Introduction
For my GCSE Business Studies Coursework, I am starting up a Business called El Buen Mirar sells clothes from various designers. There will be designer shoes, fragrances, clothes and lingerie’s. I want to expand my business, to that it has to achieve Franchising, licensing to use the name, have a good logo and expertise of an existing well known Business.
My aims for my business is to attract as many people from all parts of oxford, to commit myself to customer needs and
For my Business to be a success I will:
- Carry out market research to investigate the potential market for the shop and the level of competition in the area.
- Organise a marketing campaign for the shop including advertisements and promotions.
- Prepare a presentation showing market research findings and promotional ideas.
SWOT
Questionnaire
Personal Details
Gender: Male Female
Age Group: U16 17-24
Occupation: Student
Office/Retail
Professional
Self-Employed
1. What brand of cloths do you like?
Nike Rockport Reebok Armani Lacoste Evisu other
2. How much would you spend on designer cloths?
£10 £50 £100 £150 +
3. What cards would you use?
Master Visa Debit Other
4. What fashion do you prefer?
Street Casual Smart Urban Business
5. Do you prefer clothes that are:
Customize Mass Produced
6. ...
This is a preview of the whole essay
Occupation: Student
Office/Retail
Professional
Self-Employed
1. What brand of cloths do you like?
Nike Rockport Reebok Armani Lacoste Evisu other
2. How much would you spend on designer cloths?
£10 £50 £100 £150 +
3. What cards would you use?
Master Visa Debit Other
4. What fashion do you prefer?
Street Casual Smart Urban Business
5. Do you prefer clothes that are:
Customize Mass Produced
6. On scale of 1-10, what would you rate the previous shop you have been to:
1-2
2-3
3-4
4-5 : 2
5-6 : 1
6-7 : 1
7-8 : 3
8-9 : 3
9-10 : 3
10 : 2
7. Where would you prefer my business to be?
Cowley
Wood farm
Botley
Blackbird Leys
Headington
Rose Hill
8. What other Designer shops do you like?
Harolds
Westworld
John Anthony’s
Debenhams
Anne summers
Others
9. How often Would you come to my shop?
Daily
Twice a week
Once a week
Fortnight
10. How should I advertise my business?
Newspaper
Radios
Leaflets
Other
Market Research
Target Market
The customers that will be most important to me, based on the market research, are those in the u16 and 17-24 age group.
80% of the people we questioned were in the age of u16s and they had very similar sort of characteristics as ourselves, this will be beneficial when communicating with them in the store.
Demand
More people in the age group of u16s were considering Nike rather than many of the brands. Also they considered as there spending budget to be £50 or £150. Because this is a very small quota of the mass population, if this was an enlarged sample amongst the group of people, I believe the average of a person spending would be greater.
Competition
The main form of competition for my business is Westworld, whereby many customers were happy with there service and were the most preferred shop to buy their clothes from, this is another issue of threat being very local on the High street.
Products/ Services
The results from my market research suggest that the main products they preferred to purchase was in the category of smart wear. The service that my customers favoured from my research was between 8-10 which is very efficient, very high and this meant that they were very satisfied with them.
Competition
There are two types of competition:
- Direct
- Indirect
Direct competition is when businesses produce identical or almost identical products for, example designer companies such as Westworld and John Anthony’s produce very similar products.
Indirect competition this is where businesses compete with each other to get customers to spend their money. A business such as Top Shop and USC selling designer clothes will offer hats, suits, shoes to attract customers away from their rivals.
To be competitive El Buen Mirar needs to ensure the following factors are in place:
- Provide high quality customer products to meet the customer needs
- Value its customers as these are the most important resource the business has, no customers no sales.
- Have the latest up to date designer clothes available.
Market Research Report
To: Managing Director of El Buen Mirar
From: Waqqas Mustafa
Date: 22/ 08 / 2029
RE: Market Research for El Buen Mirar
Terms of Reference
- Need to research target market, and area of location. I.e.; age group of under 16s and 25+. I used public relations to find out who my target market is and I used primary data such as questionnaires/surveys. This helped me analyse information that gave me a result that my business is looking for.
- Need to look at all my competition/who they are, location of my business and secondary data/supply and demand for my type of business e.g. level of employment
Details of market research
- Questionnaire= I have a sample of my Questionnaire attached as a separate page. It includes type of brands I will be selling and what my target market would think of it etc….
- I have to use sampling methods as an example of marketing methods to help me collect my information.
Findings
The customers that are most important from my research are in the age U16 and 17-24. My research also shows that 80% of my answers were in U16 age group.
The product preferred most from my research most was Nike (40%) and they were mostly in age group of U16. The price range that most people were considering between £50 - £150.
The level of competition will be high especially from Westworld as many customers were happy by there services and is
The type of competition in the area that I will get is customer demand, needs and high quality products.
Recommendations
I believe the business can be successful in this as there has never been a local designer shop on the Cowley Road before. There will be variety of different products such as urban, smart, casual, street and business wear, because the area has a great potential to attract young people. I will use pricing on its standard of the area e.g. ( not very rich, middle class), because it will then allow me, better options to attract people that would expect product price to be so high. The business should deal with the competition by buying latest designer wear and keeping up good customer demand and needs.
Conclusions
My research that I have done is reliable but to an extent, because I researched on a small number of people which limited the amount choices. Maybe if I had researched a larger amount people I would have got a much different variety of answers.
Other factors that could affect my business are not latest fashion designs, not latest product research, customer preference and poor product quality.
Other forms of research that I could have done was from the internet and books.
Sources of Information
Questionnaire
