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M1 Unit 36

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Unit 36
M1 Explain methods used to identify the target market for the proposed business
Market research
Market research can enable you to identify your target consumer, find out what they think about your ideas, products or brand and gather insights to help you target the right market.
Market research is part of our business strategy. As a business we need to bear in mind that consumer’s motivation and behaviour change over time so we consider reviewing our research on a regular basis.
Market research is finding out information about what potential customers want and also to meet their needs in the beauty industry. We have used 2 methods of primary research and another 2 methods of secondary research. These include: questionnaires, Visits to similar businesses, Internet and Publishes text books. This provides a wide range of information which helped us decide what we should do with our business. Collecting questionaires was one of our primary methods. The advantages about collecting primary research are that it is up to date because we have just collected it. It has met our specific needs as we asked the questions and those questions were based on what we wanted to know about our business.

Collecting this type of information is relatively cheap, as it is just a visit and we have record the information. But normally collecting primary research is very expensive as I am starting from scratch. Collecting information of the internet is one of our secondary researches. The advantage about this method is that it is cheap and it does not take that much time to gather. There are a few disadvantages about this method and they consist of: the information normally displayed is not to up to date. It may be normally be few years old but customers change their opinions on things and this is why it is important to stay on top of this. Normally the information does not

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