Research Proposal Essay Example | Topics and Well Written Essays - 1000 words - 1

Research Proposal - Essay Example More specifically, the primary activities of the proposed studio will include services for Commercial, Portrait, Studio and Street photography. The project shall be made up of two (2) parts. The first part being the identification of the main consumer groups and target market segments, an evaluation of the photo industry, and the conduct of a brief Political, Economic, Social, and Technological (PEST) and Porter Five Points analyses. The second part, on the other hand, shall be aimed at monitoring the performance of the proposed studio against industry competitors and market averages and improving this performance based on the results of the evaluation process. It shall likewise endeavor to determine which of the industry’s niches the proposed photographic studio can successfully tackle to enable the company to maximize its revenues and make it competitive. The rationale behind this project is to confirm that the proposed photo studio is indeed an economically viable business given the industry’s vast market and growth potentials. This project will enable the tracking, investigation and monitoring of existing variables such as relevant competitors and potential market, before and during the initial process of business development including sales monitoring during the early stages of actual business operations. Sales monitoring will involve the process of sales benchmarking via an assessment of verifiable sales of competitors and vis-Ã  -vis relevant market standards. These approaches will cover a complete monitoring and analytical process over a wider spectrum of the company’s existence while at the same time allowing a differentiated approach to the use of different monitoring instruments and research tools. Both phases will require the collection and processing of data from the market and consumers in order to draw relevant conclusions. The