Chapter 2 Market Analysis Summary

2.1 Market analysis

A market analysis can be defined as a quantitative and qualitative assessment of a market. It

examines the market size, various market segments, customer buying patterns, the competition,
and the economic environment. At the beginning, define your market and differentiate it from
other markets. Depending on the product or service, the market can be defined using various
criteria. In order to carry out segment-specific analyses, the target market must be divided into
different segments based on certain characteristics. Such characteristics can be socio-
demographic (age, sex, income) or regional (states, cities). For example, the marketing analysis
questions are like these following questions:

 What target group is your product or service aimed at?

 What age group is your product aimed at?
 What is the average income of your target market?
 Where does your target market live?
2.1.1 Market research

The questionnaire we created has 19 questions that need to be answered by the

respondent. First section is personal demographic data of the respondents. Demographic data that
we distribute is in terms of gender, age, race, marital status, level of income, occupation also
some questions such as are they familiar with white radish, are they a health-conscious person
and are do they agree if white radish innovated into juice product. Thereafter, the second section
is asking the respondents about product preference for radish white juice. In the questionnaire we
used ordinal scale question method that has multiple answer scales such as strongly disagree,
disagree, neutral, agree and strongly agree. In our research, we used survey research to collect
data. Survey research is defined as the process of conducting research using surveys that
researchers send to survey respondents. The data collected from surveys is then statistically
analyzed to draw meaningful research conclusions. The survey is to examine about the
acceptance of Radish White Juice among consumers. Questionnaires are popular research
methods because they offer a fast, efficient and inexpensive means of gathering large amounts of
information from sizeable sample volumes. These tools are particularly effective for measuring
subject behavior, preferences, intentions, attitudes, and opinions. Their use of open and closed
research questions enables researchers to obtain both qualitative and quantitative data, resulting
in more comprehensive results.

SECTION A: PERSONAL DEMOGRAPHIC

NO QUESTION FREQUENCY PERCENTAGE (%)
1 Gender Male: 21 Male: 38.2%
Female: 34 Female: 61.8%
2 Age 12 years old and above: - 12 years old and above: -
16 to 25 years old: 19 16 to 25 years old: 34.5%
26 to 35 years old: 16 26 to 35 years old: 29.1%
36 to 45 years old: 12 36 to 45 years old: 21.8%
46 to 55 years old: 7 46 to 55 years old: 12.7%
56 years old and above: 1 56 years old and above: 1.8%
3 Race Malay: 33 Malay: 60%
Chinese: 16 Chinese: 29.1%
Indian: 6 Indian: 10.9%
Others: - Others: -
4 Marital Status Single: 23 Single: 41.8%
 Married: 32 Married: 58.2%
Divorced: - Divorced: -
Widowed: - Widowed: -
5 Level of income RM 1,001 – RM 2,000: 15 RM 1,001 – RM 2,000: 27.3%
RM 2,001 – RM 3,000: 12 RM 2,001 – RM 3,000: 21.8%
RM 3,001 – RM 4,000: 11 RM 3,001 – RM 4,000: 20%
RM 4,001 – RM 5,000: 3 RM 4,001 – RM 5,000: 5.5%
RM 5,001 and above: 14 RM 5,001 and above: 25.5%
6 Occupation Student: 13 Student: 23.6%
Employee: 42 Employee: 76.4%
Unemployed: - Unemployed: -
7 Are you familiar Yes: 50 Yes: 90.9%
with white No: 5 No: 9.1%
radish?

8 Are you a health- Yes: 52 Yes: 94.5%

conscious No: 3 No: 5.5%
person?

9 Do you agree if Yes: 51 Yes: 92.7%

white radish is No: 4 No: 7.3%
innovated into
juice product?

Table 2.1.1 – Demographic Breakdown

NO QUESTIONS FREQUENCY PERCENTAGE REMARKS

1 I am willing to Strongly disagree: Strongly disagree: 1.8% Highly agree

pay for quality 1
Disagree: 7.3%
packaging.
Disagree: 4
Neutral: 7.3%
Neutral: 4
Agree: 27.3%
Agree: 15
Strongly agree: 56.4%
Strongly agree: 31

2 Attractive Strongly disagree: Strongly disagree: 1.8% Highly agree

 packaging is 1 Disagree: 3.6%
important to
Disagree: 2 Neutral: 3.6%
attract
consumers to Neutral: 2 Agree: 29.1%

buy. Agree: 16 Strongly agree: 61.8%

Strongly agree: 34

3 I prefer Strongly disagree: Strongly disagree: 0% Highly agree

healthy drink 0
Disagree: 9.1%
over soft
Disagree: 5
drink. Neutral: 32.7%
Neutral: 18
Agree: 16.4%
Agree: 9
Strongly agree: 41.8%
Strongly agree: 23

4 I am willing to Strongly disagree: Strongly disagree: 0% Highly agree

pay an extra 0
Disagree: 16.4%
amount for the
Disagree: 9
best quality. Neutral: 10.9%
Neutral: 6
Agree: 27.3%
Agree: 15
Strongly agree: 45.5%
Strongly agree: 25

