The purpose of the market research analysis was to determine Mitch Lindsey's target consumer market for his music recording business. Surveys found that the target market is evenly split between male and female individuals between 13-16 years old with an annual income of $0-30,000. Most would be interested in recording rap songs and buying albums. Over half would be willing to record an original song and most can afford a $30-40 price to record. This information will help Mitch price services and market appropriately to this audience.

1. Market Research
Analysis
Mitch Lindsey
11/10/11
6th period
Mrs. Davis

2. • Purpose
• Questions
• Graph #1
• Graph #2
• Graph #3
• Graph #4
• Graph #5
• Graph #6
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• Graph # 10
Table of Contents

3. • The purpose behind my Market Research Analysis is to
see what my target consumer market will be. I wanted to
see through surveys, how many men or woman would
choose my business, and also what age and financial
range will choose my business. With the information
received from my research I can easily estimate what I
want to charge for my services, and know exactly which
group of people to advertise my business to.
What’s Your Purpose?

4. • Are you male or female?
• What is your age?
• What is your annual income?
• How many songs have you written?
• What kind of song did/would you write?
• What is your favorite genre of music?
• How many albums do you buy annually?
• Do you write or produce your own music?
• Would you be willing to record an original song?
• How much would you be willing to pay to record your music
at an existing studio?
Questions

5. • Highest result: 51% were female Gender
• Lowest result: 49% were male Male Female
• The advantage of there being more females
then males is that females are more likely to
be vocalists than a male is. This could help
my business by bringing many different
styles to the table.
• The disadvantage could be that as an owner
I would want to keep it as evenly divided
with male and female artists coming in, so
that there is not more of one than the other.
• This information is very beneficial, because 49%
I know now that it is evenly divided 51%
between men and woman, and that both
genders would like to record music.
• To meet customers’ needs I can
accommodate the two different tastes and
likes between men and women.
Are you Male or Female?

6. • Highest Result: 13- 16 yrs. Old 71%
• Lowest result: 25+ 0% Age
• The advantage of most people being 13 to 16 13-16 17-19 20-24 25+
years old is that there are many young people
who want to record music, and develop their 0% 0%
talents. This could be good for my
business, because I could help develop them
musically to get their sound just right.
• The disadvantage is that nobody 25 years or
older, which as artists would be the ones who 29%
have already developed themselves, did the
survey so I do not know if that age group would
come to my business.
• This information was very beneficial, because I
now have a target age group to look towards
and advertise to.
• I can meet customers’ needs by making it a
calm and friendly atmosphere that will make
customers feel more comfortable, which will
lead to a better performance by them.
71%
What is your Age?

7. • Highest result: $0- $30,000, 95%
• Lowest Result: $75,000 or more, 0% Annual household income (under 18)
• The advantage of the highest result is that
0-$30,000 $31,000-$55,000 $56,000-$75,000 $75,000+
I know the average amount of income for
most of the people who want to come to 0%
my business, and it will be much easier to 3% 2%
find a decent price for my services.
• The disadvantage of the lowest result is
that economically I won’t be able to make
as much profit, because I will have to
settle for a lower price.
• This information was beneficial because I
know where to start to get my price range
for people who want to come record their
music.
• I can meet customers’ needs by finding
the right price that can meet almost
anybody’s budget.
95%
What is your annual
income?

8. • Highest Result: 12% have written 20 or How many songs have you written?
more songs
• Lowest Result: 62% have never written a 0 1 to 10 11 to 20 20+
song
• The advantage of the highest result is that 12%
12% of the people have over 20 songs that 0%
they can record, and could possibly be
repeat customers which eventually lead to
even more business.
• The disadvantage of the lowest result is that
the majority of people have never written a
song, and therefor would not be able to
record a song.
• This information was beneficial because I 26%
know that I at least have a starting
point, even if it may be slim.
• I can meet my customer’s needs by keeping 62%
prices low so it will be easier for them to
come back multiple times to record their
songs.
How many songs have
you written?

