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Explain and justify methods used to identify the target market for the proposed business.

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M1: Explain and justify methods used to identify the target market for the proposed business. To identify my target market for my Nails shop I am going to use primary and secondary market research. Market research is finding out information about what potential customers want and also to meet their needs in the beauty industry. I am going to use 2 methods of primary research and another 2 methods of secondary research. These include: Surveys, Visits to similar businesses, Internet and Publishes text books. This should provide a wide range of information which can decide what I should do with my business. Collecting surveys is one of my primary methods. The advantages about collecting primary research are that it is up to date because I have just collected it. It will obviously meet my specific needs as I am asking the questions and those questions will be based on what I want to know about my business. ...read more.


Collecting this type of information is relatively cheap, as it is just a visit and I will record the information. But normally collecting primary research is very expensive as I am starting from scratch. Collecting information of the internet is one of my secondary researches. The advantage about this method is that it is cheap and it does not take that much time to gather. This is a major plus point as I may need information fast to make my shop better. There are a few disadvantages about this method and they consist of: the information normally displayed is not to up to date. It may be normally be 1 year old but customers change their opinions on things and this is why it is important to stay on top of this. Normally the information does not meet my specific needs and researching on the internet may be a waste of time, but there are thousands of resources on the internet which is bound to meet my needs. ...read more.


For the primary methods, it is not that I would not choose to do questionnaires or interviews, but they are all mainly the same to surveys. They are asking the customer questions about my needs. They are all expensive to run because I am starting from scratch. Also, the competitor can not see any of this information and it is original. For the secondary method I did not chose to research by looking at market trends because I do not know how old the information is and because I am only doing a nails shop, the website may not have my specific queries. Also, it will be a waste of time if I did not find anything, where as published books, the information may be old, but it is fast and efficient. Also, with the general information I am already looking at published books, so newspapers and yellow pages can come under this category but sometimes newspapers can be very biast so, as a reader I would not know which newspaper to rely on. ...read more.

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