Market Research Analysis

Stardust Diner Market Research Analysis The Stardust Diner An Overview + Analysis of Questionnaire Results

Question 1: Do you use fast-food services in the area? • The results from this question show me that there is definitely a market for my business as the majority of people who responded to my Questionnaire use fast-food services. • Now I must use the responses from my other questions to figure out how to convince these fast-food consumers to come to the Stardust Diner instead of their usual fast-food option.

Question 2: Which fast-food services do you use (if any)? Check all that apply. • The results from this question show me which types of fast-food are most commonly used by my potential customers. • From my results I can see that Kebabs, Pizza and Fish & Chips are the most common types eaten. Therefore, as my restaurant will be providing a variety of types of fast-foods rather than specialising in a particular type, I will be sure to include these types of food in my menu as they were the most popular. Even though Hamburgers weren’t as popular in my Questionnaire, I will still include them on my menu because I believe they go well with the atmosphere I will have in my restaurant, therefore I might be able to make them rise in popularity based on this fact. Kebab Hotdog Other None Pizza Fish & Chips Sandwiches Hamburger

Question 3: On a scale of 1-5, how important are the following things to you when deciding to purchase fast-food? 1=MostImportant, 5=Least Important • Based on this tally chart, I can see that Taste and Service are extremely important to my future customers. Therefore, I must be sure that I have good recipes and good quality food in my restaurant, as well as train my staff to give excellent service. • Price, Special Offers and Choice of Food were fairly important to my customers as well since they mostly scored 1-3. This tells me that my customers are most likely willing to pay a slightly higher price if my food + service are good. It also tells me that I should make sure I have a good variety of food to offer + promote special offers. • Finally, Location came up as being least important to my customers which means that as long as I provide good food + service, they would be willing to travel a bit extra distance to come to my restaurant.

Question 4: What type of fast-food services are in the area? • The results from this question show me what kind of competition for my business is in the area. • From my results I can see that there are quite a lot of Kebab, Pizza and Fish & Chip places around. This means that if I am going to be selling these types of food, I will have to have something unique about my business to convince my customers to eat at my restaurant instead of one of my competitor’s. I am happy to see that there are not as many Hamburger places in the area because I am planning to sell Hamburgers in my restaurant and will have less competition in this area.

Question 5: What else do you buy when purchasing fast food? • The results from this question show me what other types of goods people like to purchase with their fast food. (These are known as COMPLEMENTARY GOODS – goods that are usually sold together) • Based on my results I definitely will be selling Carbonated Drinks along with my food as the majority of people purchase this along with their fast food. I will also consider adding Cakes and Chicken & Chips to my menu as many people suggested that these items would also be enjoyed.

Question 6: What time of day do you eat fast-food? • The results from this question will show me the most common times my potential customers usually eat fast food. From their responses I will be able to determine what my opening hours should be as well as times when my restaurant will be busy and I will need to have a lot of workers working. • From my results I can see that people usually eat fast-food between 11am-10pm. Therefore, those will most likely be the opening hours of my restaurant.

Question 7: How often do you use fast-food services? • The results from this question will show me how often I can expect my potential customers to return to my restaurant. • I am very happy to see that the majority of my potential customers eat fast-food once or twice a week. In order to convince them to choose to come to MY restaurant once or twice a week, I will consider offering a Loyalty Card as a Promotion. An example of this could be if my customers received a stamp every time they ordered a Hamburger and when they collect 7 stamps they received a Hamburger for free.

Question 8: How much are you prepared to pay for fast-food? • The results from this question show me what kind of price range my potential customers will be willing to pay for a piece of fast-food. • From my results I can see that the majority are willing to pay between £1-£3. However, there is also a big percentage who would be willing to pay £3 or more. Since Question 3 told me that Price is not as important to my potential customers as Taste or Service, I think I will be able to charge around £3 or slightly more for my food as long as I have good food + good service.

Question 9: What would make you want to buy from my new restaurant? • Quality/Taste (18) • Good Price (8) • Location (1) • Special Offers (8) • Service (11) • Smell (1) • To try it (3) • Name (4) • Having a Healthy Option (1) • Sweets (1) • The results from this question will inform me what will attract my potential customers to my restaurant. • I chose to use an Open-Ended format for this question because I wanted to see exactly what my potential customers thought without me giving them any options. • The results are consistent with my results from other questions in that they show once again that Quality/Taste of the food and Service are the most important things to my potential customers.

Question 10: How often do you pass by the restaurant? • The results from this question show me what the Footfall Rate of my restaurant will be – this rate is a measure of the number of customers that pass by the shop. • From my results I can see that the majority of my potential customers will pass by everyday. This means that I must ensure that my shop front always looks appealing and well-kept so that people will be enticed to come in. Also, I may decide to advertise my Special Offers on the outside of my shop since my potential customers pass by so often.

Question 11: Age Group + Gender? • The reason for me asking this question was to ensure that the sample of potential customers I used for my questionnaire was a fair representation of my Target Market (the segment of the market who I will be focusing on). • From the results I can see that I have a good representation of my Target Market as I have almost an equal amount of Males + Females and everyone who filled out the questionnaire was under 18. As I am focusing on teenagers, it is not a problem that I didn’t ask anyone in the other age groups. However, if I wanted to focus on other age groups as well, I would have to ask some of them to fill in my questionnaire.

Summary

Your next steps . . . Ask 50 people your questionnaire. Choose people from different age ranges, genders, etc. However, if your product is aimed solely at women, (for example, a ladies clothing store) then ask 50 women as there is not point asking men as they will not be your main customer (although they may buy gifts so it might be worth asking a few men).

Your next steps . . . 8. Draw a tally chart for each question to record your results. 9. Draw at least 5 graphs to show what the results mean. 10. Under/next to the graphs write what the results mean to your business. Ensure you label your graphs and colour in.

Your next steps . . . 11. Summarise what these results mean to your business. Use these headings to help. Who are my customers? What do they want? Products, colours, prices, sizes, opening hours, etc . . . Who are my competition? What marketing will work? This should be at least one page (2 sides) of handwritten (normal size) notes.

Market Research DUE DATE: TUESDAY MAY 2nd!

Market Research Analysis