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Section 2 - Market Research

Extracts from this document...

Introduction

Table of Contents Market Research - What is market research? Why is it important? 3 My Market Research Questionnaire - Why use questionnaires? & My questionnaire 4 My Questionnaire Results 6 My Questionnaire Summary 16 Market Research What is Market Research? Market research is where an entrepreneur or a company director collects and analyses data which may be useful to the business in the near future. The data gathered is information mostly about the market; the product's that are to be offered for sale in the market; the current trends and potential customers; the competition between companies which could take potential customers; and finding out about the area you're in and weather there is a high footfall rate. Market research is a good way of finding out what kind of things your customers want and need. Market research could be done in different ways like surveys, questionnaires, interviews, ect. Why is market research important to my business? Market research is important to my business because it gives us an idea of what medication, vitamins and drugs the public needs, the health accessories they are interested in; what is available and what needs improving. It is also important because we can use market research to find out trends for medicines and drugs and find out about competition's latest trends and weather there prices are cheaper than ours which will mean they many be taking some of our potential customers. ...read more.

Middle

Based on the results, I can see that price, quality and special offers are extremely important to my future customers. Therefore I will need to make sure my prices are just right (not too expensive and not too cheap) and when getting new stock I will need to make sure the quality of the products are good. I will also need to promote popular products by making some offers on them to get more customers. Service is fairly important to my customers which will mean I will need to give training to my staff to give good service and to please my customers. Finally location came up to be the least important to my customers which means that as long as I provide good price + quality + offers, they would be willing to travel a bit extra distance to come to my pharmacy. The reason for me asking this question was to ensure that the sample of potential customers I used for my questionnaire was a fair representation of my Target Market. From the results I can see nearly everyone who filled out the questionnaire was under 18. As I am focusing on teenagers and middle aged, it is not a big problem that I didn't ask anyone in the other age groups. However, if I wanted to focus on other age groups as well, I would have to ask some of them to fill in my questionnaire. ...read more.

Conclusion

This gives me a competitive edge over all the other pharmacies around. Opening hours After looking at the results of my questionnaire most of my customers said that they would prefer coming at 2pm to 6pm or at 11am to 2pm. I have now decided that my opening times will be: Monday: 10am to 1pm - 2pm to 6pm Tuesday: 10am to 1pm - 2pm to 6pm Wednesday: 10am to 1pm - 2pm to 6pm Thursday: 10am to 1pm - 2pm to 6pm Friday: 10am to 1pm - 2pm to 6pm Saturday: 11am to 12.30pm - 1.30pm to 3pm Sunday: 12pm - 2pm Bank holidays: Closed My pharmacy will have a 1 hour lunch break in the middle of the day. Who are my competition? After having a look around in the local area, I have identified that there are quite a few pharmacies which are on the same road as mine and which are surrounding mine. I know I have to compete with these pharmacies, and I will do this in various ways to attract customers. Like advertising, special offers, free samples, business cards posted to people locally and much more. What marketing will work? I think marketing with window ads will work as the results from the questionnaire say there is a high footfall rate which means that a lot of people walking past seeing the ads. ?? ?? ?? ?? 17 1 ...read more.

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