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Market Research
   Analysis
     Taelor Pinkard-Murray
     Natural Beauty Salon
      November.16.2011
           6th period
           Mrs.davis
Table of Contents
•   Table of content
•   Purpose
•   Graph#1
•   Graph#2
•   Graph#3
•   Graph#4
•   Graph#5
•   Graph#6
•   Graph#7
•   Graph#8
•   Conclusion
•   Customer profile
Purpose
• The purpose of this analysis was to see what my
  customer’s want and need. What are their like and
  dislikes? Surveying to know if my business would be
  a good idea and be profitable.
Questions
• How many people were found to have natural hair?
• How long have you been natural?
• How far are you willing to drive to get your hair done? If
  you are a male how far is your mother/girlfriend willing to
  drive?
• What type of hair do you have?
• How often do you go to a salon? if male, how often
  does your mother/girlfriend get their hair done?
• Do you struggle with your natural hair?
• Do you think natural hair is better?
• How much are you willing to pay to get your hair done?
graph #1
•   Highest result is 63%                                How many people do you know with natural hair ?
•   Lowest result is 7%
•   What are the advantages of the highest result                      1_2   3_4   5_6   7+
    ?That most people are natural so that will
    mean I will be making more money because
    I’m running a natural hair beauty salon.
•   What are the disadvantages of the lowest                                       7%
    result ?That some people really don’t know
    people with natural hair so I could lose money.
•   How would this information benefit ? The
    graphs benefit me by letting me know that                                                  20%
    more people are enjoying their natural hair. In
    this case it means job security for my business.
•   How does this info meet customers needs ?
    Having the knowledge that a lot of people are
    wearing their hair natural enables me to serve
    my clientele better. Since I specialize in natural        63%
    hair I will know exactly what is needed at a                                               10%
    glance.
Graph #2
•   Highest result: Unknown
•   Lowest result : A few months                    How long have you been natural ?
•   What are the advantages of the highest                  Few Months   1 year        2 years +    unknown
    result ? Knowing that most people have
    been natural for a long time so that means I
    would always have some customers.
•   What is the disadvantage of the lowest                                        2%
    result ? The down side of only being natural                                             15%
    for a few months is that your hair is more
    fragile and you’d have to be more careful
    in using heat.
•   How would this information benefit ?This                45%
    information benefits me by knowing the
    process to take in styling someone’s hair. It
    is important so that I can regulate the
    amount of heat needed.
•   How can this information meet customers
    needs ? Being knowledgeable of the type                                                        38%
    of hair and the texture helps me help the
    customer in achieving their desired style.
Graph #3
•   Highest result: 30 minutes                  How far are you willing to drive to get your hair done? If you are a male how far is
•   Lowest result:10 minutes and 15 minutes     your mother/girlfriend willing to drive ?
    because they are equal                                                           10 min.    15min

•   What is the advantage of the highest
    result ? Knowing that a person will drive
    30 minutes to come to my salon means                                                                17%
    that I can have a diverse clientele.                             23%
•   What is the disadvantage of the lowest
    result ? The disadvantages of having to
    drive any distance is the traffic.
•   How does this information benefit ?
    Knowing that it might take someone 30
    minutes to get to my salon gives them
    the flexibility to gage their leaving and                                                                         17%
    arriving times.
•   How can this info meet customers needs
    ? They know they don’t have to travel
    more than 30 minutes to my full service
    salon.
                                                                            43%
Graph # 4
•   Highest result: Thick
•   Lowest result : Coarse                      What type of hair do you have ?
•   What is the advantage of the highest               course    thin   thick   curly
    result ?The advantage of having thick
    hair is the amount of heat that can be
    applied. Thick hair holds the style a lot
    better.                                                             7%

