MARKET RESEARCH SUMMARY
The market research objectives were aimed at determining the profitability of opening a pub for university students in Budapest. The research exercise involved the conduction of direct interviews and data collection methods. Questionnaires were identified to be the most suitable tools for the collection of primary data. This is because the questionnaire facilitated the control of responses given by a wide variety of respondents. The method also enabled the researchers to reach a wider population of interviewees. The use of questionnaires also facilitated the application of the same data analysis methods for all the interview respondents.
Questionnaire (dissection of it)
The questionnaire used for the study was organized in a strategic manner in which the sequential flow of questions was easy to follow for the respondents. The first questions were aimed at determining the bio-information of the respondents. For instance, the name, gender, and institutional affiliation. However, it was made clear to the respondents that no personal information would be published in the study findings. This was essential in motivating transparency from the respondents with a guarantee of privacy. Personal information such as gender was essential in identifying the distribution of clubbing patterns among the respondents on the basis of gender. On the other hand, the institutional affiliation helped in the classification of the student’s drinking habits based on the school attended. This was essential in identifying the most appropriate geographical locations to open up a pub.
The questionnaire also addressed the interviewees’ social life deposition within the school setting. For instance, their place of origin i.e., home area, number of university events attended annually, student organizations membership, school residence accommodation, and other school society related issues. The data collected from this section was significant as it addressed the core area of the research exercise. Student’s social life within the university plays an important role in the determination of the activities they were involved in in the school setting. The response from this section of the questionnaire ensured that there is the development of a better understanding of student activities in the school. The activities that students took part in determined whether they were likely to be involved in drinking in pubs and other joints around the school setting.
Another critical aspect of the study that the questionnaires played in collecting data about was the development of a better understanding of the students’ life outside the university and learning institutions. This section of the questionnaire addressed questions such as; the frequency with which the students visited pubs, the level of satisfaction that the students derived from the university pubs, level of satisfaction with the prevailing conditions in the pubs, among other conditions. This information contributed towards the overall enhancement in the accuracy of the information collected for the market research exercise.
Other types of information collected using the questionnaires include; the time of the day when the students went to the pub, the mode of transport used to get to their destination, the commodities consumed in the pub, as well as the kind of games that the students took part in the pub.
Survey results
The data collected from the market research exercise was analyzed and interpreted using various methods, including; tabulations, use of charts, and graphs. The results findings were identified as follows;
From the study findings, the majority of the pub visitors from the university by age fell within the 18-24 years age bracket. This group accounted for 85.7% of the total university students visiting the clubs. The remaining 14.3% comprised of individuals between the 25-30 years age bracket. With respect to the gender distribution, there was an almost equal distribution, with 52.4% of the pub visitors being male while the female population accounted for 47.6%. Corvinus and BBS were the institutions with the highest number of students who frequented the pubs.
The students’ social life and involvement in university events were quite low. 61.9% of the total students’ population being identified not to attend any school events. Only 9.5% of the total respondents attended school events. This could be attributed to the fact that 20 out of every 21 of the interviewees did not live within the school dormitories. As a result, most of their free time was spent off-campus. Meeting up with friends and their peers were on a monthly basis.
The result findings from the research exercise indicated that 81% of the university students frequented the bars on a weekly basis. The remaining 19% went to the pubs on a monthly basis. In the pubs, more than 50% of the visitors consumed both food and beverages. Beer and wine were the most commonly consumed drinks in the pubs. The gaming activity that the students preferred was billiard and table soccer. The feedback on the level of satisfaction forms the pubs were neutral, and most of the frequent visitors were somehow satisfied with the services and the range of activities available in the pubs.
Analysis, interpretations, suggestions
The analysis of the above research results indicates that opening a bar or a pub for university students in Budapest would be a lucrative business idea. This is because most of the students often visited pubs to hang out with friends and enjoy drinks and beverages. Consequently, this is further supported by the fact that the frequency of visiting pubs by most students was on a regular weekly basis. This is, therefore, an indication that there is a likely flow of steady customer visitations.
Based on the interpretation of these data results, university students are common visitors of the pubs around their learning institutions and are generally satisfied with the services provided. This is, therefore, a good indication to any investors who could be willing to set up pub businesses within the university learning institutions environment. With most of the student’s taking part in these activities being identified to have their own source of income, the stability of this trend is guaranteed at any time. This eliminates the downside aspect of business seasonality i.e., a time when the target customers are in a position to meet their financial requirements.
The hypothesis testing can, therefore, be proven to be positive where the research findings indicate that visiting pubs is a common part of the university students’ lifestyle. This is, therefore, a largely untapped market that can be tapped for profitable returns. The high number of university students in Budapest is already an upside to the business idea that has a potential customer base. As a result, any business ideas involving students fun and pass time activities around Budapest can be identified to have a huge potential with pubs being the most lucrative as per the research study findings.