AS Applied Business
There are four types of vital research I will need to carry out in order to gain a clearer insight on making, producing, marketing and selling personalised T-shirts. Underneath is a list of the four methods of research I will carry out; PRIMARY RESEARCH This is research I will carry out myself. For my primary research I will carry out three types of research, this will include Observation, Product Analysis, and Questionnaires. I will have to carry out primary research as this will allow me to be specific in what it is I am looking for. E. g. in my questionnaire, I can hand it to those specific to my target market.
In order to use the results given by my primary research I will firstly need to analyse and interpret the data. This research will help me find facts about the market, for example; desired price and location. This will give me an idea on how successful my business will be, and also identify what kind of things the customer requires before hand. So when it comes to starting the business I will be prepared from an earlier stage. SECONDARY RESEARCH This type of research has already been conducted, and
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There are three main sources of information I will rely on; > Internet > Books > Newspapers/Magazines Carrying out secondary data is vital as it allows me to view information that has already been analysed and interpreted. The major advantage of using secondary data is that it is more likely to have been performed on a larger scale. For example, they will ask more questions, to a wider market, and to a lot more people. By using legitimate websites I can find reliable data and also I may be able to find statistics that relate to T-shirt printing.
Also, by using secondary research I am able to view the general weather forecast for the year, so I know before hand if I need to order thinner or thicker T-shirts. Also, I can view fashion magazines and websites and find out the new trend in colours, and order my T-shirts accordingly. There are two types of data that my market research will need to provide; qualitative and quantitative. Qualitative Data This is where the respondent can give their own opinion to the question asked. For example, rather than asking them to choose out of a multiple choice of answers, they can give their own answer, and in as much detail as they wish.
This applies to my business as the question could be ‘Where would you wear a personalised T-shirt? ‘ The correspondent can answer this question how they please, e. g. “I would wear a personalised T-shirt on holiday, I may also decide to wear it to the gym as I have nothing else to wear to the gym. ” However the down side to this is that qualitative data cannot be analysed statistically so the correspondent’s opinions will have to be examined by a differently, which will take a lot longer time. Quantitative Data
This would be data that can be analysed statistically, for example, with an observation the numbers of times people would go into a clothes shop and buy something, every hour. As this is an amount of people the data is quantitative, this is because it can be measured. This type of data consists of having more set answers, rather than descriptive ones. Thus on a questionnaire, for example, the questions would be closed: this is when the correspondent has a choice to pick from a number of answers given.
This produces quantitative data because the number of people who chose an answer can be turned into a statistical graph. Quantitative data is important to my business because it will allow me to have numerical values of specific prints and designs that are more popular. This is because I can create a questionnaire with closed questions, and count the amount of times a particular answer is chosen. Then by putting these into graphs I can see what the majority of people prefer, and act accordingly. TASK B2
I feel it is vital to carry out research when setting up a specific type of business, for example, in my case, T-shirt printing. The following list shows why I think research is so vital: > Location: I will need to decide the best possible place for my business. I already know I want the business to be set up within Bedfordshire, but to decide exactly where in Bedfordshire, e. g. Bedford town, Kempston etc. is where the customers come in. They will tell me where the best location they feel is for my business, and the most appropriate to them.
Using this quantitative data I will put in the information into statistical charts to find out where the best place is to set up. However, before asking the customer I will first need to identify places that are available for me. > Latest Trends and Colours: I will conduct primary research by going into shops and doing a shop survey, this is where I will look at the latest styles of T-shirts, and materials used. To find out the latest colours I will have to carry out secondary research where I look in magazines and online to find the next seasons colours.
By doing this I will be able to find out information about my specific market type, e. g. T-shirt printing. To find out what are the most popular products selling at the moment I will have to carry out my research in both popular clothes shops (River Island, New Look) and shops that print T-shirts (Josens) > Price: To come up with the right price I will have to carry out both primary and secondary research. I will need secondary research as I will have look in shops and online at what the current selling prices of Tops and printed T-shirts are.
