having very small life cycles.