How to Identify a Target Market Essay Example for Free

How to Identify a Target Market Essay In this part of my P2 course work, I have been asked to identify the target market by preparing an information pack about the target market, for my potential investors and also make a good question for my business survey. Market Research Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it is secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. Purpose of Market Research The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they are large or small. Market research is also one of the most important pieces to your marketing plan that will determine how you will speak with these customers, where to find them, how to best convert them into your customer and retain them as a customer. There are two types of market research 1. Primary research / Field 2. Secondary research / Desk Primary Research When marketers conduct research to collect original data for their own needs it is called primary research. This process has the marketer or someone working for the marketer designing and then carrying out a research plan. Primary research is also collected in a research â€Å"instrument† designed to record information for later analysis. Marketing researchers use many types of instruments from basic methods that record participant responses to highly advanced electronic measurement where research participants are connected to sophisticated equipment. Primary research also refers to information that is directly collected from the source. Another simple method of primary research would be to directly talk to your customers and get their feedback. Primary research can be both qualitative and quantitative. Method of primary research Questionnaire – Questionnaires are one the main tools in the use of field research. A questionnaire contains a series of questions which gather primary marketing research data for the business. A face-to-face questionnaire might include different questions to an emailed questionnaire. An interviewer will be filling in a face-to-face qu estionnaire and the person may be able to ask for the question to be rephrased if they do not understand it the first time. Online surveys- Increasingly popular and relatively low cost, online surveys are widely used by small businesses as a way of capturing the views of existing and potential customers. Face-to-face surveys Personal interviews conducted face-to-face is a costly, but good way to get detailed insights from an individual. Secondary Research Secondary research is a data that already exists and has been collected by someone else for another purpose. Secondary research involves the investigation of secondary sources of data. Sources of secondary data can come from within the firm itself – this is known as internal secondary data. External secondary data, on the other hand, is data that has been published by other organisations. Methods of secondary research Secondary Sources include journal articles, books, encyclopaedias, dictionaries, reviews, newspaper articles, specific essays, etc. Most research papers are based on secondary sources as they build on the research or studies others have done. Its usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. Secondary sources include the following: * Public sources. These are usually free, often offer a lot of good information, and include government departments, business departments of public libraries, and so on. * Commercial sources. These are valuable, but usually involve cost factors such as subscription and association fees. Commercial sources include research and trade associations, such as Dun Bradstreet and Robert Morris Associates, banks and other financial institutions, and publicly traded corporations. * Educational institutions. These are frequently overlooked as valuable information sources even though more research is conducted in  colleges, universities, and technical institutes than virtually any sector of the business community. My name is Mba Nduka Amogu. I am a Business studies student at Whitefield. I would like to take a few minutes of your time by completing my questionnaire for my business studies course work about my business survey. 1. Are you male or female? Male Female 2. Which age range are you? Under 20 21-30 31-40 40-above 3. Do you live within this area? Yes No 4. Would you like to visit our fruit shops if provided? Yes No 5. If our new shops were available today, how likely would you be to visit instead of visiting other fruits shops currently available from other companies? Very Likely Moderately Likely Slightly Likely Not at all likely 6. If you are not likely to visit our shop why not? Do not like our services Satisfied with other competing fruits shops currently available Cannot pay for our services and products Not willing to pay or shop with us 7. How important is it convenient to you, when choosing our products? Extremely important Very important Moderately important Slightly important Not at all important 8. Overall are you satisfied with your experience, shopping with us? Extremely satisfied Moderately satisfied Slightly satisfied Neither satisfied nor dissatisfied Slightly dissatisfied Moderately dissatisfied Extremely dissatisfied 9. If our new products were available today, how likely would you be to recommend it to other? Extremely Likely Very Likely Moderately Likely Slightly Likely Not at all likely 10. If our new service were available today, how likely would you be to use it instead of competing service currently available from other companies? Extremely Likely Very Likely Moderately Likely Slightly Likely Not at all likely 11. If you are not likely to