Market Research Case Study: Syneron Candela

A target market is a particular group that a company or a business focuses on so that it can sell its product to the group. There are several steps in which a business follows as it chooses its target market. They include identifying the problem a business wants to solve, characteristics of customers that suffer that problem, what the business stands to gain if it provides a solution, how to subdivide the market, is the company aligned to such needs, who are the competitors and so on. Syneron Candela deals with medical aesthetics applications which includes hair removal, body contouring, and skin health care such as Acne and so on. As such, the company choses to focus on the weight loss. In other words, the company focuses on people struggling

Be sure to include why you chose these particular methods. There are many methods of conducting a market research. However, so of the best methods include one, interviews. Interview is where there are structured or unstructured questions in which the interviewer seeks to understand the respondent. It is one of the most efficient method of gathering information since it provides personal interaction with customers. The second method is focus groups. Focus groups and interviews are similar except that focus group involves a group of people. It is efficient in that it seeks more information in the product such as its development, sales projections, and feedback and so on. Survey and questionnaires is also another effective method of market research. Usually it involves questionnaires and forms which gives a feedback from the customers regarding the product. Questions are usually straightforward and therefore the company gets feedback about the product and the changes it can make to suit the consumer. Another good research method is field trials and experiments. This method involves creating a new product and releasing it in the market. It is effective in that customers get to respond to it usually through sales. Its sales trend tells a business whether to improve on it, make adjustments on packaging or its price. (In Takhar-Lail, In Ghorbani,

Before a product is released in the market, it goes through a series of processes to transform the idea into a product. A product development cycle begins with the idea. The idea can be a modification of an existing product or an innovation of something unique. The next step is market research. A market research is important because it gives the company all the relevant information to base its decision. For example, in a case of modification, a research will advise where specifically the product can be improved. The next phase is developing the product. Developing a product is coming up with a finished end-product that appeals to