Harmonizing to Cooper, Emory, 1995, in Business Research Methods, literature reappraisal is defined as subdivision examines recent ( or historically important ) research surveies, company informations, or industry studies that act as a footing for the proposed survey. On the other words, literature reappraisal is an in deepness survey about the research subject, by seeking as many information ‘s in order to critically measure the consequences of the research for the intent of turn outing the hypothesis in the research.
4.1 COMPREHENSIVE STUDY ON MARKET POTENTIAL FOR THE RESEARCH TOPIC
4.1.1 Definition of market potency
Harmonizing to personal.umich.edu, market potency is defined as the capacity of a location, such as a state, to go or to turn as a demander of goods and services that outside providers might supply. Assorted steps of market potency are provided particularly for emerging economic systems, intended as ushers to exports and foreign direct investing. On the other words, market potency is a step of likely demand for a merchandise or service in a classified geographic country. Hence, based on the instance scenario, we would wish to cognize can seaweed be marketed in Ampang country. In order to find whether seaweed can be marketed or no, the survey of market potency for seaweed is being applied. Related to that, there are elements in market possible demand to be followed to acquire accurate consequences. From the market possible information, research worker will be able to find and analyse markets for seaweed by the gross revenues, consciousness, gustatory sensation, perceptual experience, monetary value of the rival merchandise, purchase forms and so forth.
4.1.2 Elementss included in market potency
22.214.171.124 Target market
The first elements that need to be considered in market potency are the mark market and market section for the merchandise. Harmonizing to bodyscan.human.cornell.edu, mark market is defined as a set of people from the population to which a company wishes to sell. Target markets are typically defined by demographic information such as age, income degree, ethnicity, or involvements, and non by organic structure size or form. In other words, mark market is a specific group of people that a company focal point to make a research sing their selling program for the merchandises or services. For illustration, in researching information for seaweed, we have identified that the mark market for seaweed is wellness witting people. For case, harmonizing to health.learninginfo.org, seaweed contains a batch of foods which can assist to bring around diseases such as malignant neoplastic disease. The wellness witting people will be one of the possible clients to purchase this merchandise.
Demographic is normally refers as the survey on people population sing their age, gender, income, race, instruction and so forth. By determine demographic, research worker will be able to cognize general information about a population at a given clip because demographic informations consists of statistics about people. Related to that, demographic informations will give information for the market potency of the merchandise, such as seaweed. Demographic will supply utile information for the research worker such as people income degree. It is because, clients are truly particular that they are differs in their demands and wants based on the income degree etc. For illustration, some client who has higher income degree will purchase the seaweed merchandise more frequently and in big measures frailty versa. Related to that, we have outlined that possible client are located at Ampang and the entire sum of occupants are 574 300. Therefore, we will make a research about the income degree, race etc based on the information.
126.96.36.199 Income degree
Income degree is the mean net incomes of persons. Harmonizing to euromonitor.com, people are holding more disposable income, hence they have more buying power, and the demands for a peculiar merchandise besides addition. Income degree is indispensable to be consider in market possible research as the information about income degree will steer the research worker on what sort of merchandise that the client will purchase such as a BMW auto or a Proton auto, how much measure will potential client bargain for the merchandise such as in little sum or big sum and how frequently the possible client will purchase the merchandise at a minute every bit good as the mean ingestion such as in a month, how often they buy the merchandise. For illustration, our group have outlined that the appropriate purchaser for seaweed come from the in-between category income which is RM 700 to RM 7, 000. It is because, seaweed merchandise is low-cost and inexpensive. It will promote the purchaser to purchase seaweed on a regular basis because seaweed is a pick of veggie in the day-to-day diet.
