Essay
Unit 36: P2 M1
- Institution
- PEARSON (PEARSON)
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P2Explanations of how to identify the target market
The target market is the group of people that businesses are aiming to sell their products or
services to, in order to find this audience a company will be required to carry out market
research. My business is called Wrap Up Regent, and we specialise in selling gift boxes and
other products and services. At the moment we have used market research in two different
ways, one is primary and the other secondary. Primary research is where a business collects
new information, which is views and opinions, from the public in order to focus their aims into
achieving them. Another method is secondary research which is information that has been
collected before by another company or within the company itself.
In Primary research, we have done survey and questionnaires in Asda (Hinckley) and Highcross
(city centre) to get people’s opinion about our product and service. In Highcross we researched
about what the product should look like such as its design and how much they would be willing
to pay for it. With this result, we have set the way our product should look like and the pricing.
Furthermore, with this data, we saw who was interested in buying the product and who wasn’t.
For example, more women shoppers were interested in the boxes rather than men which gave
us a clue in who to target and when to reach out to them. As Christmas is near we did some
market research in Asda as well so that we can get more accurate and useful information, also
because it is one of the main supermarkets women shoppers go because there are high-quality
products at a cheap price (which is what our initial aim is as well).
In Secondary research, we searched online in shopping websites and wholesalers to find which
of their gift boxes are the best selling so that we could make similar purchases as it may attract
most consumers. Also, we wanted to find out which sizes are commonly bought or sold so that
we can use this information to be based on our product. All our secondary information has come
from the internet as we thought that this is a valid source of information to use as many
consumers and business use the internet on a daily basis. We didn’t use any books or
magazines as they were time-consuming and would be hard to find to suit our needs.
Before researching, we made sure that we ask the right questions to be able to get the answers
we are in need for, with this we thought of some criteria to base the questionnaires and surveys
on so that we can easily find our target market. Some of the criteria will be about the actual
product and other were based on the consumer’s view, so that we can put these two together
and form something that will be profitable and attract customers. Also, as a business we thought
that only people who have a disposable income would be ideal for our product, these means
that the working class would be targeted. Furthermore, the information that we will require to
identify our specific target market will be the price, product’s design, age range, gender and
income to know if they would have enough disposable income available. However, our main
three objectives for our research are customer’s interest,customer’s income and how much
people are willing to spend, and what kind of design should the product have. For customer’s
interest, we want to know which customers are interested in buying gift boxes, as it is an old
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