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Unit 36: P2 - how to identify target market
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Unit 36.... P2 : how to identify target market
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Write a report to explain how you would identify your target market. You mayuse some of the following to help you:
• Customers actions and choices
• Competition
• Market trends
• Environmental issues
In this assignment, I will explain and elaborate on how to identify my
target market. Given that my chosen business is new, I will have to carry
out a considerable amount of research to ensure that the business idea
will indeed be successful. The research will enable me to find out whether
my business will be able to survive and make profit.
First, I will carry out primary research to gather first-hand information.
This method is more likely to be beneficial as I will be able to tailor the
research according to my needs. I might opt to choose the questionnaire
method as it is more representative and I can format the questions to
address the answers which I am looking for to help with strategic
decisions concerning the business.
Afterwards, I will surely carry out some form of secondary research (both
qualitative and quantitative) as it can have numerous advantages and can
benefit my business in many ways. To begin with, it is relatively easy to
find sources of secondary data. In addition to this, I might be able to
access valuable information for a low price or no cost at all. Secondary
research will prevent me from going through much effort as most of the
time; the information which I might be looking for might already be on the
internet as it had been performed by previous researchers in their studies.
However, I might need to back up the findings with additional enquiries as
I have to keep in mind that the data which are readily available on the
internet might not be up-to-date and reliable. There is no guarantee that
the findings will be free from bias and as a result, instead of benefitting
the business; it might have negative consequences instead.
Published research can also be helpful in my case. I can hire firms like
Datamonitor or Mintel who can provide relevant information about product
innovation, consumer trends, market analysis, market performance and
potential competitors. These are all vital factors which have to be
considered, to safeguard against failure when starting up a business.
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