GENERAL TOPIC: CONDUCT A PRODUCT RESEARCH &

MARKET SEGEMENT ANALYSIS

REQUIREMENTS / BACKGROUND:

1. Based on your assigned company, select a "new" product or service

that the company is introducing or will introduce. Products developed,

introduced from 2020-2021 only.

the product is mini eye massage device

Use only the sources below to select a product or business to research

and analyse.

i. Oberlo: https://www.oberlo.ca/blog/new-products

2. This report should include the following components: (Mini eye Massage device)

a. Brief description of the company

b. Detailed description of the 'new' product being analyzed

c. Define the target market segment of your analysis (be specific)

d. Analysis of the target market segment could be a bulleted list

summarizing what you know about your consumers' behaviors

3. Analysis of the product should include the following: (mini eye massage device)

a. Customer profile ( i.e. men ages 18-30) - explain why?

b. Size (How large is the market and what is its growth potential?)

c. Relevant demographic variables (age, income, etc.focus on

variables you did NOT use to segment the market initially)

d. Lifestyle Characteristics (What are their values, motivations,

and/or attitudes? How do they spend their timeactivities,

hobbies, interests?)

e. Communication/media behavior (What do they listen to,

watch, and read? How do they communicate with one another

and with the company? What are their preferred technologies

e.g., email, twitter, facebook, texting? What types of behaviors

do they engage in online?)

f. Purchasing behavior (Are consumers in your market brand

loyal? Where do they shop for this type of productspecific

retail outlets? online? How much are they willing to spend on

this product category? Are they responsive to price incentives?)

g. Product/Service usage (How often do they buy this product?

What benefits are they seeking? How do they use this

product/service?)

h. Relevant cultural influences and industry trends (This

section requires you to consider how cultural contexts shape

consumer behavior. What cultural trends are relevant to your

market? You may also wish to include industry trends related to

the product/service you've selected that may impact the

behavior of your market.)

4. Provide a description of the pricing strategy used or should be

used to promote this new product. Give specific pricing

information (including any special discounts or rates for your market

segment) and justify based on your research.