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Market Research. I have chosen to compile a questionnaire and distribute it within the Newton-le-Willows area, as this is where I intend to establish my Day-time Nursery.

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Introduction

Rebecca O'Brien Task 2 Before I begin my business venture I need to discover if there is a demand for my service and what my target market is. I can obtain the important information by conducting some market research. Market research is the collecting, recording and analysing of information about the demand or possible popularity of a business, product or service. There are two branches of market research, these being field and desk research. Field research is when you go out personally and collect the information relevant to your service/business/product. This could be in the form of a random questionnaire or door-to-door visits. This way you personally find out whether your business would be popular locally and if so, what people would expect from it. Desk research is when you look through textbooks or existing documentation to gather your information. It is also looking at other competition on the market as you can use other business's findings to influence your decisions. I have decided to use field research as it is easier to do and will give me more accurate information for my own individual. There are many different ways I can conduct field research, but I have chosen to compile a questionnaire and distribute it within the Newton-le-Willows area, as this is where I intend to establish my Day-time Nursery. ...read more.

Middle

It will not appear in my questionnaire. 6. This question is important as this will give me an insight into how many days a week I will need to keep my business open to the public for. 7. This question is important as I need to determine how many hours a day I need to be open to the public for. I do not want to leave my customers with the predicament of having to find an alternative child minder as well as or instead of using my service. 8. This question is divided into two halves. The first is important as I need to find out if I have a lot of existing competition. The latter is completely irrelevant as I do not need to know about the emotions of my adult customers. The first part of this question will be included in my final questionnaire but the second part will not. 9. This question is relevant as this helps me decide on a reasonable hourly rate that my customers will appreciate but will also help me make a profit. 10. This question is relevant as it can help me determine how many children I may have attending and a rough estimate of how much money I could gain. 11. This final question is relevant as this can help me decide on whether to provide meals for the children in my care. ...read more.

Conclusion

Above are my tallied results of my questionnaire Evaluation Throughout asking the twenty random people in the Newton-le-willows area, I have gained many results, as are displayed in the graphs on the previous page. But not only have I gained these results, I have gained knowledge as well. Out of the twenty people I asked for my market research, twelve do not have childcare in the day. This means that, hypothetically, in a percentage I would take on approximately [12/20x100=] 60% of children needing care in the area. When I asked how many days a week my service would be required the most occurring answer was 5+. This means that most children would be looked after for an average of 5 days, which is not only good for my business, as it will also help staff to build strong relationships with the children as trust is an important issue. All the questions asked gave me the information I need to make vital decisions for my business. When I asked about offering meals to children, 70% of people said they would take advantage of this. Most people asked are on an average income so I will have to price my services reasonably, with thought to whether enough people can afford the day-care. This means that, although I have had assistance in the general area of pricing, I will need to conclude my decision at a later date when I have determined the location of my service. ...read more.

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