as I am a student I do not have much time to collect much more. I think both
primary and secondary research will be useful as it is coming from the
customers and the stores themselves. When I check the Internet I will find
out about prices and how I could start getting orders from the internet.
Sampling
I will try to make my questionnaires as random as possible. I think I will
use a systematic sampling system which is where I take every 5th customer I
see and ask them to fill out my questionnaire. My sample site I have chosen
is the Deira City Centre. I chose this because there are a lot of shoe shops
here. It is also a very popular place for my range of customers
Constraints
Some problems I may have when I’m collecting my primary data is that
some customers may be in a rush and not want to fill out my questionnaire or
may just not be bothered to do it.
I may also have problems setting up my business as in Dubai you need
a local sponsor to start up your own business. I will also need to research this
on the internet or with a company manager.
For my business I will also need to raise finance therefore a loan will be required
The competition in Dubai is very strong but I feel I can differentiate through aspects of my marketing mix. I will therefore need to investigate the best ways to distribute i.e. location of my shop, the ideal prices, the most suitable method of promotion and a good variety of products to meet my target market’s needs
Findings
Tally sheet of results:
Findings
In this section I will be recording all of my primary data that I have collected from my questionnaires and be using it to find out what type of shoes people like and will wear. I will also be using it to find out ideal prices, products, places to locate and methods of promotion
Price
I am also using the results I got to find out what price range I should use for the shoes I am selling. I am also finding out how often people spend the amount of money and what the ideal price should be.
In this Graph it shows how much money people spend on shoes. I chose to use this graph, as it is important to my market study as it informs me on the prices I should use.
This graph tells me how often people spend that amount of money.
I am using this graph because this also gives me good insight to what I should price the shoes I am selling. I could compare both of the graphs and possible take averages and come to a suitable price, which will still give me a profit margin.
Product
In my questionnaire I tried to find out where people currently buy their shoes. I picked some of the main stores in Dubai for people to choose from. I also asked them why they liked the shop. I asked people what kind of shoes they bought when they went to buy shoes because I don’t want to spend money on buying stocks of shoes that a small majority of customers will buy.
I am using this graph because it shows very clearly where customers buy their shoes. I need to know where customers currently buy their shoes from so I can gain knowledge on the aspects of a friendly and comfortable atmosphere.
I chose to put a graph of the reason people like shoe shops because it shows me what people notice and like. This graph shows me that most people like shoe shops because it has a good variety and good quality shoes. I will still try to incorporate all of the other aspects of this graph into my business.
I am putting this graph into my findings because I want to know what shoes people like. I am doing this because I don’t want to order stock of shoes that people do not buy to often. I see this as a waste of money because I do not think it will make too much money.
Place
I asked people in my questionnaire questions about place because I wanted to find out where a good location was to place my shop. I asked people which area of Dubai they live in and the distance they are willing to travel because that would tell me where people are willing to travel to and where a good area to place my shop would be. I also asked people what they think of a home delivery service, as people may want shoes delivered to their house.
I chose to do a graph on where people live because this tells me how far people are from places that have potential for a location for my shoe shop. As most people live in Jumeirah I think it would be an ideal place to locate my shop.
Promotion
My promotion is how I want to advertise my business. In my questionnaire I asked people which radio station they listened to because it is a good way to advertise and I also asked people what newspapers and magazines they read for the same reasons. I asked people what time of the day they listened to the radio so I would be able to choose the best time for me to advertise.
I have found that more of my potential customers (sample) read the gulf news than any other newspaper or magazine. The prices fro advertising as you can see in from the secondary data are approximately the same. As more people read the Gulf news that is where I will be putting my advertisements.
Gulf news secondary information
Conclusion
Swot analysis
My strengths for this business are I have a lot of market research and I also have some good ideas on how I can help my business grow and do well.
My weaknesses are I am only 15 so I am too young to start up my own business. As I am a student it has left me with less time to prepare and to gather better market research. The market research I have now may not be reliable as people may not be truthful while filling out a questionnaire.
My opportunities may be that Dubai is a growing city and in the near future I might have increased in sales. Another opportunity might be to open another shop in another shopping mall, as there is many more opening all around Dubai.
In Dubai there are laws on expatriates opening a business without the sponsorship of a local person. There could be an economic boom where there could be a massive demand for shoes. There could also be changes in demographic trends for example the population might change in say 10 years from mainly children to middle aged working people who would prefer different types of shoes to youngsters or even teenagers.
Summary
Price
From my graphs it shows me that most people spend 150 – 200 dirhams on shoes every 6 months. It also tells me that the ideal price for shoes is between 100 and 200 dirhams.
Product
The ideal products for me to sell would be trainers, casual shoes and evening shoes as these are the types that most people selected on my questionnaire. The shops that most people currently buy from are Sun and Sands, Studio R and Brantano. In my business I will have to make sure that it has good quality shoes, a good variety and lots of choice for my customers.
Place
From my questionnaire I found out that most people lived in Jumeirah more than anywhere else so my shop will have to be situated at least 5 – 10 minutes away so it is not too far away. I might possibly have my shop located in one of the shopping malls in or very close to Jumeirah.
Promotion
In my questionnaire I found out that most people read the gulf news and from my secondary information it tells me that it cost the same price as any other newspaper so that is where I will be advertising my shop.
