Analysis
This first pie chart is very important for me as I attempt to break down again my target market in the questionnaire, this is essential in order for me to interpret the opinions of the target age of my business and therefore draw conclusions and make decisions upon results which matter most to my business. For example, hypothetically I asked ten people over the age of fifty whether a new modern clothes shop would be successful in Colwyn Bay and they all said no, and I did the same with ten people aged between seventeen and thirty and they all said yes my results would show a fifty/fifty on whether it would be successful. 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. This means that there will be less pressure on my business to advertise and attract people to the area to shop and spend money more often but is also a testament to the re-growing retail activity in the area.
However for the next two simple, yet key questions of my questionnaire I will revert back to the results of all age categories for a collective and more representative opinion on whether a modern men’s clothing store would be successful in Colwyn Bay and whether they are satisfied with my competitors in Colwyn Bay.
As you can see from the pie charts the people who completed my questionnaire in Colwyn Bay views reflect my own where that a new and modern men’s clothing business would be successful in Colwyn Bay and that the current competition is not of any high quality to say the least.
From the chart u can see that the majority of people would be willing to spend anything up to seventy pound on one item of clothing which is a promising sign for my business as I am aiming at opening a business and the higher end of its market.
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
