Market research
Introduction
The Juice'd Bar offers the finest and most quick drive-through juice on the market. It offers the best service and creates an easy alternative to people on the go. In order to ensure the viability of Juice'd as a business, the correct market has to be targeted.
Research has taken place to determine two factors:
Target Market
The main target audiences for this business are the people that are being healthy, so mainly the health conscious audience or for people on the go. The only market we would be overlooking would be people without a license, although we will have a kid’s menu to ensure we cater for everyone in the vehicle. There is no specific age range that we will target but anyone who is in a car can purchase our products. We will be opening a window where people can walk up to the store if they have caught public transport such as the train or bus due to the close vicinity in the Joondalup Lakeside area. The income status of our customers is not a real downfall as our products will be quite cheap. People on the go in the morning and lunchtime will where our main busy times will be. Anyone who is driving to work in the morning is our main target as they need something quick and our healthy juices are a big benefit to the customer.
Data has been collected from the Australian Bureau of Statistics (ABS) and the City of Joondalup Community Profile regarding age, gender, income, employment and the obesity rate in Australia. The data collected has allowed us to make decisions which will benefit our business in the most efficient way.
The Juice'd Bar offers the finest and most quick drive-through juice on the market. It offers the best service and creates an easy alternative to people on the go. In order to ensure the viability of Juice'd as a business, the correct market has to be targeted.
Research has taken place to determine two factors:
- If there is a presence of our target market in the Joondalup area, and
- If there is sufficient demand for the Juice bar
Target Market
The main target audiences for this business are the people that are being healthy, so mainly the health conscious audience or for people on the go. The only market we would be overlooking would be people without a license, although we will have a kid’s menu to ensure we cater for everyone in the vehicle. There is no specific age range that we will target but anyone who is in a car can purchase our products. We will be opening a window where people can walk up to the store if they have caught public transport such as the train or bus due to the close vicinity in the Joondalup Lakeside area. The income status of our customers is not a real downfall as our products will be quite cheap. People on the go in the morning and lunchtime will where our main busy times will be. Anyone who is driving to work in the morning is our main target as they need something quick and our healthy juices are a big benefit to the customer.
Data has been collected from the Australian Bureau of Statistics (ABS) and the City of Joondalup Community Profile regarding age, gender, income, employment and the obesity rate in Australia. The data collected has allowed us to make decisions which will benefit our business in the most efficient way.
Method of travel to work
The first graph shows the method of travel to work in the City of Joondalup. The graph shows many different methods of travel within the Joondalup area in 2006 and 2011. As stated before, we are known as a drive through Juice bar which entails our target market to have a vehicle. By viewing the graph it is clear that the largest form of transport within the Joondalup area is in the form of a car, with more than 50,000 people travelling to work by car every day.
(Community Profile, 2013)
Train and passenger by car categories come in second and third place with the most travelled in 2006 and 2011. There is a train station at Lakeside Joondalup where the Juice bar is in close vicinity. These numbers have increased within the frame of 2006 to 2011 creating a opportunity for the juice bar to attract this area of the market. We can focus on these three markets to enhance the business' profitability as it is evident that there has been an increase.
We can assume from this graph that most travel is done within the peak hours of the morning and afternoon which is a great time to purchase one of our products which is ideal for people on the run.
(Community Profile, 2013)
Train and passenger by car categories come in second and third place with the most travelled in 2006 and 2011. There is a train station at Lakeside Joondalup where the Juice bar is in close vicinity. These numbers have increased within the frame of 2006 to 2011 creating a opportunity for the juice bar to attract this area of the market. We can focus on these three markets to enhance the business' profitability as it is evident that there has been an increase.
We can assume from this graph that most travel is done within the peak hours of the morning and afternoon which is a great time to purchase one of our products which is ideal for people on the run.
Education institute attending
The graph to the left shows the amount of students who are attending Tafe or University within the City of Joondalup in 2006 and 2011. As you can see the university category shows the dramatic increase within 5 years in the Joodalup area (we assume this is at Edith Cowan University). We can also see that there has been a slight decrease in the number of Tafe students attending in the area, although, there is a sufficient amount of students that can be targeted.
(Community Profile, 2013)
The amount of students in the City of Joondalup who are able to drive a vehicle is quite decent. Students are always looking for quick and new stores, which juice'd will benefit from if appropriate promotion is completed. This demographic not only will be easy to market to due to the close vicinity of the store to the institutes but these student have disposable income which will help in making our business profitable. Marketing to this demographic will benefit our business as the power of word of mouth promotion is strong among communities such as education institutes.
