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A chain of fitness centres in the city is used by office workers - HSC - SSCE Business Studies - Question 25 - 2007 - Paper 1
Question 25
A chain of fitness centres in the city is used by office workers. The owners plan to open a new branch in a shopping complex in a new suburb. a) Identify ONE possib... show full transcript
Worked Solution & Example Answer:A chain of fitness centres in the city is used by office workers - HSC - SSCE Business Studies - Question 25 - 2007 - Paper 1
Step 1
Identify ONE possible target market for the new branch.
Answer
One possible target market for the new branch could be stay-at-home parents. This demographic often has flexible schedules and may be looking for fitness options that allow them to incorporate physical activity into their daily routines while still attending to parental duties.
Step 2
Describe a market research process appropriate for the new branch.
Answer
To establish a suitable market research process for the new branch, the following steps can be taken:
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Determine Information Needs: Begin by identifying specific information needs that will help understand the target market, such as demographics, preferences, and fitness habits of potential customers.
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Data Collection Methods: Utilize both primary and secondary data collection methods. Surveys can be conducted with potential customers in the new suburb to gather first-hand insights. Additionally, secondary research can involve analyzing existing reports on fitness trends and market analysis.
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Data Analysis and Interpretation: After collecting the data, analyze the results to identify key trends and insights. Use statistical tools to interpret the findings and make informed decisions regarding marketing strategies, service offerings, and potential pricing strategies tailored to the new target market.