use our new service, why not? Do not need a service like this Do not want a service like this Satisfied with competing service currently available Cannot pay for a service like this Not willing to pay for a service like this 12. How important is it convenient for you, when choosing a service this type of service? Extremely important Very important Moderately important Slightly important Not at all important 13. Overall are you satisfied with your experience using our new service? Moderately satisfied Slightly satisfied Neither satisfied nor dissatisfied Slightly dissatisfied Moderately dissatisfied Extremely dissatisfied 14. If our new service were available today, how likely would you be to recommend it to others? Extremely likely Very likely Moderately likely Slightly likely Not at all likely 15. How often will you visit my shop if available, having different variety of fresh fruits and vegetables for sell? Daily Weekly Monthly Quarterly In My questionnaire I interviewed a total of 20 people. Below displays the results of each question individually. 1. Are you male or female? * Male8 * Female12 2. Which age range are you? * Under 2010 * 21-305 * 31-403 * 40-above2 3. Do you live within this area? * Yes16 * No4 4. Would you like to visit my fruit shops if provided? * Yes12 * No8 5. If my new shop were available today, how likely would you be to visit instead of visiting other fruits shops currently available from other companies? * Very Likely6 * Moderately Likely5 * Slightly Likely4 * Not at all likely5 6. If you are not likely to visit my shop why not? * Do not like my services7 * Satisfied with other fruits shops currently available3 * Cannot pay for my services and products5 * Not willing to pay or shop with us6 7. How important is it convenient to you, when choosing my products? * Extremely important7 * Very important4 * Moderately important5 * Slightly important3 * Not at all important1 8. Overall are you satisfied with your experience, shopping with me? * Extremely satisfied9 * Moderately satisfied4 * Slightly satisfied3 * Neither satisfied nor dissatisfied0 * Slightly dissatisfied3 * Moderately dissatisfied1 * Extremely dissatisfied0 9. If my new products were available today, how likely would you be to recommend it to other? * Extremely Likely4 * Very Likely6 * Moderately Likely3 * Slightly Likely4 * Not at all likely4 10. If my new service were available today, how likely would you be to use it instead of competing service currently available from other companies? * Extremely Likely5 * Very Likely3 * Moderately Likely2 * Slightly Likely 7 * Not at all likely3 11. If you are not likely to use my new service, why not? * Do not need a service like this10 * Do not want a service like this 1 * Satisfied with competing service currently available 0 * Cannot pay for a service like this 2 * Not willing to pay for a service like this7 12. How important is it convenient for you, when choosing a service this type of service? * Extremely important13 * Very important3 * Moderately important2 * Slightly important1 * Not at all important1 13. Overall are you satisfied with your experience using my new service? * Moderately satisfied15 * Slightly satisfied0 * Neither satisfied nor dissatisfied1 * Slightly dissatisfied2 * Moderately dissatisfied1 * Extremely dissatisfied1 14. If my new service were available today, how likely would you be to recommend it to others? * Extremely likely10 * Very likely3 * Moderately likely2 * Slightly likely2 * Not at all likely3 15. How often will you visit my shop if available, having different variety of fresh fruits and vegetables for sell? * Daily15 * Weekly1 * Monthly2 * Quarterly3 1. The Gender of the people interviewed for my business surveys This pie chart shows the gender of people I interviewed for my business survey, which shows that 40 percent of them are male and 60 percent of them are female. 2. The age range for the people I interviewed for my business survey. This pie chart shows the age range for the people I interviewed for my business survey, which shows that 50 percent of the people I interviewed are under 20, 10 percent of them are 40 above, 15 percent of them are between 31 – 40 and 25 percent of them are between 21-30. 3. This is people that live and doesn’t live in that area but were interviewed by me for my business survey. This pie chart shows the people that live and doesn’t live in that area but they were still interviewed by me because of my business survey, which shows that 20 percent of the people I interviewed don’t live in this area and 60 percent of them live in this area. 4. Would you like to visit my fruits shops if provided? This pie chart show the amount of people who are willing to make a visit to my shops when they are provided and also people who are not willing to make a visit to my shop, which shows that 40 percent of the people I interviewed are not willing to visit my shop and 60 percent of them are willing to visit my shop. 5. If my new shop were available today, how likely would you be to visit instead of visiting other fruits shops currently available from other companies? This pie chart shows the range of people who are willing to make themselves regular customers to my shop and also visit my shop regularly, which shows that 30 percent of the people I interviewed are very likely to visit my shop, 25 percent of them are moderately likely, 20 percent of them are slightly likely and 25 percent of them are not likely at all to visit my shop. 6. If you are not likely to visit my shop why not? This pie chart shows the reasons about people who are not likely to visit my shop and why they are not likely to visit my shop, which shows that 33 