(Community Profile, 2013)
The amount of students in the City of Joondalup who are able to drive a vehicle is quite decent. Students are always looking for quick and new stores, which juice'd will benefit from if appropriate promotion is completed. This demographic not only will be easy to market to due to the close vicinity of the store to the institutes but these student have disposable income which will help in making our business profitable. Marketing to this demographic will benefit our business as the power of word of mouth promotion is strong among communities such as education institutes.
obesity, bmi in 18+ in Australia
Obesity has become a major problem among the society of Australia. According to the Australian Bureau of Statistics the BMI of males over the age of 18 has increased by 5% between 2001 to 2008. This means that more males are becoming overweight through the years. This is also the case for females with an 8% increase over 7 years. This shows a very dramatic increase among Australian adults. We can assume this has increased from 2008 to the present which shows a great demand for this store in the Joondalup area.
(Australian Bureau of Statistics, 2011)
The demand for a healthy juice and food store is quite evident with the data above showing the increase of a higher BMI among males and females over the age of 18. The drive through option is appealing to customers as it allows them to stay in the comfort of their own car. This makes it easy for people to just take the easy option and go to food places such as McDonalds for breakfast, which is very unhealthy and we can assume that it is the cause of the statistics shown above. Due to the fact that the juice bar is so fast and easy it will make customers want to drive through. Our business wants to see this percentage decrease which is why we are using the method of drive through. This is appealing to many as it is quite a familiar method of food service which is easy. We can promote healthy eating through drive through which has never been accomplished as it has always been associated with fast (junk) food.
(Australian Bureau of Statistics, 2011)
The demand for a healthy juice and food store is quite evident with the data above showing the increase of a higher BMI among males and females over the age of 18. The drive through option is appealing to customers as it allows them to stay in the comfort of their own car. This makes it easy for people to just take the easy option and go to food places such as McDonalds for breakfast, which is very unhealthy and we can assume that it is the cause of the statistics shown above. Due to the fact that the juice bar is so fast and easy it will make customers want to drive through. Our business wants to see this percentage decrease which is why we are using the method of drive through. This is appealing to many as it is quite a familiar method of food service which is easy. We can promote healthy eating through drive through which has never been accomplished as it has always been associated with fast (junk) food.
Weekly Individual gross income
This graph shows the gross weekly income for the City of Joondalup in 2011. This graph shows the amount of income per week and how many people come into each category. The graph shows the various levels of income and all categories would allow people to afford our products. By showing the various levels of income from the Joondalup area will show how much on average people will use for spending.
(Community Profile, 2013)
This graph shows from the ages 15+ which helps us know how many people from that
age onwards would have money to spend on products such as ours. There are many benefits to us as this shows people from as young as 15 years old earn money to be able to spend. As there is only a small amount of people who are not stated to have a number for their income, this shows that most people are willing to spend. With this information we are able to see that a big number of people are able to afford our products even those who earn a small number of earnings. The area of Joondalup is forever expanding and more jobs are being supplied to the public. With more jobs allowing people to earn money this will allow people to spend more on things they want and need. Our product is a cheap way of getting a healthy juice by not having to spend a lot and loving the product you purchase. With most people over 15 years old having an income this creates the ability to reach out to the public and selling our products.
(Community Profile, 2013)
This graph shows from the ages 15+ which helps us know how many people from that
age onwards would have money to spend on products such as ours. There are many benefits to us as this shows people from as young as 15 years old earn money to be able to spend. As there is only a small amount of people who are not stated to have a number for their income, this shows that most people are willing to spend. With this information we are able to see that a big number of people are able to afford our products even those who earn a small number of earnings. The area of Joondalup is forever expanding and more jobs are being supplied to the public. With more jobs allowing people to earn money this will allow people to spend more on things they want and need. Our product is a cheap way of getting a healthy juice by not having to spend a lot and loving the product you purchase. With most people over 15 years old having an income this creates the ability to reach out to the public and selling our products.
Conclusion
The target market of Juice'd is:
The data that has been compiled and explained above shows the target market and the services that Juice'd can provide. Juice'd aims to promote to the wider population of the City of Joondalup. The majority includes students, licence holders, people who take public transport in the area and mostly overweight people.
The data retrieved was collected from 6 years ago but shows an increase in almost every piece of data above. We have chosen these target markets as they were the most appropriate for our business and is information that we can use to our benefit to support our business and its profitability. The graphs and analysis above confirm that Juice'd should be successful if we target specific markets using appropriate promotion.
- Licence holders
- Resides in the City of Joondalup
- Employed/ Acquires disposable income
- Students
- Overweight/ Obese
The data that has been compiled and explained above shows the target market and the services that Juice'd can provide. Juice'd aims to promote to the wider population of the City of Joondalup. The majority includes students, licence holders, people who take public transport in the area and mostly overweight people.
The data retrieved was collected from 6 years ago but shows an increase in almost every piece of data above. We have chosen these target markets as they were the most appropriate for our business and is information that we can use to our benefit to support our business and its profitability. The graphs and analysis above confirm that Juice'd should be successful if we target specific markets using appropriate promotion.