9. • Highest result: Rap, 51% What/Would kind of song did you write?
• Lowest result: Ballad, 3%
• The advantage of my highest result is that I Rap Ballad Duet Solo
know the particular genre that is going to be
most popular at my studio, and I know what
kind of artists I need to look for.
• The disadvantage of the lowest result is that
there isn’t a strong mixture of genres, and I
would want to do a little bit of all music
types. 36%
• This information is very beneficial, because
I know my target market. I also know that I
need to get the word out about my business
to get some different artists and styles to
come do business with me. 51%
• I will be able to meet my customers needs
by being open to all music and styles to let
them come in and do their own thing, to
make the music that they want.
What kind of song
10%
3%
did/would you write?

10. • Highest Result: Hip-Hop/Rap 54% Favorite Genres
• Lowest result: country 9%
• The advantage of my highest result is that it hip-hop/rap Rock Country Other
matches with my last question what kind of
song would/did you write. This meaning that
my target market is still the same 18%
• The disadvantage of my lowest result is that
even though I personally don’t listen to country
music I would still want a country artist to come
record at my studio, but it will be hard to find
one who will do so.
• This information is beneficial because I know
that I will always have a strong fall back on hip- 9%
hop/rap music, but I can still look for more
artists and different styles to use my studios.
• I can meet my customers needs by knowing 53%
their favorite genres I know what kind of music
they want to listen to and/or record, and can set
a comfortable atmosphere by playing that
music.
20%
What is your favorite
genre of music?

11. How many albums do you buy annually?
• Highest Result: 1-5, 55%
• Lowest Result: 11-20, 7% 1 to 5 6 to 10 11 to 20 none
• The advantage of the highest result is that
people are still buying albums, when most
people just download them.
• The disadvantage of the lowest result is that
people aren’t necessarily buying enough 32%
albums and supporting their favorite artists.
• This information is beneficial because I
know that most people are only going to buy
that “it” album or albums of the year.
• I can meet customers needs by finding great
artists who people will really enjoy and 54%
hopefully put out one of those top albums so
people can buy that album.
7%
7%
How many albums do you
buy annually?

12. • Highest Result: No 71%
• Lowest Result: Yes 29%
• The disadvantage of the highest result Do you write or produce your own music?
is that most people don’t write
yes no
music, it takes someone devoted to
take the time to write a song, in order
to do so.
• The advantage of the lowest result is 29%
that there are still some people out
there who write their own music, and
want to record that music, and that is
where my business comes in.
• This information was
beneficial, because I know that there
artists out there looking to record the
songs that they have written. 71%
• I can meet customers needs by letting
them control what they want in their
Do you write or produce
song, and how they want their final
product to sound like.
your own music?

13. Would you be willing to record an original song?
• Highest Result: Yes, 55% yes no
• Lowest Result: No, 45%
• The advantage of the highest result is that
a little over half the people who did the
survey would be willing to record one of
their songs.
• The disadvantage of the lowest result is
that close to half the people wouldn’t
want to record an original song. 45%
• This is beneficial because I know that
there are still a good amount of people
who want to record one of their own 55%
songs.
• I can meet customers needs by having
them come record at my studio, so they
can record their original song.
Would you be willing to
record an original song?

14. How much would you be willing to pay to
record your music at an existing studio?
$30-$40 $41-$50 $51-$60 $60 +
• Highest Result: $30- $40, 58%
• Lowest Result: $51- $60, 12%
16%
• The advantage of the highest result is
that it is still a reasonable price that
more people may be able to afford.
• The disadvantage of the lowest result
is that coming from the business
owner’s point of view it is the price 12%
you would want to set, but people may
not want to pay that much.
• This is beneficial because I know a 58%
decent price range to set for my
services 14%
• I can meet customers needs by
keeping the price low, but still
providing the best service possible.