2.1 Definition of Market Study
Market study is a process of collecting, analyzing and interpreting information about the market, about the products or services offered for sale on the market, and about the past, present and potential customers for your products or services, research into the characteristics, spending habits, location and target market needs of business, industry as a whole, and competitors. Based on entreprenuer.com,market study must have accurate and thorough planning is the foundation of all successful business venture because it provides information about existing and potential customers, the competition and the industry in general. It allows business owners to determine the feasibility of the business before committing significant resources to the effort. Market research involves two types of data:
Premier information -is research you compile yourself or hire someone to assemble it for you. Secondary information - This type of research is compiled and organized . Examples of secondary information including reports and studies by government agencies, trade associations or other businesses in industry. Most of the research you collect will likely be secondary. 1.2Aim
To aim a process of inquiries that leads to an understanding of what the present state of play in the real estate market and what is likely in the foreseeable future.
1. To make the product popular among the consumer. 2. To determine advertising effectiveness, consumer and dealer reaction . 3.To determine customers and to know their wants and needs. 4.
5. To establish the selling prices for type of building that has been proposed
1.4Market Study Method
Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics target market has. With market research companies can learn more about current and potential customers. The purpose of market research is to help companies make better business decisions about the development and marketing of new products. Market research represents the voice of the consumer in a company. * Primary research
Primary research is original information gathered through your own efforts (or on your behalf by a hired research firm) to respond to a specific question or set of questions. This information is normally gathered through surveys, observation, or experimentation. * secondary research
Secondary research exploits existing resources like company records, surveys, research studies and books and applies the information to answer the question at hand. It is normally less time consuming than primary research, and can be less expensive as well. While secondary research is less targeted than primary research, it can yield valuable information and answer some questions that are not practical to address through primary research (such as assessing macro-economic conditions) or questions that may make customers uncomfortable if asked directly (such as questions on age and income levels)
2.0 Company Background
Ole Ole shopping mall have been developed by a company in the title Metropolitan Property Management Co. Bhd. Office business located on the 2nd floor . They was officially opened Ole Ole shopping mall on 3rd November 2007.In general, Ole Ole name was chosen because it represents the cultural traditions of Malaysia. The name is derived from the word Olẽh-Olẽh which is synonymous with the Malay community in early days. Referring to the Kamus Dewan, Ole...