188.8.131.52 Consumer behavior
Harmonizing to udel.edu, in finding consumer purchasing behavior, a concern demand to understand why consumers make the purchase they make, what factors influence the consumer purchases, and besides the altering factors in our society. For case, we have to place the ground why consumers purchase seaweeds, whether it is for wellness, cooking or any other grounds. In consumer behavior, we would wish to find what is the client perceptual experience about seaweed such as “do you think that seaweed is good for health” and their sentiment about the gustatory sensation of seaweed whether it is really good, good, mean etc. The consumer behavior besides will supply information about how many seaweed merchandises do they buy and how frequently they buy seaweed. From the information in the questionnaire consequences, we will be able to reason that whether seaweed can be marketed in the Ampang country or no after determine seaweed have the market potency in that country.
As a consequence, seaweed have a little market potency in Ampang country since the many of the client are likely identified that seaweed is good for wellness.
Harmonizing to wordnetweb.princeton.edu, competition is defined as a compete for something. In other words, competition is refers as two or more company strives to accomplish their same ends. It is indispensable for a market research worker to find the competition facet, it is because, competition information will give information about the rival merchandise and the market portion in the industry. For illustration, our group are needfully would wish to cognize about the competition for seaweed merchandise because we want to cognize what is the competition in the industry, who is our rival, what is our market portion, and the market potency to be develop. So, it is of import to cognize the competition information in order to cognize market potency for our merchandise.
184.108.40.206 Economic in term of monetary value of the merchandise
The economic factor is besides of import in finding market potency for the proposed merchandise that is seaweed. It is because, economic will give information on what will people pay for the merchandise. So, it is needfully for our group to place the client preferable monetary value for seaweed and their sentiment whether seaweed is low-cost to be purchased. Therefore, we will be able to cognize the market potency for monetary value placing for seaweed nutrient merchandise in the market.
220.127.116.11 Government inducements
Market potency for seaweed become more big as the authorities give full cooperation on back uping, developing and get downing seaweed in Malaysia. For illustration, harmonizing to moa.gov.my, authorities of Malaysia have estimation to pass RM 1.96 billion to assist the agriculturalist in spread outing their concern particularly in seaweed. So, this point is of import in sing market potency for seaweed for our group as the market potency for seaweed is increasing with the authorities support.
18.104.22.168 Ethnicity ( Race and Culture )
On the other manus, the market potency for a merchandise is besides determined by the ethnicity of the purchaser. It is commonly refers to the race and civilization of the possible clients. For illustration, seaweed nutrient is normally linked to Nipponese, Chinese, Korean etc civilization. It is because, the seaweed will be used in their cookery such as Sushi, soup, Kim Chi and so forth. Hence, it is of import to cognize what are the possible client sentiment about seaweed sing the race and civilization that usually seaweed linked to. Based on the consequence, the most race or civilization which being mentioned will reflect to the most race or civilization that will purchase the seaweed merchandises.
4.2 HOW THE LITERATURE REVIEWS APPLY TO THE RESEARCH
4.2.1CRITICAL ANALYSIS ON DEMOGRAPHIC AND MARKET POTENTIAL OF THREE DIFFERENT AUTHORS OBTAINED FROM SECONDARY DATA
It is indispensable for a concern administration to find their market potency. Specifically, demographic elements should be considered. It is because, demographic elements will give a immense impact to the market possible analysis as demographic factors contains of information about client demands and wants. For illustration, the different income degree shows different wants of clients. Market possible analysis is of import to place market chances and besides supply a strategic direction to the applicants. In order to implement market possible analysis, normally in deepness survey and research on demographic of certain focal point group must be conducted. Some of the elements are mark market, income degree, consumer behavior, competition, monetary value of the merchandise and race or civilization of the focal point group is being considered. Harmonizing to the writer of va-interactive.com, he has written on how to aim client by larning who your client is and cognizing the client existent demands. I agree with his elucidation. However, the five stairss his reference on aiming client is non plenty as client are really alone and differ in their ain manner. Yes, it is true that market possible elements consists of mark market, the five elements in mark market that this writer mentioned are identify possible clients, carry oning market research, taking a mark market, roll uping a client profile and besides resources. One of the points which are carry oning a market research requires the research worker to inquire about the demographic facets and that is really of import in order to cognize the possible client behavior and the client varies in penchants. Come back to the issue, these five elements is non plenty to find mark market for increasing market potency. Thus, I would wish to urge to the market research worker replying this few inquiries to aiming market every bit good as gauging the market in order to hold a complete understanding on market potency and demographics. The research worker should understand what type of client will purchase the merchandise or service, where are these focal points group located, how many possible clients are at that place, how often they consume or utilize your merchandise, who is your rival, how much will they willing to pay for your merchandise, what is the possible for the market to develop and what is your concern or portion in the market. I believed when all the market research worker follow the guideline, they can place and categorise who is their possible client and they are besides able to find the market potency for assorted focal point group based on the demographic factors. It is because, all the points mentioned is really related to market potency.
