• Subject Name : Marketing

Market Analysis

Introduction to Multi-Sensory Experience Design Analysis

The project of making MOFLIN, an AI pet robot with emotional capabilities was formed with the help of a partnership between Vanguard Industries and the Research and Development department of a large firm. This was to create something that feels real and cute along with worthy of becoming a partner of any person (Carrozza, 2019). The essential determinant towards the application of different ICT technologies are feeling love and giving love to others. The development of MOFLIN concept is done in such a manner that it makes a positive impact on the society. The company which is an innovation firm based in Tokyo, Japan is making an effort to develop MOFLIN in a way that it has the ability to enhance the Quality of Life. It can be done by becoming a communicator agent as novel lifestyles and values are emerging during these uncertain times of COVID-19 pandemic.

Before the successful deliver of the first product by the organisation which is aimed in March 2021, it is important to analyse the market. A market analysis could be quantitative as well as qualitative in nature. In this project, qualitative analysis is done. The various customer segments and the buying patterns along with consumer behaviour are looked into.

Market Segmentation

The analysis that determines how an organisation divides its customers into smaller groups is known as market segmentation. The basis for diving the customers into smaller groups could be characteristics like income, age or any personal trails. The benefit of making these segments is that it help to optimise the products later and advertise it to different customers.

According to a study conducted by Bain & Company, 81 per cent of executives have found that segmentation was essential for growth in profits. It was also found that the organisation which used the strategy of segmentation enjoyed a higher profit of 10 per cent as compared to the companies whose strategy of segmentation was not effective over a period of five years.

In the case of the AI pet robot, MOFLIN, the target market could be divided into approachable groups. The subset of the market could be based on behavioural criteria, demographics, priorities, needs and common interests. This is used to better understand the target audience.

  • On the basis of Geography: The market segmentation of AI pet robot can be done on the basis of Geography. The company could cover different countries across multiple geographies such as North America, Africa, Europe, Asia Pacific, South America and Middle East (Fujita, 2004).
  • On the basis of Age: The other characteristic which could be used to segment the market for AI pets is age. It is seen that the aged people in developed countries need care taking, love, companionship and feeling of attachment. With increasing global aging population, this is one of the major driver of the AI pets market. Also, according to World Bank Group, 2016, it was found that the aged population that is age above 65 years, comprises of 8.48 per cent of the total population. In Japan, this percentage is 27 and in Itlay it is 23 per cent. This is a very high fraction of total population. Moreover, the children and teenagers will be attracted towards this pets.
  • On the basis of Behavioral Segmentation: The market segmentation could be done by dividing the people into different groups on the basis of particular behavioural pattern. People could show common lifecycle stage, could respond similarly to AI pet product or have same previously purchased similar products. This segmentation improves the targeting accuracy and help in providing better personalised experience.
  • On the basis of Psychographic segmentation: This is a type of segmentation where sub groups are made on the basis of psychographic characteristics such as attitudes, priorities, attachment, subconscious, beliefs and motivation to explain and predict consumer behaviour. Thus, with the help of psychographic segmentation, pet owners and non pet owners could be segmented into different groups.
  • Income: Income is also one of the important determinant to consider the purchase of AI pets. Since the AI pet robot would be expensive, the market only caters to higher income level people (Ivanov, 2018).
  • Gender: While segmenting the market, gender should also be looked upon. It is seen that females are more attracted towards pets due to their soft and emotional nature as compared to males (Chu, 2020).

Consumer Behaviour

One of the potential segment variable which should be used by the organisation should be psychographic segmentation. Under the elements, family should be chosen (Xue et al., 2020). This is due to the fact that attachment, attitudes, priorities, motivation all should be seen while segmenting the market. In family, all the age groups are covered especially the elder and the smaller ones who want to feel loved and cared (Chu, 2020). Since, MOFLIN is an AI pet robot with emotional capabilities, this must be considered. Also, it is essential to know the attitude behind the major motivation of the owner to manage and care the pet. The most common research of pet ownership tells that most people relate their pet as humans. They treat them as companion, friend or family member. These type of people should be targeted.

References for Multi-Sensory Experience Design Analysis

Carrozza, M.C., 2019. Our Friend the Robot. In The Robot and Us (pp. 41-52). Springer, Cham.

Chu, V., 2020. Method And System For Pet Owner Marketing, Data Analytics, And Risk Assessment. U.S. Patent Application 16/159,534.

Fujita, M., 2004. On activating human communications with pet-type robot AIBO. Proceedings of the IEEE, 92(11), pp.1804-1813.

Ivanov, S.H., 2018, July. Tourism beyond humans–robots, pets and Teddy bears. In Paper to be presented at the International Scientific Conference “Tourism and Innovations.

Xue, Y., Yan, R. and Zhang, X., 2020. Multi-sensory experience design analysis on elderly toy products. In E3S Web of Conferences (Vol. 179, p. 02128). E3S Web of Conferences.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Marketing Assignment Help

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