The document discusses the steps and factors involved in market and demand analysis for a new product. It outlines key steps like situational analysis, collecting secondary information from sources like census data and industry reports, conducting a market survey, demand forecasting, and market planning. As an example, it also provides the objectives of analyzing the market and demand for a new improved air cooler developed by a small firm. These objectives include understanding who buys air coolers, assessing the current and geographic demand, determining customers' price willingness, and identifying best distribution channels.