Market research analysis

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  • 1. Market ResearchAnalysisMitch Lindsey11/10/116th periodMrs. Davis
  • 2. • Purpose• Questions• Graph #1• Graph #2• Graph #3• Graph #4• Graph #5• Graph #6• Graph #7• Graph #8• Graph #9• Graph # 10Table of Contents
  • 3. • The purpose behind my Market Research Analysis is to see what my target consumer market will be. I wanted to see through surveys, how many men or woman would choose my business, and also what age and financial range will choose my business. With the information received from my research I can easily estimate what I want to charge for my services, and know exactly which group of people to advertise my business to.What’s Your Purpose?
  • 4. • Are you male or female?• What is your age?• What is your annual income?• How many songs have you written?• What kind of song did/would you write?• What is your favorite genre of music?• How many albums do you buy annually?• Do you write or produce your own music?• Would you be willing to record an original song?• How much would you be willing to pay to record your music at an existing studio?Questions
  • 5. • Highest result: 51% were female Gender• Lowest result: 49% were male Male Female• The advantage of there being more females then males is that females are more likely to be vocalists than a male is. This could help my business by bringing many different styles to the table.• The disadvantage could be that as an owner I would want to keep it as evenly divided with male and female artists coming in, so that there is not more of one than the other.• This information is very beneficial, because 49% I know now that it is evenly divided 51% between men and woman, and that both genders would like to record music.• To meet customers’ needs I can accommodate the two different tastes and likes between men and women.Are you Male or Female?
  • 6. • Highest Result: 13- 16 yrs. Old 71%• Lowest result: 25+ 0% Age• The advantage of most people being 13 to 16 13-16 17-19 20-24 25+ years old is that there are many young people who want to record music, and develop their 0% 0% talents. This could be good for my business, because I could help develop them musically to get their sound just right.• The disadvantage is that nobody 25 years or older, which as artists would be the ones who 29% have already developed themselves, did the survey so I do not know if that age group would come to my business.• This information was very beneficial, because I now have a target age group to look towards and advertise to.• I can meet customers’ needs by making it a calm and friendly atmosphere that will make customers feel more comfortable, which will lead to a better performance by them. 71%What is your Age?
  • 7. • Highest result: $0- $30,000, 95%• Lowest Result: $75,000 or more, 0% Annual household income (under 18)• The advantage of the highest result is that 0-$30,000 $31,000-$55,000 $56,000-$75,000 $75,000+ I know the average amount of income for most of the people who want to come to 0% my business, and it will be much easier to 3% 2% find a decent price for my services.• The disadvantage of the lowest result is that economically I won’t be able to make as much profit, because I will have to settle for a lower price.• This information was beneficial because I know where to start to get my price range for people who want to come record their music.• I can meet customers’ needs by finding the right price that can meet almost anybody’s budget. 95%What is your annualincome?
  • 8. • Highest Result: 12% have written 20 or How many songs have you written? more songs• Lowest Result: 62% have never written a 0 1 to 10 11 to 20 20+ song• The advantage of the highest result is that 12% 12% of the people have over 20 songs that 0% they can record, and could possibly be repeat customers which eventually lead to even more business.• The disadvantage of the lowest result is that the majority of people have never written a song, and therefor would not be able to record a song.• This information was beneficial because I 26% know that I at least have a starting point, even if it may be slim.• I can meet my customer’s needs by keeping 62% prices low so it will be easier for them to come back multiple times to record their songs.How many songs haveyou written?
  • 9. • Highest result: Rap, 51% What/Would kind of song did you write?• Lowest result: Ballad, 3%• The advantage of my highest result is that I Rap Ballad Duet Solo know the particular genre that is going to be most popular at my studio, and I know what kind of artists I need to look for.• The disadvantage of the lowest result is that there isn’t a strong mixture of genres, and I would want to do a little bit of all music types. 36%• This information is very beneficial, because I know my target market. I also know that I need to get the word out about my business to get some different artists and styles to come do business with me. 51%• I will be able to meet my customers needs by being open to all music and styles to let them come in and do their own thing, to make the music that they want.What kind of song 10% 3%did/would you write?
  • 10. • Highest Result: Hip-Hop/Rap 54% Favorite Genres• Lowest result: country 9%• The advantage of my highest result is that it hip-hop/rap Rock Country Other matches with my last question what kind of song would/did you write. This meaning that my target market is still the same 18%• The disadvantage of my lowest result is that even though I personally don’t listen to country music I would still want a country artist to come record at my studio, but it will be hard to find one who will do so.• This information is beneficial because I know that I will always have a strong fall back on hip- 9% hop/rap music, but I can still look for more artists and different styles to use my studios.• I can meet my customers needs by knowing 53% their favorite genres I know what kind of music they want to listen to and/or record, and can set a comfortable atmosphere by playing that music. 20%What is your favoritegenre of music?
  • 11. How many albums do you buy annually?• Highest Result: 1-5, 55%• Lowest Result: 11-20, 7% 1 to 5 6 to 10 11 to 20 none• The advantage of the highest result is that people are still buying albums, when most people just download them.• The disadvantage of the lowest result is that people aren’t necessarily buying enough 32% albums and supporting their favorite artists.• This information is beneficial because I know that most people are only going to buy that “it” album or albums of the year.• I can meet customers needs by finding great artists who people will really enjoy and 54% hopefully put out one of those top albums so people can buy that album. 7% 7%How many albums do youbuy annually?
  • 12. • Highest Result: No 71%• Lowest Result: Yes 29%• The disadvantage of the highest result Do you write or produce your own music? is that most people don’t write yes no music, it takes someone devoted to take the time to write a song, in order to do so.• The advantage of the lowest result is 29% that there are still some people out there who write their own music, and want to record that music, and that is where my business comes in.• This information was beneficial, because I know that there artists out there looking to record the songs that they have written. 71%• I can meet customers needs by letting them control what they want in theirDo you write or produce song, and how they want their final product to sound like.your own music?
  • 13. Would you be willing to record an original song?• Highest Result: Yes, 55% yes no• Lowest Result: No, 45%• The advantage of the highest result is that a little over half the people who did the survey would be willing to record one of their songs.• The disadvantage of the lowest result is that close to half the people wouldn’t want to record an original song. 45%• This is beneficial because I know that there are still a good amount of people who want to record one of their own 55% songs.• I can meet customers needs by having them come record at my studio, so they can record their original song.Would you be willing torecord an original song?
  • 14. How much would you be willing to pay torecord your music at an existing studio? $30-$40 $41-$50 $51-$60 $60 +• Highest Result: $30- $40, 58%• Lowest Result: $51- $60, 12% 16%• The advantage of the highest result is that it is still a reasonable price that more people may be able to afford.• The disadvantage of the lowest result is that coming from the business owner’s point of view it is the price 12% you would want to set, but people may not want to pay that much.• This is beneficial because I know a 58% decent price range to set for my services 14%• I can meet customers needs by keeping the price low, but still providing the best service possible.