percent of the people I interviewed do not like our service, 14 percent of them are just satisfied with other fruits shops currently available, 24 percent of them cannot pay for our service and products and 29 percent are not willing to pay or shop with us. 7. How important is it convenient to you, when choosing my products This pie chart show how important it is convenient for people when choosing my product, which shows that 35 percent of the people I interviewed said that my product are extremely important to them, 20 percent said it is very important to them, 25 percent said it is moderately important to them, 15 percent said it is slightly important to them and 5 percent said it is not important to them at all. 8. Overall are you satisfied with your  experience, shopping with me? This pie chart shows the overall rate of people who satisfied or dissatisfied with shopping with me, which shows that 45 percent of the people I interviewed are Extremely satisfied with shopping us, 20 percent of them are moderately satisfied, 20 percent are of them are moderately satisfied, 15 percent of them are slightly satisfied 0 percent of them are neither satisfied nor dissatisfied, 15percent of them are slightly dissatisfied, 5 percent of them are moderately dissatisfied and 0 percent are extremely dissatisfied. 9. If my new product were available today, how likely would you be to recommend it to others? This pie chart shows the people who are likely to recommend my product to others if it was available, which shows that 19 percent of the people I interviewed are extremely likely to recommend my products to others, 29 percent of them are very likely, 14 percent of them are moderately likely, 19 percent of them are slightly likely and 19 percent of them are not likely at all to recommend my product to others. 10. If my new service were available today, how likely would you be to use it instead of competing service currently available from other companies? This pie chart shows the people who are happy and likely to use my services, which shows that 25 percent of the people I interviewed are extremely likely to use my services instead of competing services from other companies, 15 percent of them are very likely to use my service, 10 percent of them are moderately likely to use my service, 35 percent of them are slightly likely to use my service and 15 percent of them are not likely at all to service my service provided. 11. If you are not likely to use my new service, why not? This pie chart shows people, who are not likely to use my service and why  they are not likely to use it. It shows that 50 percent of the people I interviewed do not need a service like this, 5 percent of them don’t want a service like this, 0 percent of them are satisfied with competing service currently available, 10 percent of them cannot pay for a service like this and 35 percent of them are not willing to pay for a service like this. 12. How important is it convenient for you, when choosing a service this type of service? This pie chart shows how important it is convenient for people when choosing this type of service, which shows that 65 percent of the people I interviewed, said that my service is extremely important to them, 15 percent of them said it very important, 10 percent of the said it is moderately important, 5 percent of them said it is slightly important, and 5 percent of them said that my service is not important to them at all. 13. Overall are you satisfied with your experience using my new service? This pie chart shows the overall rate of people who are satisfied or dissatisfied with my service, which shows that 75 percent of the people I interviewed are moderately satisfied with my service, 0 percent of them are slightly satisfied, 5 percent of them are slightly satisfied nor dissatisfied, 10 percent of them are slightly dissatisfied, 5 percent of them are moderately dissatisfied, and 5 percent of them are extremely dissatisfied with my service. 14. If my new service were available today, how likely would you be to recommend it to others? This pie chart shows the people who are likely to recommend my new service to others if it was available, which shows that 50 percent of the people I interviewed are extremely likely to recommend my new service to others, 15 percent of them are very likely, 10 percent of them are moderately likely, 10 percent of them are slightly likely, and15 percent of them are not likely at all to recommend my new service to others if available. 15. How often will you visit my shop if available, having different variety of fresh fruits and vegetables for sell? This pie chart shows the total amount of people who are willing to visit my shop daily, weekly, monthly, or quarterly, which shows that 71 percent of the people I interviewed are happy to visit my shop daily, 5 percent of them are happy to visit my shop weekly, 10 percent of them are happy to visit my shop monthly and 14 percent of them are happy to visit my shop quarterly. My Target Market My Market target is for the children, Tourist and adults to be aware of the current advice of five portions of eating different fruits and vegetables a day. Because fewer of us know that five portion should come from a variety of sources every day, so that they gain the maximum benefit from fruit, eat it fresh and if the skins are edible, eat them too and also help people balance their vegetable intake between the orange/red and green varieties. Conclusion In this part of my P2 Coursework, I have identified my target market by doing a market research for my business and preparing a questionnaire for my business survey to get people reactions towards my business.