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Market analysis/ Audit - Essay Example
Pages 11 (2761 words)
From the current research it is clear that the product must have conditional and epistemic values associated with the product. Therefore, the focus should be to diversify the product to the Demographic profile that the company wants to accommodate…
The paper tells that in the 21st century, the aspects related to creating a market and business plan have dramatically changed. In order to penetrate the market, the company must attempt to find their market segment. The first market that is exploitable is the student body in universities. As a company, it is crucial that students are aware of this product because majority want the assurance of security. Another market that is feasible for the company to penetrate are the government officials who can derive the benefits of the product. Another market that the company is interested in are the banks. Since security is such a focal point for these institutions, it makes logical sense to compete to attract that market niche. Finally, healthcare companies should be able to be amazed at this product. Companies such as Blue Cross must adhere to strict auditing rules of auditing due to data integrity. Hence, this product will accommodate to all their needs. Market segmentation is crucial in order to understand which markets to exploit. The first market segment would be college students who are residing in their dormitories. This is a huge market because burglary is a huge focal point at the university level. The second market segmentation that would be exploited through appealing to hard public infrastructure government buildings. Government buildings have the necessary funds to allocate to these special type of alarms and can deeply derive the benefits of this product. ...