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

Market research results. Testing opinion on whether a modern mens clothing store would be successful in Colwyn Bay and whether they are satisfied with my competitors in Colwyn Bay.

Extracts from this document...

Introduction

Chapter 5 Customer Research Objectives The objective of this chapter is to collect primary market research via a questionnaire which should inform me whether my business will be successful and the location which I have decided upon for it is the right one. And finally to establish the price range of the typical person who walks through my area. Methodology First, I constructed a pilot questionnaire in class which my teacher reviewed and revised in order for me to improve it and create a better and more accurate questionnaire which would extract the necessary information from the person completing it. I considered how I would distribute my questionnaire and decided to use the data from chapter 4 of the 100 people sampled of age and sex, by converting that % into my sample of twenty and I could then distribute evenly in accordance of the number of people of each category passes by. I then proceeded into Colwyn Bay on a Wednesday afternoon around 3:00 p.m to distribute my questionnaire at different intervals around the area where my business would be set up. ...read more.

Middle

When really the target market for my business includes the 17-30 year olds and not the fifty year olds and older so there opinions would in fact be void when it comes to the decision of whether the business will be a success as they are not part of my target market. From this I will now combine the results from the age categories of 17-35 and 31-50 discounting the rest for these two combined are not only my target market but also count for the largest portion of the population obviously and have significantly more disposable income in comparison to the other two categories and will therefore be responsible for the majority of revenue for my business. As you can see from the pie chart nearly half of the 17-50 year olds who completed the questionnaire go to shop in Colwyn Bay weekly which considering increasing work hours for the majority of people and the limited number of high quality retail stores there this is a very good result for my business in terms of prospective business opportunities and of the current retail activity in Colwyn Bay. ...read more.

Conclusion

The last question on my questionnaire which I thought was of significance was the location of my business and whether the public's views agreed with my own on setting up my business in the Precinct. From the bar chart you can see that my choice of location inside the precinct is shared by the majority of over half of the people who completed my questionnaire. Conclusion From my research I can with evidence say that my business would be successful in the location I have decided to set it up on, also the type and quality of my business would also be suited to Colwyn Bay with a niche in the market for it. The price range of the products my business would sell is appropriate to the current economic state of the people living in the vicinity of Colwyn Bay with people having more disposable income available - comment on your conclusions and your recommendations to your company Limitations - question the validity and reliability of your methods and data ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets 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 GCSE Marketing and Markets essays

  1. SWOT analysis for an accessories store

    * Own knowledge Due to learning Business Studies in school, I have lots of knowledge in many aspects of the business world. My own knowledge about the business industry is a strength to my business because it will help me make decisions and overcome any problems I may have whilst starting up or running my business.

  2. Research Methodology.

    Written questionnaires become even more cost effective as the number of research questions increases. As we have a large no of questions, this techinique is appropriate. * Questionnaires are easy to analyze. Data entry and tabulation for nearly all surveys can be easily done with many computer software packages.

  1. Investigating Market

    Different staff skills can able success of the business to achieve. Moss Bros Hire sets objectives related to the employees to achieve their potential best within the business. Competitive Service: - is to provide a good service for customers. Moss Bros Hire allows customers to hire over the internet called express service.

  2. A Comparison of Two Retail Spheres of Influence.

    Also, referring to the case of the low order retail shop (Wan Chai Market) that is chosen for the survey, it is believed that the majority of the consumers are housewives, domestic helpers and elderly people. They don't have the skill of driving a car.

  1. How and why have Tesco PLC expanded their store in north Bracknell?

    They regularly check how well each objective is going. Currently Tesco own 17.5% of the market share (the proportion of sales by one business in a market compared to the total size of the market). That is more than all of Tesco's main competitors. Even though Tesco has the highest marketing share Tesco is still trying to increase their percentage to add even more increase their barrier.

  2. I have decided to open a small sports shop in Wombourne called TMG Sports ...

    To cut in to the market and build a good reputation by providing a reliable and efficient service (Year 4) Long-term To expand to a partnership, and then public limited company and widen the range of services. (Year 10) To be able to compete well with competition and own a

  1. Marketing research - To decide which products and services will be available in my ...

    My results inform me of this because 60% of my customers visit their salon because it provides good services, whereas only 20% of my customers visit their salon because it is close to their home, 16% of my customers visit their salon because it sells cheap products and 4% of

  2. Market Research for a new sweet. I asked the question Chocolate do you prefer?, ...

    I asked the question "What shape would you prefer the chocolate to be?" to perceive what shape the customers would prefer the chocolate to be; I have used these results to determine that my target audience prefer square shaped chocolate.

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