Explain how to identify the target market for your key ring project Essay Example

outcome.

The primary research differs from the usual method of waiting for questionnaire results from focus groups as it involves face to face communication. This approach provides a better understanding of the participants' opinions, including their facial expressions and gestures. Additionally, each individual in the group can provide feedback, sharing their unique preferences. To maintain fairness, the group consists of three boys and three girls, as preferences may vary by gender, such as in shapes and colors.

According to our primary research, females generally find key rings to be fun, colorful, and exciting additions to their keys, while males prioritize the convenient weight of the key ring in preventing key loss. However, both genders agree that key rings are a great way to keep memorable moments with them at all times, especially since keys are always with them. Conducting two forms of primary research has given us a strong understanding without making assumptions based on only one source. Through this approach, we can be more confidently assured.

Aside from secondary research, we also utilized the internet to determine our user requirements. Additionally, we employed specialized software to manipulate and refine our product design, allowing us to make adjustments until we achieve satisfaction, particularly with regards to the picture quality of both frames and key rings.

Modifications to dimensions and other aspects may be made prior to production but using the internet as a resource runs the risk of unreliable websites that contain outdated or incorrect information. The consequences of conducting business based on such information could result in wasted time and a decrease in efficiency.

By conducting primary research, we can further tailor our internet research. This

will prove useful in the future when running our business, especially since we have already conducted a substantial amount of primary research. In about 3-4 years, when our company is more established and renowned, we can draw upon the secondary research. Our focus is on photo printing, frames, and picture key rings, which limits the variety of products. Subsequently, customers may not return to shop again.

Our customer base may not grow much, so we will constantly introduce new ideas, designs, and variations in our products to keep customers interested and returning to our store or services. We will establish a target number of customers who have shopped with us previously and return for a second time within a certain timeframe. If we see that at least 15 customers have re-shopped within 2 months, we know our efforts are fruitful in retaining existing customers and potentially attracting new ones, leading to efficient business expansion. Evaluating the results of this research proves to be beneficial for our company in the long run.

It has been stated that the secondary research we have conducted will not be used until three to five years after the business has been running. Although highly valuable, this research will be put to use at a later time when we have a greater market share and increased brand recognition of our Picture King Logo and services. Therefore, before implementing this research, it is important to ensure that our business has sufficient recognition and that people are aware of what we offer. In addition to this, we have also conducted secondary research by reading and researching newspaper articles that are relevant to our business. These

articles may cover topics such as printing companies producing low-quality images for various reasons.

By analyzing the content, we can gain a deeper understanding of what our market lacks. In this instance, we understand that providing high-quality images to satisfy our customers is crucial. However, we have limited access to information since we rely on printed newspapers. Consequently, our research is restricted, unlike the internet where anyone can search and obtain data. Nonetheless, this analysis has enabled us to gain knowledge about the pitfalls businesses face in our industry.

By examining the issues that we can improve upon or proactively prevent, we can adjust and optimize our business operations based on the experiences of other companies reported in the news. Maintaining a competitive edge through regular analysis of our market ensures a secure position in our industry. This secondary research is valuable as it complements our primary research efforts with additional insights.

Despite having sufficient primary research, conducting additional secondary research will provide us with a strong foundation to fall back on in case of any future problems. For example, if we notice a lack of a particular service in our business four years later, we can refer back to our previous research to make necessary changes. Having this research stored makes it a valuable resource for future events. Moreover, conducting research in-house ensures easy accessibility and trustworthiness of results. Our team completed this research within the allocated one-week time frame, and all collected and analyzed results have been kept for later use.

Having a set time frame helps to provide determination and guidelines, which in turn encourages efficiency as there is a specific deadline to meet.

Our target market comprises both females and males, with a focus on at least five individuals who have a source of income, either through fulltime or part-time employment or through their parents or guardians. Knowing their financial situation enables us to create products that suit their budget, thereby making sure that everything with the suppliers and materials is appropriate to provide affordable pricing.

Having a positive rapport with suppliers can lead to lower trading costs, enabling the sale of reasonably priced products while maintaining profitable returns.