•   What is the disadvantage of the lowest
    result ? Coarse hair doesn’t always               26%
    mean strong hair. Sometimes the coarser
    the hair the more brittle because more                                          23%
    has to be done to straighten it.
•   How would this information benefit ? It
    lets me know that I have to buy most of
    the hair products for people with thick
    and coarse hair.
•   How can this info meet customers needs
    ?This meets my customers needs
    because extra care can be taken                             44%
    based on the type and texture of the
    hair.
Graph # 5
•   Highest result: Twice a month           How often do you go to a salon? If male, how often does your mother/girlfriend
•   Lowest result : Every week              get their hair done ?
                                                                          everyweek     twice a month
•   What is the advantage of the highest
    result ? Knowing that I will always
    have my schedule booked in                                                             11%
    advance.
•   What are the disadvantages of the                           27%
    lowest result ? Not being able to see
    my clients every week would cut
    down on the amount of money that
    could be made in a month.
•   How would this information benefit ?
    This information benefits me knowing                                                                   32%
    that I should get more customers to
    make up for the down times.
•   How can this info meet customers
    needs ? My customers will all be able
    to get an appointment based on                                    30%
    their needs.
Graph # 6
•   Highest result: Yes
•   Lowest result : No                           Do you struggle with your
•   What are the advantages of the highest            natural hair ?
    result ? Most people struggle with their
    hair so therefore I will receive a lot of              Yes   No
    business because people are going to
    need my expertise.
•   What is the disadvantage of the lowest
    result ? Is that some people don’t need
    help with their hair at all .
•   How would this information benefit ? My        34%
    customers that need my assistance will
    always have it. The people that don’t
    need my help might want to change
    their style and need some suggestions.
•   How can this info meet customers needs                            66%
    ? Knowing that they don’t have to
    struggle with their hair I am just a phone
    call or email away.
Graph # 7
•   Highest result: Yes
•   Lowest result : No
                                                 Do you think natural hair is
•   What is the advantage of the highest                  better ?
    result ? That just about every one that                  Yes   No
    comes to my salon is natural.
•   What is the disadvantage of the
    lowest result ? That some people
    don’t like natural hair so I will have to
    convince them that their hair will be             23%
    healthier without chemicals.
•   How would this information benefit ?
    This information is helpful so I will know
    how to gear all of my clientele and
    what they expect from me.
•   How can this info meet customers
    needs ? Knowing that I believe in                                   77%
    natural hair to the extent that they do
    it’s a win-win solution for both of us.
Graph # 8
•   Highest result: $40.00
                                             How much are you willing to
•   Lowest result : $50.00
•   What is the advantage of the highest      pay to get your hair done ?
    result ? Knowing I won’t make any less         $40    $50   $60   $70+
    than $40.00 per head that walks into
    my salon.
•   What is the disadvantage of the
    lowest result ? Nothing                         24%
•   How would this information benefit ?
    Lets me know that if I charge more                                41%
    than $40 dollars more people are
    least likely to come.
•   How can this info meet customers
    needs ? $40.00 in any economy is a             22%

    good price for have your hair styled.
    My customers know they have gotten                          13%

    their monies worth.
Conclusion
According to my extensive market research analysis
I have found that there are a lot of people who prefer
   to wear their hair in natural styles. I have had the
   opportunity to educate people during my surveys. I
   have found that my business venture should
   become a profitable success.
Customer Profile
• 7 or more people know others with natural hair .
• most people are unknown for how long they have been
  natural.
• most of my customers will be willing to only drive 30
  minutes to get their hair done.
• Mostly all my customers hair is thick
• According to the data most people only get their hair
  done twice a month.
• Data shows that just about everyone struggles with their
  natural hair.
• Customers think that natural hair is better.
• Customers would like to spend $40