Harmonizing to the writer of entrepreneur.com, demographics is defined as a statistical position of a population, which by and large includes age, gender, income, schooling, business and so on. The writer stated that understanding the demographics of mark clients is important for the success of a concern. He added that a concern has to place its demographics in order to make up one’s mind what elements will be included in the merchandise and service mixes. In his sentiment, he besides thinks that demographic factors will impact a merchandise ‘s pricing, packaging, publicity, and topographic point. In order to choose the best location to transport out concern activities, a concern has to place the demographic profile of the possible clients foremost. Therefore, a concern has to see the community ‘s buying power which is the grade of disposable income, abodes on whether the places are owned or rented, means of transit on whether the prospective clients own their ain vehicles, age scope, household position, and their leisure activities. A concern has to see these demographic traits to see if the community can back up the concern or non. The writer suggests that a elaborate demographic information can be obtained from the Census Bureau ‘s web site. He personally thinks that the informations on study conducted by the Census Bureau is dependable and provides an overview on the features of the community which are relevant to the concern. I agree with the writer ‘s sentiment on demographics as an of import component to choose a mark market for the concern. For a concern to win, it has to see the demographic traits of prospective clients in footings of age, gender, business, income degree, and many more as mentioned above by the writer. The demographic information from the Census Bureau is besides a really utile beginning for a concern to understand the demographic features of a population. In add-on to that, I suggest a concern administration to increase its apprehension of client life styles and behaviors in order to place the market potency for that peculiar population. Different consumers have different penchant and perceptual experience of a merchandise. These differences in consumer perceptual experience and cultural pattern has an consequence on consumer behavior, which would so impact the manner a concern enter and near the market. Besides that, demographic factor should besides include merchandise and passing behavior of consumers. A concern can analyze the latest disbursement forms and future outgo tendencies in order to find the growing and downswing in markets. The merchandise mixes can merely be planned after foretelling the disbursement growing of consumers. Besides utilizing the information from the Census Bureau, a company can besides larn about their chance clients through group research and study.
Harmonizing to the writer Vinay Shriyan, a demographic factor gives impact on consumer behavior. We have agreed on his statement by looking at current life style. However, several issues are utile in the construction of consumer behavior. Based on the current life style, consumer behavior is still depending on the factors of demographic such as race, age, instruction, and income degree and so forth. The inquiry here is, does societal category gives impact on the consumer behavior? Social category is a slightly questionable topic that involves stratifying people into groups with assorted sums of prestigiousness, power, and privilege. In portion because of the pioneering influence in American history, where position category is been divided clearly by the state, the position distinctions here are rather obscure. We can non, for illustration, associate societal category with income, because a traditionally low position occupation as a pipe fitter may today come with every bit much income as a traditionally more of import occupation as a school instructor. In certain other civilizations, nevertheless, stratification is more distinct. Peoples nowadays with different societal category are able to make about similar consumer behavior. By the being of many hypermarkets such as TESCO that offer lower monetary value on the similar merchandise, it is really good selling planning in aiming all degree of societal income in Malaysia. By right, societal category people besides is portion of immense income for the company to derive net income. Therefore, societal category demographic is non gives any impact on the consumer behavior due to so many company that targeted all clients by non mentioning to their societal category position.