Essay
Unit 36 -starting a small business P2
- Institution
- PEARSON (PEARSON)
Explain how to identify the target market
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P2In this report, I will be developing a market research plan to help identify the target market
of our service. The report will consist of analysing different marketing methods and
demonstrating how the methods allowed me to gain an inside to the viability of our
business. I will show the viability of the business by estimating a sales forecast, creating a
comprehensive competitor analysis and carrying out SWOT analysis. Then finally I will
information that I would like to know before starting up the business and what additional
research I would like to complete to find the information.
The first research method I will use is a secondary type of research and will consist of finding
reports online of pop up cinemas and their target audiences. In this research, I will try to
find what age, gender and income group mainly goes to the pop-up cinemas. This will help
me find my target market as the reports should have collected some information about the
people who attend the pop-up cinema’s. This information should include attributes such as
age, gender and who if people attend as families, friends or go by themselves. For example,
this information could show me that most people are women who are aged between 18-25
and are in a group of three. This information would be very useful for me as I could attract
sponsors who sell products to women or I could show movies that are aimed towards
women to get as many people to attend as possible.
A massive benefit of secondary research is that it is readily available on the internet and can
be found within minutes. This saves a lot of time and also saves money as you don’t have to
drive to many different locations and survey lots of different people for hours. Also, as there
will have most likely been many reports around the country, you can gain an insight into
what type of people attend certain events from certain parts of the country.
However, one of the biggest limitations is that the information that has been researched
may not be specific enough for the needs I am looking for. For example, if I am looking for
what type of people go to the pop-up cinema’s and I want to find out the range of income
they are on, then this might be quite difficult to find; so, all I might get is what class they are
e.g. lower, middle or upper class.
The second research method I will use is a primary research method and it will consist of me
going onto my competitors’ websites and looking at the pictures that have been taken and
seeing what type of people attend the cinema. I intend to figure out gender and have a good
guess at the ages of the people there. I can also see if people tend to go alone, in pairs,
groups or as families. This will give me a really good insight into what people attend the
cinema together as I can see who has attended rather than just individual people who have
signed up to buy a ticket as individuals. Knowing if people attend in groups could allow me
to set up exclusive tickets for four-plus people which give them perks including special
seating such as a sofa or a free large popcorn for the group.
The benefits of this type of research are that if the photos show a lot of people at the venue
then I can see what demographic goes to the cinema. This means I can see what gender
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