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BUSINESS CHALLENGE

The company (client), a leading manufacturer of hearth products, was interested in the project involving the hearth market. The study also demanded to define, describe, and forecast the hearth market on the basis of fuel, product, style, and region. The client also wanted to strategically analyze micro-markets with respect to individual growth trends, future prospects, and contribution to the total market. The hearth industry has matured over the last two decades, and during this period it has experienced some critical cyclical ups and downs. The client wanted to understand the scope of electric hearths which are becoming more commercialized and are environment friendly.

MnM APPROACH

This study was carried out through a combination of extensive secondary research, followed by primary discussions with key opinion leaders, manufacturers and their customers. Exhaustive interviews were conducted from sales, marketing, production, R&D, technical experts using a semi- structured questionnaire to understand and provide the In-depth analysis . Information regarding usage trends, future growth prospects for target end user industries from Hearth Market was obtained by conducting numerous in-depth market evaluation both qualitative & quantitative interview approaches along with the expertise of consulting team at MnM. The customers were interviewed to understand their current and expected usage in various applications which further validated the market number through bottom up approach

VALUE DELIVERED

• MnM’s client was able to understand the current scenario of the Hearth market. Also, the market forecasts were provided to focus client’s attention to the high growth markets of Hearth.
• The competitors benchmarking also helped to understand the client’s present situation in the market and further helps the client to make short and long term strategies to gain the market share in the Hearth market.
• Client was provided with information such as product life cycle analysis, environmental impact and price analysis.