Market Observation
NOTES ON MARKET OBSERVATIONS
Introduction:
A visit to the neighbourhood market and observations performed there helped me learn, on a very basic level, how to approach a Market Research and analyze the data collected from markets. The market chosen for this purpose was ‘Sunday Bazaar’ at Navyug Market.
Objectives:
The aim of this note is to summarize the market observations performed by me on a neighbourhood market. The purpose of this observation was to familiarize with the happenings of a local market, make observations and draw inferences from the same.
Observations:
The observation was of qualitative as well as quantitative research type. But the methodology followed for this observation fitted more aptly on the three-approach model of observational research, therefore, I have segregated the findings as below:
Covert Observational Research :
1. Around 30-40 shops with a temporary stall setup come with specialized products on a weekly basis to sell in the local market at a competitive price when compared to the general market.
2. The segmentation of the product could broadly be done under the Home Needs category (chairs, stools, buckets, ropes, stands, shoes, utensils etc.)
3. The market had several prospective customers who were buying things from different shops based on their bargaining ability.
4. The people in the market visibly belonged to different economic strata of society.
Overt Observational Research :
5. The older women insisted on bargained prices and majorly stuck to their lists.
6. The younger population (which was very low in number) found the prices very reasonable and was willing to pay whatever was asked.
7. The buying habit of a newly settled couple had compounded over the past three weeks with them buying extra things beyond their list in each visit.
8. The buyers from lower strata bought very specific items from specific shops.
Researcher Participation :
9. The shopkeepers had a very similar price range for similar
Introduction:
A visit to the neighbourhood market and observations performed there helped me learn, on a very basic level, how to approach a Market Research and analyze the data collected from markets. The market chosen for this purpose was ‘Sunday Bazaar’ at Navyug Market.
Objectives:
The aim of this note is to summarize the market observations performed by me on a neighbourhood market. The purpose of this observation was to familiarize with the happenings of a local market, make observations and draw inferences from the same.
Observations:
The observation was of qualitative as well as quantitative research type. But the methodology followed for this observation fitted more aptly on the three-approach model of observational research, therefore, I have segregated the findings as below:
Covert Observational Research :
1. Around 30-40 shops with a temporary stall setup come with specialized products on a weekly basis to sell in the local market at a competitive price when compared to the general market.
2. The segmentation of the product could broadly be done under the Home Needs category (chairs, stools, buckets, ropes, stands, shoes, utensils etc.)
3. The market had several prospective customers who were buying things from different shops based on their bargaining ability.
4. The people in the market visibly belonged to different economic strata of society.
Overt Observational Research :
5. The older women insisted on bargained prices and majorly stuck to their lists.
6. The younger population (which was very low in number) found the prices very reasonable and was willing to pay whatever was asked.
7. The buying habit of a newly settled couple had compounded over the past three weeks with them buying extra things beyond their list in each visit.
8. The buyers from lower strata bought very specific items from specific shops.
Researcher Participation :
9. The shopkeepers had a very similar price range for similar