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BTEC Unit 36 Starting A Small Business P2 (Pass)
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BTEC Unit 36 Starting A Small Business P2 (Pass)
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P2:Explain how to identify the target market
A target audience is a group of people you are aiming your product at. The target
audiences for my product are males and females aged between 16 – 35 years who
play football. To reach this audience I need to understand various things like; their
spending habits, what they want from the product and what they fell attracted to
in the product, because my business is new it is important that different methods
of research are conducted to find out if my business and product will be
successful and get a better understanding of my target audience.
The most efficient way of finding out if a product or business will be a success, is
by conducting market research. There are 2 types of ways market research can be
conducted. The first one is primary research. This can be research done on
firsthand information on your market and customers. The other method is
secondary research. This is research done through existing data and public
records. In my companies case I will be using both methods to conduct my market
research. The primary research will be conducted to find it if the target audience
is interested in the product I want to produce and the secondary research will be
used to identify the market and competitors.
Primary Research
To start off the market research it is important the target audience is identified.
Different aspects such as; age, gender, location, income and lifestyle must be
considered before you can find out why these people buy products. The target
audience for my product are men and woman aged between 16 – 35 years old.
The location in the beginning is very important, because my products will only be
available for shipping in Europe, however if the product becomes a success, the
product will be shipped worldwide. With the level of technology the product
comes it is important the target audience has a medium till high income level,
because it is not a cheap product. The target audience also needs to understand
the latest trends, because my product will always have new fashionable designs.
After I know which people I need to target, I need to select the method which I
am going to use. The method which I have chosen for is; a survey. I chose this
method because it is the easiest way to find out information which hasn’t been
recorded yet and it you can adjust the questions to my specific product and
audience. After I have selected which audience I am going to target with my
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