Geographic
Psycographic
Socio-economic
The Pros to this Detail / Clarity - statistical information objective
Cons - Costly - £150000 + complex and difficult to do needs careful control
We then discussed qualitative research. Firstly looking at Primary data. This can be done through a interview focus group where you discuss with people in the know. We then talked about secondary which is data thats already been published.
The Pros - Cheap - cost of train ticket and lunch! Easy to do and offers holistic view.
Cons - no statistical validation, subjective, success depends on control of discussion.
Market segmentation - breaking market into specific blocks.
Can be done by:
Age,
Sex,
Social Class,
Geography,
Hobby/Interest,
etc.
Successful segmentation
Measurable/ identifiable
Accessable
Substantial
Meaningful
Segmentation ensures successful targeting.
Important:
Define the product offering clearly
Don't try and analyse different objects/products
Only compare like with like
Do not re-invent the wheel! Don't mess with the data to make it fit your criteria as this may ruin the authenticity of the data.
Data sources:
Mosaic
ACORN
Mintel
GMDB
Keynote - Reports
FAME - purely financial
Newspaper ProQuest
BRAD Insight
You need to be looking for turnover and not profit, as its misleading. The more profit you make, the more tax you pay. Turnover will tell you a lot more about how the company is preforming. It depends on the nature of the work the business does and what they are doing. They may be making a loss when it comes to profit, however the share price may go up every year as they are actually preforming well.
Magazines - try WH smiths
Newspapers - Ditto!
Company websites - Many give details of products and prices, they also give details of brand ethos and intent
Retailer websites
We looked at various ads that went beyond the norm. Doing something a little bit different and clever is a good way to advertise, as people will remember it.
I like what they have done with the camera add. I actually had to look twice, and i'm sure that other people would too. Its a very clever idea and has been designed well.
I thought that this was a brilliant ida. A building under construction can be an eyesore. This is a good way to make something ugly into a work of art.
