Marketing Research-essay 4
1. Understanding the market, its customers and stakeholders
a) Develop a questionnaire to gather market information from the proposed enterprise’s customers and stakeholders.
The questionnaire is attached to the back of this task.
b) Evaluate the results from the questionnaire in order to make decisions.
This market research is still being conducted, but for the purpose of this exercise I have selected a sample of 3 questionnaires already completed, that can give me a general idea of the feedback I can receive from this study. So far I can clearly see the amount of money people are willing to spend on these products monthly and what type of product would they expect me to have readily available in an establishment such as this. Obviously I will need a larger number of questionnaires in order to get a realistic response.
2. Understand how to promote and sell a product or service
a) Get advice on different ways of promoting a product or service to determine the best options to maximise sales/service.
Whether seeking expert advice (for example from FAS) or using readily available resources (such as data from the CSO and other information available online) you can get a very good idea of what you can do to promote your business.
It is important to brand your business, using a good logo that you would have in your business cards, web site, uniforms and packaging. Also use the media as much as you can to promote your business. Special events, exhibitions and sampling work very well also to put your name out there and get well know.
b) Identify the cost for providing the product or service.
The cost for providing the products available in my establishment varies depending on the amount of materials used (ingredients, packaging), resources (utilities used, skilled manpower) and indirect costs (rent, insurance, time spent). In a general manner while pricing saleable items I must add on to the total cost of raw materials of a certain product a 40
a) Develop a questionnaire to gather market information from the proposed enterprise’s customers and stakeholders.
The questionnaire is attached to the back of this task.
b) Evaluate the results from the questionnaire in order to make decisions.
This market research is still being conducted, but for the purpose of this exercise I have selected a sample of 3 questionnaires already completed, that can give me a general idea of the feedback I can receive from this study. So far I can clearly see the amount of money people are willing to spend on these products monthly and what type of product would they expect me to have readily available in an establishment such as this. Obviously I will need a larger number of questionnaires in order to get a realistic response.
2. Understand how to promote and sell a product or service
a) Get advice on different ways of promoting a product or service to determine the best options to maximise sales/service.
Whether seeking expert advice (for example from FAS) or using readily available resources (such as data from the CSO and other information available online) you can get a very good idea of what you can do to promote your business.
It is important to brand your business, using a good logo that you would have in your business cards, web site, uniforms and packaging. Also use the media as much as you can to promote your business. Special events, exhibitions and sampling work very well also to put your name out there and get well know.
b) Identify the cost for providing the product or service.
The cost for providing the products available in my establishment varies depending on the amount of materials used (ingredients, packaging), resources (utilities used, skilled manpower) and indirect costs (rent, insurance, time spent). In a general manner while pricing saleable items I must add on to the total cost of raw materials of a certain product a 40