Unit 36
- Submitted by: george101
- Views: 375
- Category: English
- Date Submitted: 02/08/2014 11:53 PM
- Pages: 4
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Task 1
In this assignment I am going to describe how to identify the target market by explaining the methods for my business, Bronze Beauty.
Market research
A commonly used and effective way of identifying a target market is through market research whether it is primary where it is gathered first hand or secondary from other sources such as newspapers and the internet. Market research will assist my business, Bronze Beauty, in recording and developing data from potential customers to ensure our products will meet their needs, likes/dislikes before any products or services are developed. It is a process that is continual because once existing products are put in place; new products need to be introduced every so often to maintain customer interest. This means that market research is carried out throughout the years of an up and running business and is not just used for the start –up of Alpha. This enables them to remain as a competitor in the competitive market and continue to fulfil their customers changing needs. Alpha could use primary research such as questionnaires, interviews/surveys etc., to find out consumers’ preferences. They could also use secondary research such as official statistics, newspaper reports etc, to make the accuracy of their findings stronger and to ensure that their primary research is representative and can be generalised for the whole population of their potential consumers.
Competition
Every new business needs to determine both direct and indirect competitors. The best way to do this is to visit the locality in which the business will be situated and identify what businesses are there. Other ways to find out about competitors include using an internet search engine or online and paper based directories. New business should also research how much market share their competitors have, how much marketing they undertake and whether the market is open to new competition
Businesses need to be fully aware of competitors because they could...
In this assignment I am going to describe how to identify the target market by explaining the methods for my business, Bronze Beauty.
Market research
A commonly used and effective way of identifying a target market is through market research whether it is primary where it is gathered first hand or secondary from other sources such as newspapers and the internet. Market research will assist my business, Bronze Beauty, in recording and developing data from potential customers to ensure our products will meet their needs, likes/dislikes before any products or services are developed. It is a process that is continual because once existing products are put in place; new products need to be introduced every so often to maintain customer interest. This means that market research is carried out throughout the years of an up and running business and is not just used for the start –up of Alpha. This enables them to remain as a competitor in the competitive market and continue to fulfil their customers changing needs. Alpha could use primary research such as questionnaires, interviews/surveys etc., to find out consumers’ preferences. They could also use secondary research such as official statistics, newspaper reports etc, to make the accuracy of their findings stronger and to ensure that their primary research is representative and can be generalised for the whole population of their potential consumers.
Competition
Every new business needs to determine both direct and indirect competitors. The best way to do this is to visit the locality in which the business will be situated and identify what businesses are there. Other ways to find out about competitors include using an internet search engine or online and paper based directories. New business should also research how much market share their competitors have, how much marketing they undertake and whether the market is open to new competition
Businesses need to be fully aware of competitors because they could...