Analysis of Data
I have handed out 10 questionnaires to people that I think are interested in the products that my shop is selling. 80% of these people were aged between 14 and 15 and 20% of them were aged between 16 and 17. 90% of them were male and 10% of them were female. The graph above shows that most people that I interviewed would pay 100 – 150 Hong Kong Dollars for a CD on average. Some people would pay less and only pay 50 – 100 Hong Kong Dollars for a CD. No one that filled out my questionnaire is willing to pay more than 150 Hong Kong dollars for a CD, a reason for this is that many people think that a CD is not worth more than 150 Hong Kong dollars.
This graph shows that many of potential customers will go to other CD shops because they are friendlier and they have better products. Some of my potential customers will go to other CD shops because their prices are cheaper. In order to attract customers and make more people come to my shop I will have to hire staff that is more friendly. Also I will have to stock better products and take good care of the products. I may have to decrease the prices of my products at times but the prices cannot be too low otherwise it will be hard to make a profit.
Where did you hear about our company? The graph above shows that most of my potential customers have heard from my shop through friends and from posters. Some potential customers have also heard of my shop through E-marketing. This is helpful to me because this can tell me what I can concentrate on in the promotion of my shop. According to the results from my survey I should concentrate my promotion on posters and get people to tell their friends about my shop. When my shop grows larger I may have to consider advertising on T.V. or in newspapers.
This graph shows that most people that took part in my survey like hardcore music. Some people like screamo too but no one or not many people like the genres emo or metal. Some people did not like any of the genres that I gave them and chose the option ‘others’, this can help me with my CD shop because I know that people want to buy CD’s of other genres and tells me that I should stock CD’s of other genre so that I will not lose business because I have not stocked the CD’s of other genres.
How do you feel about our staff? The 5th question that the customers had to answer was about how they felt about our staff. 60% of the customers said that the staff was excellent, 20% of the customers said that the staff were great and the last 20% of customers cais that the staff was good. This information shows A’s CD Store if they have to improve on their quality of staff and how the staff have been treating customers.
Who is your favourite band? The 8th question that the customers had to answer was about their favourite band. 40% chose the band Underoath, 20% chose the band I Killed The Prom Queen, 20% chose the band Atreyu and the other 20% chose the option others. This shows that I may want to stock the products of the popular bands and perhaps consider stocking products from the other bands that the customers said they liked.
What other data would have been useful? The costs of rent, heating and cooling would be useful because that would influence the amount of money I will be spending on marketing. The frequency of people going shopping in the area that my shop is in would be useful because if not many people go shopping in the area that my shop is then not many people will go to my shop. To avoid this problem, I will have to put my shop in a location that is quite popular.
Finding information on the competition and knowing how the work would be useful to me because that way I can get an idea of how to run my shop and how to price my products. By finding information on the competition can tell me about which location I should put my shop because most of the competitions are big companies which have a lot of branches. By studying where these branches are located I can have an idea of where to put my shop.
Improving my questionnaire would be useful. I can do this by putting more questions that are more useful to my shop would have been useful because I would have asked more about other genres and more about price, product, promotion and place. I could have been more specific with the questions. I could have also given the potential customers more answers to choose from when they are answering the questions on my questionnaire.
I could have found out the exact prices of things such as promotional costs. This would be useful to me because then I would know how much money I would be spending on promotional items and other items that require extra costs. Also I will be able to know how much money I can spend on only marketing. My sample size could have been bigger. This means that I could have handed out my questionnaires to more people. This can help me make my decisions because I can get a wider range of responses and more opinions from different types people. This can help me decide what products to stock in my shop and it also helps me decide how to price the products.
It could have been useful if I can choose more then 2 types of media to promote my shop. This is because if I choose to use one thing, for example posters, people will not always read the posters or it is very hard to put a poster up in a busy place because most busy areas in Hong Kong are filled with shops and restaurants. It would be useful if I had more money and time because then I can spend more time planning my promotional methods and maybe I could have improved my questionnaire and give it to the public again and see what the responses are. Also if I had more money I can use more money on promotion. This can get my shop more popular because with the extra money I can use a different form of promotion and not only posters.
What other issues need to be considered before identifying possible options? There are many issues that A’s CD Shop has to consider before opening the shop. This is because if they do not think about these issues their employees may not be safe working in the shop because they are not covered by insurance or the shop may have some trouble because they do not have a licence to sell products.
Some of the issues that A’s CD Shop has to think about are the health and safety of employees because if the employees are not guaranteed a workplace that is safe the employees may not choose to work at the shop. Also if the employees are not covered by insurance and they hurt themselves the shop would have to do a lot of work to cover that problem. The shop must be clear of hazardous things. Legislation laws because if A’s CD Shop does not have the right to sell other people’s products and they do sell their products then it will be against the law and the government may require them to close down. Also the law is there to make sure that the shop pays the employees equal amounts of money and not different race or sex. Weights and measures because this is making sure the products do what it says it will do and it will last as long as it says on the package.