100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Unit 36 - Starting a Small Business P2 explain how to identify the target market M1 explain methods used to identify the target market for the proposed business £6.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Business 2010 QCF
  6.  
  7. Unit 36 - Starting a Small Business

Essay

Unit 36 - Starting a Small Business P2 explain how to identify the target market M1 explain methods used to identify the target market for the proposed business

2 reviews
 0 purchase

BTEC level 3 business with finance Unit 36 - Starting a Small Business P2 explain how to identify the target market M1 explain methods used to identify the target market for the proposed business. (also includes some parts of P5) Extremely detailed work with images and diagrams. Please leave a revi...

[Show more]

Preview 2 out of 24  pages

Document information

  • January 24, 2021
  • 24
  • 2019/2020
  • Essay
  • Unknown
  • A+

Subjects

  • unit 36 p2 m1
  • explain methods used to identify the target market for the proposed business
  • explain how to identify the target market
  • unit 36 starting a small business
  • btec level 3 business with financ

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (443)

Written for

All documents for this subject (47)

2  reviews

review-writer-avatar

By: lawenali1 • 3 year ago

review-writer-avatar

By: zexora • 3 year ago

Seller

avatar-seller
sadiaa

Reviews received

Content preview

Our research objectives
Objectives are specific research actions that you plan to carry out in your research project.
The objectives define the structure of the research project. Our main research objective is to
identify whether or not our business idea appeals to members of the public who are our
potential customers and using the results we get we can distinguish whether it is feasible or
not.
Another research objective of our organisation is to find out how potential customers feel
about our competitors and why they feel this way. This will give us an indication of what our
competitors are doing right and will allow us to determine what we need to be doing in order
to compete with them at their level.
An additional research objective we have is to determine the right costs for our products, by
asking potential customers what their budget would be if they were to purchase our
products. This will give us a general indication as to whether or not our pricing strategy is
appropriate and if it is not we will make the appropriate changes to accommodate to the
needs and wants of our potential customers.
A further research objective we have, that links to the previous objective, is to identify the
current trends in the Florist industry. This will give us an idea as to what customers will
like/want from our organisation and using this information we can act accordingly by
following these trends or perhaps even create our own trends.

Methods of Data Collection (Research Methods), Who Will Do It? And Timing?
Our group have conducted both primary and secondary research in order to collect
information that will be essential to our business and will inform us of potential customers.

Surveys/Questionnaires are a method of quantitative research and a type of Primary
Research. They are regarded as one of the more common business research methods, as it
allows you to gather vast amounts of data in a very short space of time and at a
comparatively low cost. Therefore, one research method we are using is Surveys as it will be
useful in describing the characteristics of a large population and the results will help us to
draw conclusions and make important decisions. Sadia will do this method of data collection
– she has produced a survey based on our market objectives and together we have
distributed them for individuals to complete. Using the results, we will then make the
appropriate decisions. As this is a quick method of research, it will take us no more than a
week to get the surveys completed and the results analysed.
Another method of data collection we will be applying to our market research is Focus
Groups, which are a method of qualitative research and a type of Primary Research. Focus
Groups are a more refined approach to business research and they usually consist of small
clusters of people that fit the profile of your target market; in our case, our target market is
individuals of any age. Within these focus groups, we are able to facilitate a discussion
around our products and services and we can take full advantage of the depth that
interviews afford. Focus group insights can prove invaluable as it humanises our business
proposition, which will then enable us to understand how people feel about our products and
identify potential trends and opportunities through discussion alone.
On two separate occasions, over a 4-week period, Name and Name conducted a focus
group separately to Name and Sadia. This allowed us to gain an insight as to how people
feel about our business idea in general, as well as the products and services we will be
offering.

, An additional method we will be using to conduct market research is by each identifying
ourselves as sales representatives of El Rosa and we will be placing ourselves at numerous
locations inside and outside of The Mall, in Blackburn. We will be talking to members of the
public to gain an insight of what they think of our organisation and whether or not they would
purchase our products. Using the results, we will then have a general idea of what people
like about our organisation, for example the overall idea, our logo, slogan, etc. We will also
be able to identify the weaknesses of our organisation from the perspective of potential
customers and this will allow us to make the appropriate improvements in places where
there is room for improvement.
Target Population – Who are our Target Market?
The target population that we are interested in researching and analysing is every one of all
ages that live in or around Blackburn. This is because our products and services can be
bought by anyone, as there is no age limit. We decided to include younger individuals in our
market research because we were interested to see whether our products and services
would be something that they would purchase. We were also interested to see whether
people would travel a distance just to purchase our products.
We have conducted research on our target market using both secondary and primary
research methods. By conducting this research, we were able to find out a lot about our
target market from carrying out the questionnaire, such as their gender, the age groups, their
income levels, where they live and what they do – in regards to whether they are working or
studying. Our main target audience are those who are interested in buying flowers, as well
as those who appreciate the colours and beauty of the flowers. The gender of our target
market is mostly women and this is because women tend to purchase flowers more often
than men; females are more likely to come into the flower shop and purchase a product.
Women are also more likely to appreciate flowers as gifts as well as have them as décor in
their houses. However, we are also targeting men, as they tend to buy flowers as a gift for
someone. For instance, on Valentine’s Day men tend to purchase flowers to give to their
significant other. “Men spend more on floral gifts. More men than women buy roses and
larger flower arrangements. Women buy a wider range of flowers and floral gifts, often at
lower cost.” (800florals.com)
“Those who buy flowers from online floral services are still predominantly male and
generally more affluent.” (800florals.com.) this shows that men mainly tend to purchase their
flowers online; therefore, by having an online presence – our website -; we will be able to
target a large number of men to purchase from our business. A total of 58 females and 42
males completed our survey and although there were more females than makes, we found
that more females are interested in a new flower shop than males.
The age groups of the individuals, who were interested in a new flower shop, ranged from 16
– 35, meaning that our target market is those who work and have the disposable income
available to buy our products. People under the age of 35 prefer inexpensive flowers.
“Young consumers under the age of 35 favour inexpensive bunched or loose flowers as
gifts.” (800florals.com)
From carrying out secondary research on the internet, we found that people between the
ages of 25 - 60 tend to buy more flowers, as most people under 25 are less likely to
purchase or show appreciation towards them. A large percentage of those who purchase
flowers are “baby boomers”, in other words, the demographic cohort following the Silent
Generation and preceding Generation X. baby boomers are often defined as individuals born
between 1946 and 1964, during the post-World War II baby boom. (Wikipedia). This
generation are more likely to appreciate flowers as gifts, give them as gifts, as well as grow
them in their gardens and have them as décor in their homes. “Baby boomers can be more
demanding: They consistently had the highest expectations of florists and are most likely to

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller sadiaa. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £6.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

66184 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling
£6.49
  • (2)
Add to cart
Added