M2. Explain methods used to identify the target market for the proposed business.
In this assignment I’m going to explain methods used to identify the target market for my cheese
business.
To identify my target market for my cheese business I’m going to use primary and secondary market
research. Market research is finding out information about what potential customers want and need
in order to meet their satisfactory standards. I am going to use 1 methods of primary research and 1
method of secondary research. These include: surveys and the internet/published articles. These
chosen methods should provide enough information of which I can use to decide what I should do
with my business.
Surveys (primary research)
Collecting surveys is the primary method I used for this assignment (also for P3). I’m using this
method of research because it is easy and efficient to my business needs. The advantages to
collecting primary research are that the information that I obtain will be up to date because it has
been collected recently. It will also meet my specific needs as all the question I will be asking will be
related to what I need to know for my business. Also, the information I collected is unique and fresh
so I can make improvement(s) straight away. In addition, competitors cannot use this information as
it is based on my business’ needs.
Although, there are disadvantages to using this method, and that is that it can be very expensive (in
terms of time = money) and time consuming to run. This is because to produce valid results I will
need to start from scratch meaning that I am going to need to obtain resources and equipment and
then spend a lot of time handling out and collecting the survey sheets.
How did I do it?
I hired The Survey Association (TSA) to hand out my surveys. The role of TSA is to hand out your
chosen survey at particular hotspots near your area (e.g. Buckingham Palace). On their website you
have a tool to track your progression.
The survey consists of 3 simple questions:
1. Do you consumed cheese? (Yes/No)
2. Do you prefer hard continental cheese over the popular cheddar? (Yes/No)
3. Have you heard of Dutch cheese before? (Yes/No)
Results of the 3 questions:
The questions were asked to a total of 10.000 people at Buckingham Palace and the Big Ben. No
tourists were involved.
Results of the survey according TSA
Question 1
Question 2
Question 3
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Yes No
In this assignment I’m going to explain methods used to identify the target market for my cheese
business.
To identify my target market for my cheese business I’m going to use primary and secondary market
research. Market research is finding out information about what potential customers want and need
in order to meet their satisfactory standards. I am going to use 1 methods of primary research and 1
method of secondary research. These include: surveys and the internet/published articles. These
chosen methods should provide enough information of which I can use to decide what I should do
with my business.
Surveys (primary research)
Collecting surveys is the primary method I used for this assignment (also for P3). I’m using this
method of research because it is easy and efficient to my business needs. The advantages to
collecting primary research are that the information that I obtain will be up to date because it has
been collected recently. It will also meet my specific needs as all the question I will be asking will be
related to what I need to know for my business. Also, the information I collected is unique and fresh
so I can make improvement(s) straight away. In addition, competitors cannot use this information as
it is based on my business’ needs.
Although, there are disadvantages to using this method, and that is that it can be very expensive (in
terms of time = money) and time consuming to run. This is because to produce valid results I will
need to start from scratch meaning that I am going to need to obtain resources and equipment and
then spend a lot of time handling out and collecting the survey sheets.
How did I do it?
I hired The Survey Association (TSA) to hand out my surveys. The role of TSA is to hand out your
chosen survey at particular hotspots near your area (e.g. Buckingham Palace). On their website you
have a tool to track your progression.
The survey consists of 3 simple questions:
1. Do you consumed cheese? (Yes/No)
2. Do you prefer hard continental cheese over the popular cheddar? (Yes/No)
3. Have you heard of Dutch cheese before? (Yes/No)
Results of the 3 questions:
The questions were asked to a total of 10.000 people at Buckingham Palace and the Big Ben. No
tourists were involved.
Results of the survey according TSA
Question 1
Question 2
Question 3
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Yes No
