October 20, 2014 § Leave a comment
In this lecture with Pete we looked at market data and the pro’s and cons of collecting that data and the amount of data available and the quality of it. I don’t particularly like looking through market data or talking about however it seems fairly straight forward and Peter Norris is very good at what he teaches so it was an ok lecture.
Peter Norris- Market data and market research 20/10/14
– Make sure you understand the brief- make sure the client is happy
– keep contact Market research
– Primary data
-3 key types
- Geographic- where you are and where you are from tells about how you live.
- Psychographic- determines what you will buy due to psychological DNA
- Socio-Economic- your class and financial ability- indicates what you will buy.
- -The interview and focus group
- -“Those people in the know” about a market issue you need to know.
Pros + Cons
- -Statistical information
- -Costly (150,00+)
- -Complex and difficult to do
- -Needs careful control
Pros + Cons
- -Cost of a train ticket and lunch
- -Offers a holistic view
- -No statistics
- -Success depends on control of discussions.
Huge amounts of data- -Needs focus on the needs of a particular market -MARKET SEGMENTATION -Breaking market into blocks
- Social class
Market for books- fiction and non-fiction -Fiction
- Children’s/ Teens
- Romance/ drama
- Thriller/ Horror
- Sci-fi/ Comic
Successful Segmentation -Measurable/definable -Accessible -Substantial -Meaningful (Important) -Define the product offering clearly -Only compare like with like -Use industry common classification Data sources -Mosaic, acorn} unilearn links -Mintel- market information database -GMDM- global marketing database (library/unilearn) -Keynote- reports (only one not accessible by the library) -FAME- financial database/treat carefully (library) -Newspapers ProQuest Magazines, newspapers, company websites, retailer, websitesà (price and reviews), CSO statisticsà (government data) Buyer behaviour- Process
- Need recognition
- Pre-purchase evaluation
- Post-purchase evaluation
- – Good, ok, buy again, bad, vile
-Marketing -Exposure -Attention -Comprehension}à memory à buyer behaviour process à -Accepting -Retention Maslow’s hierarchy of needs
- Self-actualisation- personal values
- Esteem and status- power, respect, worth
- Belongings- relationships, family, home, sex
- Safety- shelter and defence
- Psychological- Food water