Market Study Essay

Submitted By manu888
Words: 2317
Pages: 10

Target Customers
As the number of immigrants from South Asia continues to increase and people become more interested in trying other types of cuisine there will be a market for good, authentic fresh Indian food. Amongst the population we have two well defined target markets, the first is the influx of South Asian immigrants who long for a taste of home and the second target market is the large number of students in Kitchener and Waterloo who eat at restaurants more often and are willing to try Indian food. Based on the primary research we have done, we have developed the characteristics of our target customers. The first dimension is the purchase characteristics of our target customer; on average our target customer spends more than $13.00 when dining at a restaurant . Our target customer eats at restaurants more than five times a month and the most common meal which they purchase when dining out is dinner . In terms of demographics our target customer is most likely between the ages of 18 and 29 and is either a student or a young professional. Both of these customers eat at restaurants more than the average person because they are very busy and have little time to cook. Our target customer is also primarily from South Asia as Indian food will appeal to them as it is what they grew up eating or may be similar to the food where they are from. Beyond on this an Indian restaurant with good, authentic, fresh food will also attract those who enjoy ethnic food and also demand a high quality product and are willing to pay extra for it. In the Kitchener and Waterloo area our target customers are most likely to reside near a University or College campus . To capitalize on their geographical location we wish to place the restaurant near a post-secondary institution as this is where the majority of our target customers reside. Also young professional in Waterloo specifically are likely to live near downtown which is close to the two university campuses. By locating near the area where our target customers are most likely to live they will be able to walk or take public transit to the restaurant which will increase the likelihood that they will frequent our restaurant. In terms of mindset our target customer being mainly students as well as young professionals are people who are very busy and because of this eat at restaurants more frequently than other population segments. Our target customers are also concerned about their health and the environment and because of this demand healthy products that are fresh and respect the environment. They are most likely to live a healthy urban lifestyle and are willing to pay a premium for products and services they feel respect this healthy lifestyle. When dealing specifically with food our target customers will have several purchase motivations. The first will be the quality of the food, they are not looking for greasy unhealthy food, they want fresh quality ingredients. The second motivation they will have is the authenticity of the food, for many of our target customers this will be the type of food they grew up eating. This means that they know what authentic Indian food should taste like and they are looking for a taste of home to feel comforted, so authenticity of the food is key. The third motivation will be the quality of service which was the most important factor in deciding where to eat in our consumer survey. The fourth motivation will be price, our target customer will be concerned with price as they are mainly students and young professionals, however they are willing to pay a premium if the first three motivations are satisfied. We will attempt to carve out a place in the market by offering good quality, authentic Indian food along with excellent service.

Target Customers in the Market Waterloo region is one of the fasting growing municipalities in all of Canada and is in the top ten destinations of arriving immigrants. As of 2011 there are approximately 553,000…