5 A good Strongly disagree: Strongly disagree: 0% Highly agree

packaging of 0
Disagree: 3.6%
juice products
Disagree: 2
will guarantee Neutral: 9.1%

the juice Neutral: 5

Agree: 32.7%
quality. Agree: 18
Strongly agree: 54.5%
Strongly agree: 30
6 A good brand Strongly disagree: Strongly disagree: 0% Highly agree
guarantees for 0
Disagree: 3.6%
good quality.
Disagree: 2
Neutral: 7.3%
Neutral: 4
Agree: 43.6%
Agree: 24
Strongly agree: 45.5%
Strongly agree: 25

7 I prefer to buy Strongly disagree: Strongly disagree: 1.8% Highly agree

juice from 1
Disagree: 5.5%
well-known
Disagree: 3
companies. Neutral: 9.1%
Neutral: 5
Agree: 36.4%
Agree: 20
Strongly agree: 47.3%
Strongly agree: 26
8 A well-known Strongly disagree: Strongly disagree: 1.8% Highly agree
wellness 1
Disagree: 3.6%
brand helps
Disagree: 2
me to buy Neutral: 10.9%

with Neutral: 6
Agree: 36.4%
confidently. Agree: 20
Strongly agree: 47.3%
Strongly agree: 26

9 Captivating Strongly disagree: Strongly disagree: 3.6% Highly agree

promotion is 2
Disagree: 1.8%
important to
Disagree: 1
attract Neutral: 12.7%

customers to Neutral: 7
Agree: 32.7%
buy. Agree: 18
Strongly agree: 49.1%
Strongly agree: 27
 10 I am interested Strongly disagree: Strongly disagree: 1.8% Highly agree
to buy juice 1
Disagree: 1.8%
product from
Disagree: 1
appealing Neutral: 9.1%

advertising. Neutral: 5
Agree: 38.2%
Agree: 21
Strongly agree: 49.1%
Strongly agree: 27

Table 2.1.1 – General Question Breakdown

2.1.2 Market segmentation

Market segmentation is a process that consists of sectioning the target market into smaller
groups that share similar characteristics, such as age, income, personality traits, behavior,
interests, needs or location. Geographically, Radish White Juice target customers are all people
regardless of age and health problems. For demographic segmentation our Radish White Juice
can be drunk by age of start from 12 years old and above. It is because Radish White Juice is a
health drink so it’s good for children and even elderly people. Our Radish White Juice is suitable
for both genders. Our product is very affordable for all income so customers can afford to buy it.
Also, target market is all regardless of race and religion who want to drink Radish White Juice.
Besides, for our behavioral segmentation that affects every purchase of Radish White Juice and
can helps us identifies customers based on what their actions. Our product, Radish White Juice is
unique because it’s the first product of white radish in the market, so customers will look at the
advantages of Radish White Juice before they purchase our product. From that, we can know this
product brings benefit sought and it shows this product can attract more customers because they
likely want to try it. In addition, our Radish White Juice can create customer loyalty in the
market. We believe that our market can grow based on loyalty from customers after they tried
Radish White Juice, and it can develop customer loyalty since they are no other competitors.
Customers who have already tried the product will tell the benefits of Radish White Juice by
word to mouth and give feedback at our social media.

2.1.3 Target market segment strategy

Target marketing is a marketing strategy that breaks a market into segments and then
concentrates marketing efforts on one or a few key segments consisting of the customers whose
needs and desires most closely match product or service offerings (Susan Ward, 2022). A target
segment strategy involves conducting research in your market to define the segmentation
parameters, evaluating the potential for each segment, and developing product positioning that
appeals to the selected segments. Radish White Juice uses a differentiated marketing strategy.
For instance, Radish White Juice can be drunk by all groups regardless of age and health
problems. Our target market strategies are such as student, working people, and people who like
to prioritize their health. Moreover, Radish White Juice is made to make it easy for them to
consume as it is a ready-to-serve type. The ingredients used in this product are all natural and
contain no chemicals. We innovated the white radish to a juice, so it is very convenient for them
to consume it.

 A target segment strategy involves conducting research in our market to define the segmentation
parameters, evaluating the potential for each segment, and developing product positioning that
appeals to the selected segments.

1. Segmenting the market: Radish White Juice categorize their market by several different
characteristics, such as demographics or geography.

2. Targeting the customers with the most potential: After conducting research on each
segment, Radish White Juice determines which segment has the most potential for
success.

3. Positioning the offering: Radish White Juice creates messaging for its offering based on
the segment it is targeting.

2.1.4 Positioning statement

A positioning statement refers to statement that tells a brands target consumer why the
product is unique from other similar products in the market and the customers needs that it
fulfills. ‘‘For individuals looking for a healthy drink, Leaf Company offer a Radish White Juice
as a healthy drink for customers. Unlike the other healthy drink, our product is the first product
in the market so its unique and different from competitors. Radish White Juice also sold at low
prices and affordable so everyone can afford it.” Having a clear and concise positioning
statement is important because it gives potential consumers the ability to understand our business
at first glance.