• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

P2: Explain how to identify the target market for your key ring project

Extracts from this document...

Introduction

P2: Explain how to identify the target market Our initial method used for primary research was questionnaires. These would be sent out to teachers and students of Greenford high school, approximately 20 people. By this happening and us retrieving them after they have been filled out then we have a rough idea. This idea will give us an understanding what our users requirements are for example, questions on pricing, shape, size and many other factors which will be considered. Both closed and open answer questions were asked as this way we can get the persons actual opinion. Judging by these particular results we can establish where to start with our products. The Results of this primary research was from 20 people who had answered a questionnaire each with 15 questions were asked to our target market through these questionnaires. We carefully selected certain questions. For example, one question was; do you have a key ring on you at this very moment? This question will help us as by them pulling out their existing key ring we can compare it to ours. This will then lead to us asking them what made them want to purchase the key ring. ...read more.

Middle

This could be the picture quality for both frames and key rings. Also dimensions and many others can be altered before they go into production. A disadvantage to using the internet could be that some sites may not be reliable. There could be invalid and out of date information which could affect our business if conducted. This could have wasted time and slow down business efficiency. By us also having our primary research we can use that to specify our internet research more. This secondary research in particular would be come into play in the future running of the business. As we have carried out a good amount of primary research we can use this secondary research maybe in 3-4 years time when our company is more established and recognised. This is because our business is specified to photo printing, photo frames and picture key rings. Due to this there are not many variations in our products and therefore customers may not shop twice. Due to this our number of customers may not increase much and therefore we will ensure that we keep bring new idea's, designs and variations in our items to keep customers refreshed and giving them a reason to shop at our store again or use our services. ...read more.

Conclusion

As we have a record of research is will always be useful in future events. An advantage is also that the research would be easily accessible and trust worthy as our team carried it out. We had a certain amount of time allocated. The time frame was 1 week to carry out this particular research. After this all results have been collected and analysed and kept as later resources. By us having a set time frame is gives us determination and a guideline to work by therefore we won?t be lazy and we will work efficiently as we have a certain time frame to meet. To finalise our particular target market, we targeted over 5 females and males. We also ensure each person had some form of income or money weather that?s through fulltime/part-time work or parents/carers. By us knowing their financial statuses we can then work around this and create products suitable enough, mostly suitable pricing. Therefore we will have to make sure that everything is okay with suppliers and materials in order for use to provide cheaper prices for our products. Therefore if we have a good relationship with all our suppliers then we can probably receive lower trader prices allowing us to sell more suitable prices products and still produce enough profit. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays

  1. Marked by a teacher

    Describe how to identify the target market for your coffee shop.

    3 star(s)

    Competitors To ensure my business has the best chance to succeed I need to find out information about my competitor`s businesses and product. To analyse my competitors I need to be looking at how strong they are, their location and product.

  2. BTEC BUSINESS UNIT 2

    Recruitment All businesses want to recruit the best employee. This means that they need recruitment procedures and trained staff who can: Identify the vacancy * Decide which applicants should be interviewed * Decide where to advertise it. * Interview candidates (or arrange interview)

  1. Business Studies Company Profile

    Everyone of these factors help BMW foster enterprise through employees. this can be seen by: Providing lots of learning and training schemes this provides self confidence and motivation; they allow employees to receive the training, qualifications and education they need to advance through BMW, this means that BMW get highly

  2. For this assignment I have been asked to produce a new marketing strategy for ...

    As the technology is getting advanced there has been introduction of new machineries all the time. Due to introduction of this machineries the production of the Coca-Cola Company has increased tremendously then it was a few years ago. SWOT SWOT stands for Strengths Weakness Opportunities Threats.

  1. Unit 2 Investigating business

    "The Young Enterprise Mission: To inspire and equip young people to learn and succeed through enterprise. The Young Enterprise Vision: That all young people will have the opportunity to gain personal experience of how business works, understand the role it plays in providing employment and creating prosperity, and be

  2. P5 Explain how and why groups of customers are targeted for selected products

    make sure that by the end of their sales, they get the all of the money they put in as an investment plus benefits or otherwise they see no good in investing in the first place Ongoing relationships The influencers are the members that will benefits from ongoing relationships as they opinions are always needed for new products for example.

  1. Unit 11 P2 Explain how relationship marketing can be applied to Tescos

    One of the main reasons why Tesco haven?t achieved loyalty is because their physical evidence has not been effective enough, e.g. the which? Survey stated that the Tesco PLC customers rated the store environment 2/5 stars, which means that Tesco physical evidence, (store enviroment)

  2. Describe the types of Market Research

    collection methods, rapid availability of brand switching and shifts in buyer preferences accurate. Report of sensitive expenditures: beer, liquor, cigarettes high level of specificity e.g. actual products not intentions anymore .information on aggregate sales activity and shifts in retail outlets (store performances)

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work