This will enable me to be compete against compete against competitors, for example Josens. My primary research will be carried out as a questionnaire asking people what the idealistic price is for them. > Customer requirements for products and services: before setting up the business on T-shirt printing I will first need to find out if there is demand for it. With no demand my business will be have a high risk of closing down. In the questionnaire I will ask the customers what they expect form my business, in terms of the products I am selling (printed T-shirts) and the service I provide.
I can then set up my business to meet the customers’ requirements; this will have an effect on my sales as it will increase demand. > Advertising: to find the best place I can advertise I firstly need to research all the options I have for advertising, e. g. local radio, local newspaper, dropping leaflets through letter boxes. Firstly, I will need to decide on a target market and then find the best place for advertising for that specific target market. E. g. if my target market was for school children or students I would advertise it either on the local radio, after 3 o’clock. Or put posters up on bus stops, at the local youth centre, etc.
Also, I will need to design my own advert, the research I will carry out to do this is by looking at other clothes shops and seeing how they advertise. By combining all the ideas together I could make an original advertisement that is attractive and stands out. Task B3 There are a wide range of methods I can use to do my research. However, I have selected a few main methods of research that I will certainly use. The following methods of research are available to me and are shown below: The two most important methods of primary research I am going to carry out are shown on the left; shop survey and questionnaire.
I will give the questionnaire out in Bedford and Kempston, as these are the two focal points for my business. The secondary research I will do is shown on the right; this consists of looking at media e. g. through newspapers and magazines and browsing the internet. Shop Survey A shop survey is where I look at a range of T-shirts within shops and compare them with one another. I will look at indirect competitors who are those that sell T-shirts as their secondary product and direct competitors who are those that sell T-shirts as their primary products.
This will enable me to analyse all the competitors and view their product range, and prices. To create a shop survey, I will look in a variety of shops and find the basic information about their T-shirts. Then I will input the information that I have gained from each shop into a table. By doing this I can see the whole range of products that are in shops and compare them. Questionnaire Using a questionnaire is the easiest and most efficient way to gain information about the. This is because I can directly ask them questions and create graphs showing the data clearly.
This will enable me to see if my T-shirts are appropriate, and what I can do to ensure they are well advertised and reach the customers requirements. I will create a questionnaire for students only because they are the market that I am certainly likely to aim my products at. However, I will also create a questionnaire for other citizens (especially small business owners) of Bedford. This is because I feel students will be my main buyers; however other people are also just as likely to buy my T-shirts, especially small business owners as they may decide they want personalised uniform for their staff.
Once I start selling my T-shirts I will try and diversify them, e. g. make sell different styles and launch a new line for babies and young children. In this questionnaire I will use close questions this will make it more efficient for me to analyse and interpret my results. This makes my questionnaire quantitative; however, to make it qualitative I will include an ‘other’ box after some of the questions. This is just so that if none of the options available applies to them then they have the option of expressing their true views.
By using multiple choice questions I am able to easily put the results into pie charts and see the percentage difference clearly between all the options. Internet The internet is the most important method of secondary research. This is because it is cheap and easy to get hold of. I will use the Internet to get information on my competitors. This is because I can look at their websites and see the product range that they have. Also, many T-shirt printing businesses are set up online. Therefore, I will be able to look at them, as many of them are very well known, e. g.
‘t-shirthell. com’. This will allow me to see what types and colours of T-shirts will sell and how the prices differ. I will also use the Internet to research information for when I design my own website. This is because it enables me to find ideas for my own business. The Internet has many uses, as well as for advertisement. Therefore, I will use it to research the range of online advertisements that are available. Also, I need to find a supplier; this will also be done online as there is a wider variety online than I’ll be able to find in a local newspaper for example.
This is because T-shirt suppliers (wholesale) are not very easy to come across, and so it would be most likely to find them on the internet compared to anywhere else. Media I will research the media in order to find out where and how current businesses promote their products. I can look at newspapers, magazines and even television to see how clothes are being advertised. However, I will also need to ensure that the advertisement I use is affordable. This is a type of research because it means that I can view the range of advertisements that are available, and select the ones that are most appropriate for my business.