market research

I have started market research which is relevant to my design generation and pricing up of the product. I had intended to enquire into preferred colour ways of my target market but this seems irrelevant as we are basing our products around the RND colours of Red and Black acrylic with some white and mirror acrylic making up these central colours.

I have conducted this research so far to prudent members of the public outside Blackpool pleasure Beach (I wasn't allowed to conduct it inside) and throughout the student body at UCLAN university. This has enabled me to analyse the reaction of over 30 18-25 year old men and women (our demographic). 

I have learnt that 3 of my designs seem the most profitable (I generated 8 original concept designs) with people erring to the side of £5 - £9 (23 people agreed with this price) with some people willing to pay up to £29 for this product if it was on a large scale. One of the most popular acrylic jewellery companies, Tatty Divine charges well above this price (The most expensive I've found so far has been £102!). 

http://www.tattydevine.com/boutique/product_info.php?cPath=137&products_id=897

I will present more detailed analysis at a later date to allow me to collate all the data together.