Unit 36 M1 T Copy
M1. Explain three different research methods that can be used to identify the target market of your business and justify the reasons for choice.
Three different research methods
Surveys (Primary)
Mail surveys are a relatively inexpensive way to reach a broad audience. They're much cheaper than in-person and phone surveys, but they only generate response rates of 3 percent to 15 percent. Despite the low return, mail surveys remain a cost-effective choice for small businesses. Which would be a very good method for my business, as my business is still small.
Sample:
Field trials (Primary)
Placing a new product in selected stores to test customer response under real-life selling conditions can help me make headphones modifications, adjust prices, or improve packaging. Small business owners, like me should try to establish rapport with local store owners and Web sites that can help me test my product.
Observation (Primary)
Individual responses to surveys and focus groups are sometimes at odds with people's actual behaviour. When I observe consumers in action by videotaping them in stores, at work, or at home, I can observe how they buy or use a product. This gives me a more accurate picture of customers' usage habits and shopping patterns. But this won’t be soon for my business “Voxy”, as it is just starting, and there isn’t that much money for it, also there won’t be that many customers.
Sample:
I have done the secondary research, which gave me an idea, which I have to grow my business as much as I can, as in the same kind of businesses the growth of money is just huge. And the forecast says that by 2018 this whole market will grow by 24.02%, which means even more money. I have to start selling online, on the streets, and then develop my own store, with my brand name on it. And then make a lot of money.
My research:
Website: http://finance.yahoo.com/news/wireless-audio-device-market-products-145500293.html
Three different research methods
Surveys (Primary)
Mail surveys are a relatively inexpensive way to reach a broad audience. They're much cheaper than in-person and phone surveys, but they only generate response rates of 3 percent to 15 percent. Despite the low return, mail surveys remain a cost-effective choice for small businesses. Which would be a very good method for my business, as my business is still small.
Sample:
Field trials (Primary)
Placing a new product in selected stores to test customer response under real-life selling conditions can help me make headphones modifications, adjust prices, or improve packaging. Small business owners, like me should try to establish rapport with local store owners and Web sites that can help me test my product.
Observation (Primary)
Individual responses to surveys and focus groups are sometimes at odds with people's actual behaviour. When I observe consumers in action by videotaping them in stores, at work, or at home, I can observe how they buy or use a product. This gives me a more accurate picture of customers' usage habits and shopping patterns. But this won’t be soon for my business “Voxy”, as it is just starting, and there isn’t that much money for it, also there won’t be that many customers.
Sample:
I have done the secondary research, which gave me an idea, which I have to grow my business as much as I can, as in the same kind of businesses the growth of money is just huge. And the forecast says that by 2018 this whole market will grow by 24.02%, which means even more money. I have to start selling online, on the streets, and then develop my own store, with my brand name on it. And then make a lot of money.
My research:
Website: http://finance.yahoo.com/news/wireless-audio-device-market-products-145500293.html