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Pinkardmthhs taelorsproject

  • 1. Market Research Analysis Taelor Pinkard-Murray Natural Beauty Salon November.16.2011 6th period Mrs.davis
  • 2. Table of Contents • Table of content • Purpose • Graph#1 • Graph#2 • Graph#3 • Graph#4 • Graph#5 • Graph#6 • Graph#7 • Graph#8 • Conclusion • Customer profile
  • 3. Purpose • The purpose of this analysis was to see what my customer’s want and need. What are their like and dislikes? Surveying to know if my business would be a good idea and be profitable.
  • 4. Questions • How many people were found to have natural hair? • How long have you been natural? • How far are you willing to drive to get your hair done? If you are a male how far is your mother/girlfriend willing to drive? • What type of hair do you have? • How often do you go to a salon? if male, how often does your mother/girlfriend get their hair done? • Do you struggle with your natural hair? • Do you think natural hair is better? • How much are you willing to pay to get your hair done?
  • 5. graph #1 • Highest result is 63% How many people do you know with natural hair ? • Lowest result is 7% • What are the advantages of the highest result 1_2 3_4 5_6 7+ ?That most people are natural so that will mean I will be making more money because I’m running a natural hair beauty salon. • What are the disadvantages of the lowest 7% result ?That some people really don’t know people with natural hair so I could lose money. • How would this information benefit ? The graphs benefit me by letting me know that 20% more people are enjoying their natural hair. In this case it means job security for my business. • How does this info meet customers needs ? Having the knowledge that a lot of people are wearing their hair natural enables me to serve my clientele better. Since I specialize in natural 63% hair I will know exactly what is needed at a 10% glance.
  • 6. Graph #2 • Highest result: Unknown • Lowest result : A few months How long have you been natural ? • What are the advantages of the highest Few Months 1 year 2 years + unknown result ? Knowing that most people have been natural for a long time so that means I would always have some customers. • What is the disadvantage of the lowest 2% result ? The down side of only being natural 15% for a few months is that your hair is more fragile and you’d have to be more careful in using heat. • How would this information benefit ?This 45% information benefits me by knowing the process to take in styling someone’s hair. It is important so that I can regulate the amount of heat needed. • How can this information meet customers needs ? Being knowledgeable of the type 38% of hair and the texture helps me help the customer in achieving their desired style.
  • 7. Graph #3 • Highest result: 30 minutes How far are you willing to drive to get your hair done? If you are a male how far is • Lowest result:10 minutes and 15 minutes your mother/girlfriend willing to drive ? because they are equal 10 min. 15min • What is the advantage of the highest result ? Knowing that a person will drive 30 minutes to come to my salon means 17% that I can have a diverse clientele. 23% • What is the disadvantage of the lowest result ? The disadvantages of having to drive any distance is the traffic. • How does this information benefit ? Knowing that it might take someone 30 minutes to get to my salon gives them the flexibility to gage their leaving and 17% arriving times. • How can this info meet customers needs ? They know they don’t have to travel more than 30 minutes to my full service salon. 43%
  • 8. Graph # 4 • Highest result: Thick • Lowest result : Coarse What type of hair do you have ? • What is the advantage of the highest course thin thick curly result ?The advantage of having thick hair is the amount of heat that can be applied. Thick hair holds the style a lot better. 7% • What is the disadvantage of the lowest result ? Coarse hair doesn’t always 26% mean strong hair. Sometimes the coarser the hair the more brittle because more 23% has to be done to straighten it. • How would this information benefit ? It lets me know that I have to buy most of the hair products for people with thick and coarse hair. • How can this info meet customers needs ?This meets my customers needs because extra care can be taken 44% based on the type and texture of the hair.
  • 9. Graph # 5 • Highest result: Twice a month How often do you go to a salon? If male, how often does your mother/girlfriend • Lowest result : Every week get their hair done ? everyweek twice a month • What is the advantage of the highest result ? Knowing that I will always have my schedule booked in 11% advance. • What are the disadvantages of the 27% lowest result ? Not being able to see my clients every week would cut down on the amount of money that could be made in a month. • How would this information benefit ? This information benefits me knowing 32% that I should get more customers to make up for the down times. • How can this info meet customers needs ? My customers will all be able to get an appointment based on 30% their needs.
  • 10. Graph # 6 • Highest result: Yes • Lowest result : No Do you struggle with your • What are the advantages of the highest natural hair ? result ? Most people struggle with their hair so therefore I will receive a lot of Yes No business because people are going to need my expertise. • What is the disadvantage of the lowest result ? Is that some people don’t need help with their hair at all . • How would this information benefit ? My 34% customers that need my assistance will always have it. The people that don’t need my help might want to change their style and need some suggestions. • How can this info meet customers needs 66% ? Knowing that they don’t have to struggle with their hair I am just a phone call or email away.
  • 11. Graph # 7 • Highest result: Yes • Lowest result : No Do you think natural hair is • What is the advantage of the highest better ? result ? That just about every one that Yes No comes to my salon is natural. • What is the disadvantage of the lowest result ? That some people don’t like natural hair so I will have to convince them that their hair will be 23% healthier without chemicals. • How would this information benefit ? This information is helpful so I will know how to gear all of my clientele and what they expect from me. • How can this info meet customers needs ? Knowing that I believe in 77% natural hair to the extent that they do it’s a win-win solution for both of us.
  • 12. Graph # 8 • Highest result: $40.00 How much are you willing to • Lowest result : $50.00 • What is the advantage of the highest pay to get your hair done ? result ? Knowing I won’t make any less $40 $50 $60 $70+ than $40.00 per head that walks into my salon. • What is the disadvantage of the lowest result ? Nothing 24% • How would this information benefit ? Lets me know that if I charge more 41% than $40 dollars more people are least likely to come. • How can this info meet customers needs ? $40.00 in any economy is a 22% good price for have your hair styled. My customers know they have gotten 13% their monies worth.
  • 13. Conclusion According to my extensive market research analysis I have found that there are a lot of people who prefer to wear their hair in natural styles. I have had the opportunity to educate people during my surveys. I have found that my business venture should become a profitable success.
  • 14. Customer Profile • 7 or more people know others with natural hair . • most people are unknown for how long they have been natural. • most of my customers will be willing to only drive 30 minutes to get their hair done. • Mostly all my customers hair is thick • According to the data most people only get their hair done twice a month. • Data shows that just about everyone struggles with their natural hair. • Customers think that natural hair is better. • Customers would like to spend $40