Assignment 2 arif toor 4nov

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Trent University *

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MKM

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Marketing

Date

Feb 20, 2024

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docx

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15

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Market Research and Strategy report Disguise the world- A unisex salon Course name- New Venture Creation and Design Course code: ADMN3430 ( Fall 2023) Group 11 1- Charanjeet kaur charanjeetkaur@trentu.ca (0765089) 2- Deepanshi Sharma deepanshisharma@trentu.ca (0796220) 3- Kazi Muhammad Khubaib kazimuhammadkhubaib@trentu.ca (0764638) 4- Manpreet Kaur Lotey manpreetkaurlotey@trentu.ca (0763024 ) DISGUISE THE WORLD 1
Table of Contents Primary Market Research 1- Target market 2- Research methodology 3- Sample size 4- Questions asked and Answers received 5- Review of research 6- Unanswered questions? Market Strategy 1- Product strategy 2- Price strategy 3- Promotion strategy 4- Place Conclusion DISGUISE THE WORLD 2
PRIMARY MARKET RESEARCH- Disguise the World Market research is a building block in the decision making and operation of any business. It helps us in taking the informed decisions and identify the missing op- portunities and the possible threats for the business. It helps in doing a deep SWOT analysis for the business. In this report, we have detailed representation of our find- ings from our recently carried out primary market research for our salon Disguise the World. By conducting this research we have collected data about our market directly from our potential and perspective customer and have received a deeper understanding of the beauty industry. In this report we will be talking about our Target market, Market size, Research methodology used and market strategies opted. We will also specify the unan- swered questions and the changes we made to our business strategies. OUR TARGET MARKET As we will be using homemade organic beauty products at Disguise the World and therefore it is a niche business idea catering a specific group of customers who are aware of using the chemical free products so our target market is the following specific groups. Health - conscious people Allergy prone people • Professionals Young boys and girls Environment concerned people DISGUISE THE WORLD 3
Local Population. RESEARCH METHODLOGY In this Research, to gather primary research data. we used a combination of two methods of research namely, In-person surveys and the online feedback forms. Why these methods were used? The in-person surveys were used to gather more and more information from salon customers and and build a rapport with the existing salon customers and engaging with them face to face. Whereas Online surveys were used to reach a greater num- ber of customers through social media. We introduced our online feedback forms to collect data digitally from customers on platform like instagram and Facebook. SAMPLE SIZE We distributed the 200 in-person surveys in malls and grocery stores within a week and also put the online survey on instagram and Facebook via a digital copy of feedback form which resulted in a wider response of 450 people. QUESTIONS ASKED IN SURVEY Why do you visit a Salon? For which service you often visit a salon? What factors influence your choice of a salon? How satisfied are you with your current salon services and pricing? What kind of ambience of a salon you like? How far would you like to travel from your home for a salon? In response to our above asked questions we received a lot of feedback answers re- spondents were concerned about the quality of services offered and products used, DISGUISE THE WORLD 4
people are willing to pay more for the quality of the service. Moreover, proximity is a concern for people because of time constraint people want something nearby in there town itself where they can readily reach within less time and enjoy the ser- vices. REVIEW OF RESEARCH Our research did fairly well by using two methods of survey, this way we got re- views from the existing customers and potential customers. We came to know through these survey that customers are really concerned about the ambiance of the salon choice they make. Its a good news for us that customers are really being en- vironment friendly and want to try the organic based beauty products. Moreover, we also realized that there is a great demand among customers for nail art and nail extension. So, we will also consider expanding our business to nail art later. Unanswered Questions Will investing much on ambiance of salon be fruitful, if yes then how much to in- vest? Is nail art business good to add in our existing salon business? DISGUISE THE WORLD 5
Marketing Strategies After thorough research to understand our target audience and requirements to run our salon, here are some of the marketing strategies that would be incorporated in the process. It is essential that we understand the needs and requirements of our potential clients, which would allow us to offer best services available and best services needed to run our business as well. Market strategies are vital for the success and growth of a business due to several reasons. Firstly, market strategies provide a clear direction towards achieving the goals and objectives of the business. This ensures that the organization is focused on what re- ally matters and avoids aimless activities that may hinder progress. Secondly, market strategies are based on a deep understanding of the customers, their preferences, needs, and behavior. This knowledge allows businesses to tailor their products or services to meet customer demands effectively. Thirdly, a well-designed market strategy helps a business differentiate itself from competitors by identifying and capitalizing on unique strengths and opportunities. This creates a competitive advantage in the market. Fourthly, market strategies help in efficient allocation of resources, including fi- nancial and human resources. It ensures that the business invests in areas that will have the most significant impact on its objectives. DISGUISE THE WORLD 6
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