Final report Essay Example | Topics and Well Written Essays - 750 words

Final report - Essay Example One of the environmental trends that affect the product’s demand is the legal environment. As an innovative product, we expect to reserve rights over the product through patent rights. This prevents other people or entities from producing and trading in a similar product. Patent right however run for a specified period then protection of rights over innovation becomes void. During the protection period, the venture anticipates an increasing demand as the product gains popularity into the market because of limited level of competition. The legal environment will ensure minimal competition but tight competition is expected after expiry of patent rights as other parties are likely to develop and sell similar products and demand will be expected to reduce. Trend in the legal environment that changes by legislations may also have adverse impacts on the venture should legislation be enforced to term illegalize the product on safety and health grounds. This is because of its scope th at allows electric charges into people’s bodies, a factor that may become controversial a legislation that bans the product will terminate its demand (Lamb, Hair and McDaniel 128, 155). Economic trend also affect the product because of the trend’s impact on people’s ability to purchase. ... Demographic factors such as level of education social class and age are other trends that affect the product’s demand. Level of education plays an important role in informing people of the safety in using the devise and together with social class empowers people towards demand. The wider scope of the product’s market that targets the global market extends these trends from local to national and global levels (Luck 56). Consumers’ taste and preference against the product may influence the market and limit our potential to sell the product. Customer research: To analyze demographics, psychographics, and purchasing behavior of the target market A primary research was necessary to understand the target market. The research implemented a qualitative research design through phenomenology. Qualitative research was selected because of its scope and type of data that corresponded to the type of research that aimed at understanding psychological and behavioral aspects of t he target market. Phenomenology, a research design that relies on participants’ experience to develop an understanding of their perspective was used because of its suitability for the scope of research and its ability to capture reality. Survey questionnaire was applied on a randomly selected sample of 12 participants (McNabb 147, 148, 301, 302, 308, ). The following is the applied survey questionnaire. The participants were offered the product to use for a week and the questionnaire administered to each of them. Survey Questionnaire How effective are the normal alarms in waking you up? Have you tried our product before? How effective is our product in waking people up compared to traditional alarms?