Question

Please answer all of these questions based on the assigned readings and or your personal knowledge.

• Explain how market research is important to physical location and interior design of a business. What must you consider when choosing a city or crossroads for your new business?
• Consider the product of sports water bottles. Who would be your target market? What are their characteristics? Outside of the target market, who else would buy the product? What are the characteristics of these potential customers?

Answer 1

Market research is important because it helps in understanding the current market situation, requirement of particular business, scope of survival, current competitiors, pricing and costing etc. The physical location must have the capability to market and sell the products, demographic nature of buyers is also important factor to know, their economic situation, disposable income, culture and affinity towards particular product and service etc.

Product: Sports water bottles

Target market: Markert who has more sports institutions, body fitness centers, people who workout usually, educational institutions, sports institutions , corporates ( who conduct sports meet and gift for their employees) etc. The characteristics are use of bottles can be of having common purpose, to quench thrist while workout, inorder to keep the desired temperature of the water they do carry, compact and handy design etc. Outside the target market people whohas passion towards sports will buy bottles which is endorsed by any famous sportsmen, also there are potential market where people buy variety of bottles which is more handy and trendy in design. Charecteristics of those potential customers are they will keep on changing their buying behavior when new products came into picture, there won't be any consistency in buying the product, volume of sales should be expected as low, those customers may not be loyal to such products.