P2: Explain how to identify the target market for your key ring project
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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 There could be invalid and out of date information which could affect our business if conducted.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.
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