Chapter 3 MARKET ASPECT
Chapter 3
Market Aspect
3.1 OBJECTIVES OF THE STUDY
This study aims: to determine the profile of the target market, to determine the general acceptability of the proposed business/project, to project the future demand and supply, to determine the projected sales/market share and, to develop the appropriate marketing strategies with regards to the business’ services, products, fees and promotions.
3.2 METHODOLOGY There are certain methods that the proponents used to gather the data needed in completing the market study.
3.2.1 Research Instrument Survey instrument was used as a primary tool for gathering data. The researchers provided questionnaires that were used to determine the potential of greenhouse restaurant. The questionnaire was divided into two parts, the first part is the profile of the respondents and the second part contains the questions needed for the study. Interview and informal conversation were also conducted for a better flow of survey to the respondents. The researchers also used different references like books, internet, magazines and other studies to get relevant information.
3.2.2 Population and Sampling
The proponents took consideration of the insights and opinion of the Restaurant Diners at Bonifacio Global City that will serve as the basis of the market study. The population used in this study is in total of 5478 from which the sample size was taken. The total number of population is computed by multiplying the average number of customers in a restaurant (daily basis) to the number of Fine Dining restaurants in BGC.
Average number of customers (in a day) = 83
Number of Fine Dining Restaurants in BGC = 66
Total number or population = 5,478
Using the Sloven’s Formula, the sample size was computed as:
3.2.3 Data Gathering Procedure
In order to obtain the necessary data and information needed for the study, the proponents used a series of methods of collecting data.
The proponents gathered useful data by searching
Market Aspect
3.1 OBJECTIVES OF THE STUDY
This study aims: to determine the profile of the target market, to determine the general acceptability of the proposed business/project, to project the future demand and supply, to determine the projected sales/market share and, to develop the appropriate marketing strategies with regards to the business’ services, products, fees and promotions.
3.2 METHODOLOGY There are certain methods that the proponents used to gather the data needed in completing the market study.
3.2.1 Research Instrument Survey instrument was used as a primary tool for gathering data. The researchers provided questionnaires that were used to determine the potential of greenhouse restaurant. The questionnaire was divided into two parts, the first part is the profile of the respondents and the second part contains the questions needed for the study. Interview and informal conversation were also conducted for a better flow of survey to the respondents. The researchers also used different references like books, internet, magazines and other studies to get relevant information.
3.2.2 Population and Sampling
The proponents took consideration of the insights and opinion of the Restaurant Diners at Bonifacio Global City that will serve as the basis of the market study. The population used in this study is in total of 5478 from which the sample size was taken. The total number of population is computed by multiplying the average number of customers in a restaurant (daily basis) to the number of Fine Dining restaurants in BGC.
Average number of customers (in a day) = 83
Number of Fine Dining Restaurants in BGC = 66
Total number or population = 5,478
Using the Sloven’s Formula, the sample size was computed as:
3.2.3 Data Gathering Procedure
In order to obtain the necessary data and information needed for the study, the proponents used a series of methods of collecting data.
The proponents gathered useful data by searching