research
L.O.A.D.S conducted research to determine if coupon books would sell and to
gain important insight as to what the market wants. A survey was created using the
website Survey Monkey and a link was emailed to a group of students in various grades
attending North Park Secondary School. Another Survey was handed out to people to fill
in person.
These surveys will provide adequate data about the market and what our targets
want because it will provide unbiased and accurate data. The data the surveys will
provide will be in the opinion of the people that fit into the target market. By collecting
data and not holding information to the individual it allows for each person to express
their ideas without fear of prosecution.
The answers the survey will provide essential data which will allow L.O.A.D.S to
correctly price, market and set the right product. Following the information provided by
the students will be key to a successful business.
According to the research conducted, to provide a quick start the business the
following companies need to be featured in the coupon booklet: Subway, Mr. Sub, KFC,
Tim Horton’s, Dairy Queen, Pizza Hut, Pizza Pizza, Chapters, Ardenes, American Eagle,
West 49, HMV, Best Buy and The Source. These companies will be targeted first
because; according to the surveys these select stores are the most popular. If the
surveys pertain to real life and these are the companies who have coupons featured in
the first coupon booklet, like planned, will give sales a very good boost starting right
from the beginning.
Pricing a product according to what the target market is willing and able to
purchase the product at is important to ensure sales, if the price is set too high in
accordance to research the market will be able to, but not willing to purchase, If it is
too low the company will be unable create profit. With market research conducted the
verdict is that the majority of our target market wants is five dollars. This, in the eyes of
the target market is a fair price, although because revenue will be made from product
sales and advertisement space sales five dollars is rather extensive. The target market
that has been selected to sell this product to is adolescence, this is the stage at which
people are starting to get jobs and they have the most disposable income, as they have
jobs and have income while they do not have any needs to spend it on.
Issuing new coupon books everyday would be rather useless. As shown by the
research many people will buy coupon booklets once a month. In news papers and
regular booklets coupons are usually issued for two weeks to about a month. If a new
coupon booklet is issued every month there will be a chance for companies to gain
profit from the use of coupons and also gives the customers the ability to use the
coupons without expiration. To gain ample sales according to the research the booklets
should be issued once a month and sold every day.
Research is key to the success of any business, it allows a business an important
insight to what the market is willing and able to purchase and under which
circumstances.