market research report for mojado bros
...t are the most suitable styles? What are the most suitable colours? What is the most attractive segment to target? Purpose The purpose of this market research report is to gather relevant, reliable up-to-date information about the industry to assist in the decision making process for Mojado Brothers. Research Objectives Descriptive research must be undertaken to determine the following: Identify respondents demographic characteristics such as The benefits the target market wants from T-shirts so they will know which benefits they should provide to their consumers. The average number of t-shirts a representative consumer purchases per year so they will find out how many t-shirts are sold industry wide and how many shirt sales they could potentially make. To determine the average amount the representative consumer pays for a T-shirt to help settle on an appropriate price point for the products. To determine what the most popular t-shirt styles are so they will know which styles they should produce. To determine what the most popular colours are so they know which ones they should use. Sources of Information In every market research project, the data obtained is either primary data or secondary data. In many projects, both primary and secondary data are obtained, but the methods used in each case are totally different. Primary Data Primary data is that which is collected for the first time to serve the purpose of the research objectives. There are two types of Primary research. Qualitative and Quantitative. Qualitative research provides definitive market information regarding the opinions and behaviors of the subjects in the market research study. Qualitative research is used to achieve a variety of objectives. Obtain helpful background information on a market segment Explore concepts and positioning of a business or product Identify attitudes, opinions and behavior shared by a target market Prioritise variables for further study Fully define problems Provide direction for the development of questionnaires Personal interviews and focus groups are the most common qualitative research techniques. Quantitative research creates statistically valid market information. Some common uses for quantitative research include: Substantiate a hypothesis or prove a theory Minimize risk Obtain reliable samples for projecting trends Personal, telephone and mail surveys are the most common quantitative techniques. We will undertake primary data research because it provides us with answers from our target market to previously unanswered questions. This will allow us to better identify the consumers needs and wants and market products and services to meet those needs and wants. Secondary Data Secondary data is that which has already been obtained by others for their own purposes. Sources of secondary data are usually published and copyrighted and typically found in reference books, text books and on the internet. Secondary research is usually faster and less expensive to obtain that primary research. Some examples of secondary data sources include: Books Internet Journals Periodicals Encyclopaedias Compact Discs Videos Archives FINDINGS Data Collection Methods: Focus Groups Groups of 8-12 people Led by a moderator who follows a script Groups are audio or video recorded Meetings last from 1-2 hours Minimum of two groups scheduled per target market Group dynamics factor in data collection Advantages: They often produce new and unexpected ideas Group dynamics st...