[SOLVED] Market Research for New Business

This study summarizes conducting market research involving primary, secondary, qualitative, and quantitative methods to collect information for a new business. It concludes that a company needs to identify financial aspects like expenses, gains, assets, and liabilities for starting the new business. The company must also follow equality and diversity law in selecting applicants for the new business.

Contemporary

Table of Contents
INTRODUCTION...........................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Develop new business plan.........................................................................................................1
TASK 2 ...........................................................................................................................................3
Conduct the market research to help develop business ..............................................................3
TASK 3 ...........................................................................................................................................4
Face the ethical dilemma regarding business .............................................................................4
TASK 5 ...........................................................................................................................................5
Describe assets, liabilities, expenses and gains of business .......................................................5
TASK 4............................................................................................................................................6
Staff on Zero hour contract.........................................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Business plan is very important for each new businesses. It is very effective and valuable
for the business and growth. It is the written document which shows the nature and aim of
business. Report will developed by new business it is related to beauty services. Business plan is
includes industry, location, target customers, business model or name and also identity of
business (Brace, 2018). The market research is based on primary research and secondary
research. Those are help to analysis the needs and wants of customers as per requirements.
Report will covered by the ethical consideration which is important for the business reputation. It
will shows the zero hours contract which is not good for the business growth and profit.
Research will shows the business assets, liabilities, expenses and gains.
TASK 1
Develop new business plan.
Business plan is refers a written document describing the nature of the business and the
sales or marketing strategy. This also includes the financial background, conducting projects
profit and loss statement. This included a location, industry, target customers, business model,

business name, visual identity and values to promote as a business. Business plan for new
business which is Eyebrow extension by J&J Glad Lash.
Industry
The beauty industry encompasses the sales of cosmetics, perfumes and spa with best
customer services. The beauty industry is now days a very effectively grow at marketplace and
all over the world. That beauty salons and spas are considered the services sector of beauty
industry.
Location
The location of this new business start ups is located at the shopping centre like mall. The
biggest shopping mall is located at the north east is largest mall at UK. Shopping mall is the best
place for lunching new business because peoples are love to go at their. The location of Eyebrow
extension is shopping mall at north East UK.
Target customers
The customer is better to know as a target market. It is the group of customers that a firm
plans to reach with marketing efforts. That are identify by the business, brand, products, sales,
location and marketing strategy. The target audience are mostly teens and young adults beings.
The demographically it is female market. The age group is consider the 15 – 45 years old girls,
woman's and college students.
Business model
Business model is help to promote their business in effective manner. For starting the
new business there is use canvas business model. This model is reflects systematically on their
business model. This business model is focus segment by segment. The following list is help to
make best plan for the new business are as follows:
 Key partner of this business covers the supplier who are supply cosmetic items for work
like: creams, eyebrow plucker and son on.
 Key activities are important for the business in distribution channels, customers
relationship, revenue stream. For promote business at marketplace it is important to do
advertisement with the help of social media and better customers relationships (Boddy,
2016).

 Values proposition is covers best services provide to customers without hurting them. At
the location staff are available whole time and also with adviser and Cosmo or skin care
doctor. By this customers are satisfy and feel safe. Customers relationship and segment, relationship is always matter for establishing new
business for that manager have to make best customers relationships with their target
customers. The segment customers are teens and woman.
Business name
The name of business are very important because this is best identity by which peoples
and customers take and give suggestion to others. The name of business is “J&J Glad Lash”.
Visual identity
Visual identity is the best and effectively play their role in business growth and
reputation. It is the aspects of branding that businesses are create in order to evoke various
feelings and experience with the brand and business.
Values to promote a business

Values are very important part of the business with the help of this business promote in
effective and valuable ways. It is very important tactic which are used by the small business to
acquire and retain customers, increase brand awareness and make different position one place to
another place. Values to promote the business for always consider as per their customers need
and wants. Environmentally promote the business to reduce the carbon foot prints and purchase
organic items for the business which are not harm to peoples. Socially is consider the lifestyle of
peoples as per the current trends are happens in like eyebrow extension by Glad Lash.
TASK 2
Conduct the market research to help develop business
Market research is very essential for understanding their target market, recognise
consumer problems for developing the new business in the marketplace. It is the easiest mode
for enterprisers to keep up with market trends and maintain competitive advantages by sizing up
business chances in the industry. Therefore, it will necessary to effective market research which
will help to growth of new business in the UK. This involves various methods such as:
 Primary Research: The information will be collected through primary research which
involves understanding the channels of communication, ascertaining the quality services
as per the requirements of eyebrow extension which is the new businesses started by J&J
Glab lash.
 Secondary Research: In order to that, owner of business will be collected the information
through secondary research in which includes existing surveys and studies, internet like
social media platforms which will be help to develop the new business (Barnham, 2015).
Through this source, owner of business will collect the number of informations related to
eyebrow extension Glab Lash.
 Qualitative Research: In relation to that, owner of business will be collected the
informations with qualitative research which will relate to the eyebrow extensions
through the observation, focus group and gathering the comments by the consumers. This
kind of market research will be help to accomplish the goals and objectives of business.
 Quantitative Research: Also, owner of business will be gathered the information by
quantitative research which involves surveys and experiments which will help to develop
the new business. The owner of new business will be collected informations because they

