IMAGO Architects - Academic Writing Assignment Example | Topics and Well Written Essays - 1500 words

IMAGO Architects - Academic Writing - Assignment Example However, before customers can be identified, it is very important that a market research is to be conducted about the possibility of selling the latest Imago Architects design: a laminated glass staircase that appears to float. This paper will proceed to indicate what market research is, how to conduct one, and what are the advantages and disadvantages of conducting a market research. Market research is a tool for businesses to determine the needs or demands of the market, size, and competition (McQuarrie, 2005). There are several types of markets and can be divided in several segments but for the purpose of marketing the floating glass staircase of Imago Architects, it will limit segmentation samples to what may or may not be applicable for the targeted market. Market segment for the floating staircase may be classified for their price (affordability) or design preferences. Upon defining various market segments, Imago will need to undertake product differentiation. Imago will need present the floating staircase as something unique yet desirable to its targeted market. One major concept to be exploited is as a â€Å"state of the art† product for interior design wherein technophile groups or market segment may be targeted. It is then important to define the group or market segment. Various market segments may be categorized into geographic differences, personality differences, demographic differences such as gender, age, among others. In defining the market segment, the market researcher will need to explore what are the basic demographic data of the target market or even individuals in that market segment. These data include income bracket, age, profession or source of income, area of residence, where this person shops, his family status, hobbies, preferences in consumption, activities, and many others. These are important in order to determine the ways in which marketing communication