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Market Research

Discuss about the Local and Global Market Analysis.

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).

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 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.

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.

Local and Global market analysis

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).

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).

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).

Legislations and standards

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).

Competitor benchmarking

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.

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)

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

Product price point

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. 

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.

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.

Inspiration board

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.

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).

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.

References

Aldhaheri, S.R., Jeelani, R., Kohan-Ghadr, H. and Abu-Soud, H.M., 2017. DMPS (Dimercapto-  1-propanesulfonic acid), a heavy metal chelator, induces oocytes deterioration through  the generation of reactive oxygen species. Fertility and Sterility, 108(3), p.e30.

Benson, C.L. and Magee, C.L., 2015. Technology structural implications from the extension of a patent search method. Scientometrics, 102(3), pp.1965-1985.

Coleman, R. and Topalian, A., 2016. The business case.In Design for Inclusivity (pp. 53-76).  Routledge.

Firth, M.K., Megahed, A. and Ren, G., International Business Machines Corp, 2017.Assessing probability of winning an in-flight deal for different price points. U.S. Patent Application 15/192,892.

Insam, H. and Markt, R., 2016. Comment on “Synergistic co-digestion of solid-organic-waste and municipal-sewage-sludge: 1 plus 1 equals more than 2 in terms of biogas production   and solids reduction”[Water Research 87, 416–423]. Water research, 95, pp.392-393.

Iversen, V.M., Mork, P.J., Vasseljen, O., Bergquist, R. and Fimland, M.S., 2017. Multiple-joint exercises using elastic resistance bands vs. conventional resistance-training equipment: A   cross-over study. European journal of sport science, 17(8), pp.973-982.

Karas, O., 2016. Benchmarking–the Instrument of Competitive Advantages Development. Journal of european economy, (15,? 4), pp.457-464.

Mignot, A., Ferrari, R. and Mork, K.A., 2015. Spring bloom onset in the Nordic Seas.  Biogeosciences Discussions, 12(16).

Pal, R., Golubchik, L., Psounis, K. and Hui, P., 2014, April. Will cyber-insurance improve  network security? A market analysis.In INFOCOM, 2014 Proceedings IEEE (pp. 235- 243).                                                                                                                           

Prabhakar, S., 2017. Benchmarking–A Process of Continuous Improvement to Achieve Best in Class Performance. International Journal of Engineering and Management Research (IJEMR), 7(6), pp.197-202.

Rawhouser, H., Cummings, M. and Crane, A., 2015. Benefit corporation legislation and the  emergence of a social hybrid category. California Management Review, 57(3), pp.13-35.

Virtaluoto, J., Sannino, A. and Engeström, Y., 2016. Surviving Outsourcing and Offshoring: Technical Communication Professionals in Search of a Future. Journal of Business and   Technical Communication, 30(4), pp.495-532.

Ward, I., Larcombe, P., Carson, A. and Lane, A., 2016. Archaeological assessment of coastal and  marine development sites: case study from James Price Point, Western Australia. Journal of the Royal Society of Western Australia, 99(2), pp.31-46.

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[Accessed 14 July 2024].

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My Assignment Help. Local And Global Market Analysis: Insights For Outdoor Fitness Equipment Essay. [Internet]. My Assignment Help. 2019 [cited 14 July 2024]. Available from: https://myassignmenthelp.com/free-samples/local-and-global-market-analysis.

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