P3-Plan market research for a selected product/service using appropriate methods of data collection
M2-Explain the reasons for choosing the particular method of data collection for a selected product/service
In this task I will plan a market research for a selected product/service using right methods of data
collection
Research Proposal for Power
To: The Bank Manager
From:…… 2nd November 2020
Subject: Research proposal for POWER
Background of POWER
Power is a clothing business in the fashion industry, Anyone above the age of fourteen is our target
market. I have concluded that teenagers are easier to monitor when it comes to fashion trends and I
am likely to get qualitative data from our younger potential customers than our more established
potential customers which will contribute to our business in the short term and long term. POWER
has various USP’s that will make it distinct from its competitors and will promote its business
through different media platforms.
Project
I am writing this proposal to you to depict the success of my business idea overall and
requesting support, specifically a loan.
Target Audience
The target market of ‘POWER’ is anyone above the age of fourteen. This is simply because,
individuals usually start to have interest in the fashion industry at the age of fourteen and
above, as well as the fact that I would like my target audience to be comfortable in the
clothes that I sell. I am mindful that some parents may not give permission to their children to
wear the clothes that my business offers at such at an early age. Accordingly, with my
clothes children's will get the permission that they want.
Some fashion businesses do not have an age limit and sell clothes for infants, teenagers,
and adults. Other fashion business only sells to a specific gender or both genders while
other businesses may specialise their clothing for tall people, short people or plus size
people which is the term given to people above the UK size fourteen.
Objectives
An objective is the action that Is needed to be carried out to achieve an aim. it essential to
establish objective for your business as the progression can be checked. The objectives
must be Specific, Measurable which will enable me to monitor my organisation progress and
know when the objectives have been achieved, it also has to be realistic.
The objectives of the market research project are:
, - To identify the target audience of POWER by conducting a survey
- To decide on what to sell
- To finalise decisions on budgets
- To be able to identify what satisfies customers
- To identify the competitors of my business to understand who I am competing with in
the fashion industry.
- Target customers buying behaviours
- Data to be collected so that it can be measured and analysed
- To determine whether the marketing mix for my business needs to be adjusted
- To identify tends in sales by generating a graph
- To ensure that customers are aware of my brand
- To be able to measure the success of a product
- To new opportunities for instance whether there is a market for my new product
- To identify changes in the market
- PESTLE analysis
- Another objective of mine is a financial objective when I will make a profit
- -How I will maintain my profits and what I will do with it.
- -Making sure my customer retention is strong.
Research methods and Timing
I intend to use the primary research method Survey. I will be conducting an online survey as a
method of data collection for my business idea POWER. A survey is a tool used to find out the views
of a large number of people on a specific topic. Online surveys are less time consuming and
individuals are likely to participate especially if you send it to the right people. To ensure that all the
answers in the survey was answered I made the survey short so that participants would complete
the survey. Through surveys, I am able to collect quantitative and qualitative data in which I am able
to assess. However, respondents may feel uncomfortable to give their legit thoughts when
completing the survey. Through the survey I was also able to find out whether the participants have
bought something from a competitor of mine such as H&M. I was able to form different questions to
get different results and to prevent the participants of my survey from leaving the survey halfway
through due to weariness.
Focus groups is another method that I decided to utilize which is an example of a primary qualitative
research. Focus groups is a group of people that represent your market and are brought together to
discuss their views and give their opinion of a product. The benefit of this choice is the ability to
gather qualitative data. It is also an effective method as it is easier to tell who it was being genuine
with their views and opinion. This method could have been carried out differently by also having a
focus group of people at different ages to get a result of different answers.
Analysis and Evaluation
Once the research has been carried out. The way in which I will analyse the results of the research is
by putting in into a graph and word document. For instance, to know the number of respondents
that selected one of the multiple-choice questions from my survey, to analyse this I will use a
frequency to count the number of responses for each question. To know the percentage of the
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