will identify the target consumer, their needs and wants, fashions and preferences for
development of the new business which is Eyebrow extension J&J Glab Lash.
These kinds of informations will help to grow of the business in beauty industry in the
United Kingdom. Therefore, owner of business will ensure the effective market research which
will be helpful for starting and developing of new business in the UK. Overall, market research
will very useful for start and develop of new business (Agrawal and et.al., 2015). All kind of
method of research will help for development of new business.
TASK 3
Face the ethical dilemma regarding business
An ethical dilemma is the difficulty where person has selected among moral and immoral
action. Workers will deal with pressures to work and aid the firm succeed and deal with personal
temptations to take simple way out. For example, a popular marketing website which will
provide the services to J&J company that will new business of Eyebrow Extension Eye Glab in
the UK. But , they will not accept their services because they identify that they has been accused
of treating their workers badly. Thee have been reports of discrimination, bullying and
harassment by the management (Oppenheimer and et.al., 2017). But, it is the greatly increase
popularity of the business as it has target audience of thousands of people. If the owner of new
business will associate with this website, so that there is high risk in relation to damage brand in
the marketplace.
In order to that, owner of new business will not accept their marketing services by
websites. Through this website, it will be damage not only consumer attraction but also corporate
reputation of business. This will be directly effected on image and reputations of company in
front of consumers in the marketplace. Therefore, owner of business will need to follow all kind
of ethical dilemma like organization culture, discipline, public perception and staff relations
which will aid to develop new business in the UK. All kind of ethical dilemmas will increase the
image and reputation of new business in the industry in the marketplace (Lau, 2016). Company
will need to follow all ethical dilemmas for growth and development of new business that is
Eyebrow Extension Eye Glab Lash started by J&J in the UK. Therefore, company will not accept
the services of marketing website which will damage the reputation of company in the industry.
In order to that, company will try search the other marketing website which is more popular and

also follow all the business ethics. This will aid raise the image and reputation of new business in
the United Kingdom. Therefore, this will help to start and develop the new business which is
Eyebrow Extension Eye Glab started by J&J in the UK.
TASK 5
Describe assets, liabilities, expenses and gains of business
The J&J will start new business which is Eyebrow Extension Eye Glab Lash in the mall
of UK. Therefore, owner of new business will ensure all kinds of assets, liabilities, expenses and
gains effectively. For starting business, owners determine assets, liabilities, expenses and gains
which includes chairs, mirrors, make up items, spas machines, creams, nail paints, skin care, hair
cut machine, seizers and other assets (Davies and et.al., 2018). Also, they will have many
liabilities like bill payable, accrued expenses which will aid to develop new business. They will
also determine the all kind of expenses like paying the electricity bill, staff salary, social media
marketing and purchasing all kind of products. In order to that, owner of business will determine
the gains or profits like facial, eye brow, hair cut and bride make up which will help to raise the
profits of business. In order to that, company will make sure that all kind of financial aspects for
starting the new business.
Particular Amount (£)
Total Assets £2,000.00
Total Liabilities £1,000.00
Total Expenses £9,000.00
Total Gains £8,000.00
Total budget £20,000.00
In order to that, company will need to avoid cash flow problems which involves keep the
cash flow forecast, top of payments, stock management, stay friendly with lenders, access credit
and evaluate problems before they happen which will help to avoid the cash flow problems. This
will help to develop the new business which is Eyebrow Extension Eye Glab Lash by J&J.

TASK 4
Staff on Zero hour contract.
The Zero hour contract is type of contract between an employers and workers. There
employers are not obligated for providing any minimum working hours and also workers are not
do that to accept any work offered. That is not good for the business because by this manager
and new businessman not get enough profit and losses (Brace, 2018). In that worker are done
their business as per their needs and also when they are free. In that they got losses from their
worker. Its not good for the business growth and also for profit. In that worker done their work in
fewer time and take full payment for against of work.
Equality and diversity law:
Equity and diversity means increasing the potential workers and ensuring that all workers
and job applicants receive equal access in terms of employment and training and promotion and
services. Diversity is about identifications , respecting and valuing the differences among
individuals. It refers treating people as single person and accounting for inequalities and
disadvantages
(Boddy, 2016). Thus, owner of new business will sure that follow the equality and diversity law
in relation to job applicants.
CONCLUSION
This study has summarised that conducting market research which involves primary,
secondary, qualitative and quantitative method in relation to collection of information for new
business. It can be concluded that company needs to identify the financial aspects like expenses,
gains, assets and liabilities for starting the new business. It can be discussed that company has
follow equality and diversity law for selecting applicants for new business.

REFERENCES
Books and Journals
Agrawal, A. and et.al., 2015. Digitization and the contract labor market: A research agenda.
In Economic analysis of the digital economy (pp. 219-250). University of Chicago Press.
Barnham, C., 2015. Quantitative and qualitative research: Perceptual foundations. International
Journal of Market Research. 57(6). pp.837-854.
Boddy, C.R., 2016. Sample size for qualitative research. Qualitative Market Research: An
International Journal. 19(4). pp.426-432.
Brace, I., 2018. Questionnaire design: How to plan, structure and write survey material for
effective market research. Kogan Page Publishers.
Davies, C. and et.al., 2018. Davies, Chantal, Ferreira, Nuno, Morris, Anne and Morris, Debra
(2016) Editorial: The Equality Act 2010: Five-years On. International Journal of
Discrimination and the Law, Vol 16 (2-3), 61-65.
Lau, H., 2016. Marriage Equality and Family Diversity: Comparative Perspectives from the
United States and South Africa. Fordham L. Rev. 85. p.2615.
Oppenheimer, D. B. and et.al., 2017. Comparative Equality & Anti-discrimination Law.
Comparative Equality Press.