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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.

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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.

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