Rory Ball-Reeder

Rory Ball-Reeder

Market Research Analysis

Introduction:

During this part of the assignment I will explain the results I got from the questionnaire and what that means.

Question 1:

You can see from the results from my questionnaires that 6 out of the 10 people I asked said that they do some form of sport. The sports that were listed that people did were: rugby, football, running, cycling, tennis, basketball, weight lifting, Polly metrics, hockey, golf and motor biking.

Question 2:

From question 2 you can see that 8 out of 10 people do some form of cycling this shows that I have chosen the right kind of people to answer my questionnaires the reason for this is because this links into what I am trying to advertise to people. What I mean is I don’t want to ask people who don’t do any form of cycling unless they are willing to take up the sport/exercise. The reason this is relevant is because my bike would involve cycling because that is what it was built for and you wouldn’t use this product for something else like playing football (however you could try and play football on the bike but it would be hard and that’s not really what the bike was built for.

Question 3:

With question 3 this is just here to highlight what kind of bike they would buy if they had to you can also see that most people wanted a moutain bike as 7 out of 10 people picked it. You can also see that the BMX was the second most popular bike chosen where 5 out of 10 people (half) picked it meaning that I have but haven’t picked the right bike to advertise for John Lewis to sell. What would have been the best option for the type of bike for John Lewis to sell would have been the mountai bike. Also by asking this question to people what kind of bike would they like to buy helps give me a better understaning to what kinds of bikes John Lewis should sell and also the ranger of market which they could sell because for each of these different types of bikes there are massive amounts on offer (meaning just for a mountain bike you could get thousands maybe even millions of different types) this also highlights by what I have just said that this could potechnially open a massive market opertunity for them to sell in. Which could have a really good outcome (meaning they could make massive amount of money from this).

Question 4:

You can see from the graph that only 4 people said yes that they wanted to buy a bike from John Lewis which means that the majority of people don’t want to buy this kind of product from John Lewis. However this isn’t 100% accurate the reason for this is because I could I just asked the wrong people and because I have only collect such a small range of data it cannot be fully reliable because if I collected a bigger range of data it could say something different altogether e.g. more 87 people out of every 100 people would want to buy a bike from John Lewis. This can also be said for all of these questions that they can’t be that reliable and that they shouldn’t go by my data but someone who has done an even bigger range of data to make it even more reliable. Some of the companies which they said that they would like to buy a bike from are: Argos, Halfords, another place that sells bikes, Halfords as cheaper etc.

Question 5:

You can also see again that I have chosen the wrong kind of bike to sell as 6 out of 10 people said that they wouldn’t want to buy this product from John Lewis. Some of the reason that they gave were: don’t really need one, I’m not really interested in doing stunts, I like to do road cycling, it will cost too much and it isn’t the kind of design I like, would be too heavy etc.

Question 6:

Question 6 shows that most people would be willing to pay between £100-£150 and £150-£200 for the Hyper Spinner bike as both of them 3 people decided to pick this price.

Question 7:

Question 7 shows that 9 out of 10 people would prefer to buy a product in-store rather than on-line.

Question 8:

Question 8 I asked what kinds of places they would look for bicycles the feedback I got back was: Halfords, in stores, on-line, EBay, Amazon, magazines, bike shop etc.

I have identified the target market through massive amount of research and also through what information I got from the Argos website about the product which is people aged 5 and over who like to do stunts, riding trails and like to ride BMX’s but the product is still aimed at everyone but this is my main kind of market which I will aim for. I have come to a conclusion that I should charge £110 for this product the reason for this is because most people were saying that the reason they wouldn’t buy a bike or this product from John Lewis because they would charge too much and by charging £110 it is in one of the areas in which most people said they would pay for the product but at the low end of the lowest one that was popular. The reason I haven’t stuck it at an even lower price is because if people are willing to pay £100 and more for this product then I should at least try and get the lowest amount of this. I will also try and promote this product online and in store because as you can see from the results from the questionnaires that most people tend to look around online and in stores also by advertising the product in stores it will help create even more sales for the product because as most people said they like to buy the product from in stores and not online and with this most people before they buy the product would like to have a look around in the stores beforehand just to make sure that they are getting the one they like and the best deal. Instead of getting one which is similar or even better for less so by also advertising it in stores it should also help encourage people to buy it. Also advertising in stores will help shows people who don’t look at the John Lewis website but go past or even in the store that they are offering a new type of product which they haven’t sold before which they might be interested in. This should then encourage an even bigger amount of people who might want to buy it from there instead of somewhere else. People will be able to buy this product online as well as in stores because some people might still prefer to buy products online than in stores epically if they don’t have a John Lewis store near them. The types of places I will be selling the product online would be Amazon, EBay and other site which companies can sell their product/s through as well as the John Lewis website. The product has been designed to appeal to the target market by the style and look of the bike but also the type of bike it is. How the product also appeals to the target market is that the bike also comes with stunt pegs and 360 Gyro which will allow you to do an even greater range of stunts and tricks.The research has helped me massively because it has helped me find out that John Lewis doesn’t offer any bikes which people are able to buy from them which will allow them to expand their business in such a great way because there are so many different types of bikes which they could offer to customers and an even bigger range of the different kinds of bikes which fits into those categories of bike e.g. BMX etc. This has also shown me who the best kid of market is to offer certain kinds of bikes e.g. ages, genders, types of people, people’s likes and dislikes etc. Also the specific need of my target are those who like to ride bikes and doing some form of exercise. Other needs include a quality product that isn’t going to break easy if they try do certain stunts, a product which also allows them to do stunts and the joy of just doing tricks, stunts and riding down trials on a bike. However I think that even more research could be done to make me even surer about the kind of target market I am aiming the product at and what this product allows the consumer to do with it. Each of the 4 P’s were used to help we find out whether I have created the correct product to correct target market and that the way I have targeted the product is in the best way so that as many people can find out about the product as possible and that as many people will buy it as possible. It also allows me to come up with the best kind of price which suits my customers’ needs and wants for the product and also so that they think that they are getting a good deal.

Bibliography:

this is the company which makes the Hyper Spinner bike and other types of Hyper bikes. On this website they also sell parts for the Hyper bikes which you can buy. I used this website to help me find out which company makes the product I have decided John Lewis should sell.

I used this website to help me with my work.

this is the website where I got some information about the bike which helped me to identify who the target market is.

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