Candidate Name: Aaliyah F.

Charles
Candidate Number:
Centre No.:160568
Centre Name: Elders’ Classes
Subject: Entrepreneurship (Unit 2)
Topic: Market Research
Teacher: Mr. H. Elder
Territory: Trinidad and Tobago
Year of examination: 2022

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 Table of Contents
Introduction………………………………………………………………………………………3
Objectives..………………………………………………………………………………………..4
Population and Sample…………………………………………………………………………..5
Methodology……………………………………………………………………………………...6
Questionnaire…………………………………………………………………………………….7
Findings…………………………………………………………………………………….……12
Analysis and Results……………………………………………………………………………18
Conclusion and Recommendations……………………………………………………………20

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 Introduction

Bubble Bonnets is a business venture in which quality bonnets are sold affordably to a
predominantly female market. The satin material of the bonnets are available in a variety of
colours and combinations that can be selected or requested. Our aim is to provide standard and
protective coverings for all lengths of hair and to encourage the promotion of healthy hair
maintenance.

The business idea was brought forward by my grandmother and myself, Aaliyah Charles seeing
that bonnets were in demand in Trinidad. The location of the business is held both on the Curepe
Southern main road and Mausica Road, Piarco. The separation of both areas allows the ease of
either deliveries and pickups of the product. Another reason that these locations are ideal is that
both are equipped with all the raw materials and storage needed to conduct business. For
example, both locations hold sewing machines, the satin material, needles and other tools to
assist in production as well as additional rooms solely to facilitate the storage of the bonnets.
Along with having the product set, the packaging of clean pressed transparent bags are to be used
to distribute the bonnets to the customers.

With the help of skillful family members, production and deliveries are seen to be no obstacle.
However, the only task at hand is to conduct market research and a feasibility study to determine
our potential success.

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 Objectives

● To learn the price consumers are willing to spend on this product.

● To determine and target the media which is most used by potential consumers.

● To know what influences the target market to purchase one product over a
similar product.
● To note the probable demand for the bonnets.

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 Population and Sample

Out of the various sampling methods that exist, stratified sampling was deemed best for
this research. This method involves selecting persons or groups of a specific gender,
age, class or race. The ideal persons chosen for this investigation were females within
the ages of 12-40 and descended from African or mixed African races. This category
was chosen due to the majority of bonnet users being females of African background,
and is easier to gain access to the age of this specific audience technologically.

This sample should bring relevant and useful feedback, seeing that persons between 12
and 40 are closer to, and more familiar with the generation of bonnet wearers. It is
important that this specific sample was chosen, keeping in mind that culture, race and
age play a significant role in the behaviour of a country. Not only does it influence the
practices of the people, but highlights the financial patterns of a variety of markets.

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 Methodology

The method chosen to gather information was a questionnaire in which relevant questions were
asked to satisfy the objectives of this venture.

The questionnaire targeted 25 females between 12 and 40 of all classes, and pure or partial
descent of african ethnicity. It included 10 multiple choice questions.

The online document was created using google forms and it was shared via a link through
Whatsapp and Instagram in which the questionnaire could be accessed easily.

At the moment, online questionnaires are the most effective way of receiving feedback from a
market due to the Covid-19 pandemic being a significant hindrance. It also holds the advantage
of having patrons take part on their own time, while still being allowed to reach several people in
a short period of time.

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Questionnaire

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 Findings

In the pie chart above, it can be seen that the majority of respondents are between the
age of 12-19 and the least being 31-40.

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In this chart, it is displayed that the majority of participants are either purely African or
African and a race other than Indian or Spanish. The minority in this instance would be
those mixed with African and Spanish.

The majority of persons noted in this graph have medium or longer hair (36% and 44%
respectively). The chart also shows that not many participants have very short hair,
being only 8%.

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This 3D chart clearly illustrates that whatsapp is the most commonly used platform with
instagram being in second place yet fair behind. The other applications are not nearly
used as much.

Based on the pie chart above, 80% of respondents use some form of head covering or
protection. From this, more than half are already involved in the use of Bonnets.

