Before producing a product the producer will want to have an idea of
what demand is likely to occur in response to advertising. Market
research is used to find:
* What competition exists for the product
* What is the best way to reach potential customers and tell them
about the product
* What will stimulate people into buying it?
Market research is used by businesses that are newly established, and
businesses that have been established for a longer amount of time.
E.g. Thornton's has been established for over one hundred years but
they will still need to use a market research report before placing a
new store in an area.
Market research will also show how may people would be willing to buy
A market Research report would also involve the use of a competitor
scan. A competitor scan will show you how many competitors you have in
the area that you are thinking of locating to.
My group will collect market research so that we know where and where
not to place our business. We are hoping to find a busy place for in
the daytime and after dark. But we do not want huge amounts of
competition. As we are going to offer a venue with live bands. We will
be selling alcoholic beverages as long as you can produce a form of
The market research process
This is the theory behind market research. We will be a pubic limited
company. So the whole graph will be relevant to our business. This is
important because if we were a partnership, sole trader, or franchise
then the shareholders part of the graph would not app...
... middle of paper ...
...ionnaires to make the total 100. Full lists
of my results are shown over leaf.
After looking at the results of the questionnaires and the address
that I received from www.yell.com I think that building a new café
that would also be a late night music venue would be a good idea.
Each of the questions in the questionnaire results shows that people
would go to the café and music venue. They would also be willing to
buy the CDs from the café.
I think that the ideal area to place this business would be in the
town centre. This is because the main bulk of the cafes are in the
town centre, whilst the larger number of music venues are based
outside of the town centre.
I have chosen the town centre because people are more willing to
travel longer distances to get to music venues than to cafes.
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