My Market Research Plan Essay
My Market Research Plan
The business is an online clothing brand that sells products like beanies, hats, jumpers or t shirts exclusive to the brand.
Purpose of the market research (eg to understand the behaviour of my customers, to find out who my competitors are and what they are doing, to understand what the market is like that I am entering etc)
The purpose of this market research is to have an important knowledge about the market that I’m entering, to know the strengths and weaknesses of every direct and indirect competitor in order to find the gaps in the market that can lead to the success of the brand. Another purpose of the market research is to understand what products customers want, and how they want it, they prices they can afford for every product and where they prefer to buy the products. This also helps to find out what promotion strategy the company should use.
Research Objectives (i.e. what do you want to find out eg to find out the size of my potential market, to find out what my potential customers want / need etc)
My two main research objectives are to find the importance of the business in the market of online retailers during its first two years and to see if a retailer with such prices for quality products will become popular among the social networks where most of the small businesses get known.
Research methods to be used
The two primary research methods that I will use are questionnaires and focus group. By using these two types of primary research, I can gather both quantitative and qualitative data. A group of 8 people claiming to have fashion knowledge will be recorded while commenting about different aspects of fashion trends during time periods, how they change and how to please customers the most. The questionnaires will allow us to know the range of prices customers can pay for trendy clothes and how they prefer the products ( quality, comfortable…)
I will use company reports and annual abstracts of statistics as secondary research methods in order to get important information about our competitors and their activities. The statistics will help us to see how trends have influenced the market and how they will influence it in the future. That information might help on how to control the financial cash flows of the business because we can see what our competitors spent most of their income on. We’ll use the experience of the others businesses to avoid making the same mistakes.
Market research questions (include the actual questions you will be using in your market research) The market research questions to be used in my market research surveys or interviews are:
– How often do you shop online?
– Do you prefer to shop online or at the store? Why?
– What type of items do you buy the most?
– Do you follow trends?
– Do you follow fashion blogs?
– What is your dressing style?
– How much do you usually spend on clothes per month?
– What shops do you most visit?
– Are you happy with the prices you pay for your purchases?