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Fortunately, almost 70% of participants agree that they would buy bonnets as their
method of covering. This shows that there is an existing demand for bonnets.

In terms of the bar graph shown, the most important factor chosen by the majority of
persons was Quality. This implies that quality should be the main factor focused on
when manufacturing and advertising the bonnets. Secondary to this is price and
comfort, meaning that the product should be priced appropriately according to the

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consumer’s tastes. In addition to that, it should be comfortable in order to attract and
maintain the consumer base.

This bar graph above simply presents that the highest price the majority of respondents
are willing to pay is between 30-35 dollars for a bonnet. Below this is the price of $40-
45. From this data, it can be assumed that $30-45 is a safe range to keep up demand.

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The chart illustrates that only a small percentage (4%) of the participants’
income/savings is high. The remaining respondents are split half way between low and
average, showing that the bonnets should be catered towards those within this range of
income.

According to this pie chart, 36% of people deem product proximity somewhat important
while 32% say that it depends on the product. To 28% of people, proximity is very
important, which means that the business has to take this aspect into consideration.

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 Analysis

Product Characteristics
The characteristics of the “Bubble Bonnets” includes a variety of aspects. They include
bonnets made of 100% soft satin material which can be rewashed several times without
fading. They come in a range of colour combinations and sizes which are readily made
or requested beforehand. Conveniently, the sizes offered are catered to both children
and adults, taking into consideration those who wear their hair naturally or with
braids/extensions.
In addition to receiving high quality, seamless bonnets, they will also be delivered to any
location free of cost. Loyal customers also benefit from small tokens of appreciation as
a reward for their support long term.

Market Analysis
It is certain that there will always be those seeking hair care products. Based on the
information shown in the charts above, the market size is expected to be higher than the
questionnaire limits. In charts 5 and 6, participants indicated that bonnets are their most
preferred method of hair covering and the majority will continue to purchase them in the
future. As more customers are reached through sales, and experience is gained in this
field, opportunities for growth should come along.

Sales Analysis

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The predicted annual sales for Bubble Bonnets is $3000.00. This is calculated with the
assumption that the business will encounter 100 customers purchasing one bonnet
each, or 50 customers purchasing two bonnets each. As the popularity of the business
is pushed past the starting phase, sales should increase as more customers are
targeted all year round.

Customer Analysis
The consumers targeted mainly consist of females of African descent seeking
affordable hair coverings.Though this is the market that is mainly focused on, all
consumers of any age, class, race or gender are welcomed to make purchases. Bubble
Bonnets should be able to satisfy the budgets, tastes, and preferences of individuals.

Promotion and Advertising

The most effective way to inform or advertise to customers of new products, deals etc,
is via Whatsapp or Instagram as they are the most used social media platforms and are
free of cost. There will also exist tokens of appreciation for regular customers.

Pricing Strategy
The retail price of the bonnets is $30 per unit. For those purchasing more than 8
bonnets receive a 10% discount. Seasonal discounts of 15% per unit will be given
percent for occasions such as christmas, easter, valentine’s, etc.

Competition
The competition consists of few small and large sellers. The market of sellers is
relatively diluted. For example, Pennywise, a cosmetics store, also sells identical
bonnets for the price of $40. Additionally, there are existing small informal businesses
which have similar bonnets for the price of $50-60. The competitive advantage that
larger companies such as Pennywise has is that they are already well known and
trusted with a large market share. The advantage that Bubble Bonnets has against both
large and small sellers is lower competitive pricing. This can be labelled as one of their
weaknesses. As for their promotion, Pennywise has yet to promote this product, and
their location may be an advantage as they have many branches across Trinidad and
Tobago. Regarding the smaller sellers, their locations vary, and their promotion is
similar to that of Bubble bonnets.

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 Conclusion
According to the information given and analysed above, in order to increase or
rather maintain the existing customer base, advertising and promotion should be
especially pushed on Whatsapp and Instagram as well. It should be established that the
quality of the bonnets are maintained and improved over time if funds allow, and ensure
that the pricing remains affordable to consumers.
Furthermore, consideration can be taken to extend another form of hair covering in the
form of silk ties, essentially creating a small product line.

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