Technology VAWT

Technology
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Technology
To determine the market feasibility of the selected technology – vertical-axis wind turbine (VAWT) –, market analysis, quantitative data and qualitative data are all imperative. Market analysis: The quantitative and qualitative data collected through market analysis will serve to identify the unexploited market opportunities, corroborate the features that would most likely attract the target market, refine the target market, and ultimately devise a market strategy (Zivkovic, 2012). The main reasons for carrying out market analysis include: (i) to define the market – what is the size of the target market segment? (ii) To approximate the marketability of the project – what is the impact of future and existing competitors? (iii) To create the product – what are the market preferences that relate to pricing; design features and sizes of the product? (iv) To substantiate the development of the product – what degree of quantitative evidence would satisfy regulatory authorities, lenders and investors? (v) To aid the marketing efforts – what theme or strategy of marketing would help in reaching the target market? (Chernev, 2009).
Quantitative data: Quantitative research is essentially employed in collecting data in numerical form which could be put in rank order, or into categories, or measured using units of measurements. Quantitative data could be utilized in constructing tables as well as graphs of raw data (Venkatesh, Brown & Bala, 2013). In this case, quantitative data would comprise statistical information regarding the number of American households that presently use wind power and the number of people who would most likely embrace the new technology, and would most likely purchase the VAWTs. Moreover, it would also comprise data about the number of people who prefer a certain price for the product, for instance 234 participants from the sa...