Monday, 10 October 2016

business- marketing


Firstly in this business lecture we were focussing on the market in which our work will be placed in to. Peter Norris aimed to emphasise how essential market research was in regards to work placement and design being thought out in relation to the right target market.
In research I learnt that there are two main collection methods of quantitative and qualitative;
  • quantitative 
  • qualitative 
How I am able to define both of these is due to my previous study of sociology- because of this i determine what form of research is being collected as to whether is collects a large Quantity to where if focuses on a smaller number of studies but has a higher quality of detail. 

There are different advantages and disadvantages to each of these

Qualitative

+detail
+clarity
+cheap
+more holistic view
+personal opinions

-there is no statistical validation
-it is subjective
-successful information gathering depends thoroughly on communication skills
-some can’t verbally express effectively.

Quantitative

+detail
+statistical proof can be gathered
+remains objective

-costly to use
complex and difficult to achieve on a large scale
-needs careful control as handling large number of people/ figures. 



Both of the above are primary research methods as this is the data you collect yourself. In contrast to this is secondary data which is research or statistics which already exist and are available to be accessed. This data has already been published but normally there is such a large quantity of information available that careful research is needed in order to refine search to the market segmentation required.



Market Segmentation is how the market is split and divided in to other smaller, niche groupings. Examples of these are; sex, hobbies, class, age and location etc. In marketing and even designing the product it is essential that it is targeted correctly to the right segmentation of people. Being measurable, accessible, substantial and meaningful ensure that the market targeting is successful. An example of successful was market targeting is the Sainsbury’s adverts featuring Jamie Oliver. Sainsbury’s needed to appeal to the ‘family’ market and to do this household name “Jamie Oliver” was added to their tv advertisements. Because of his ‘well known’ factor, people were more likely to go or to spend more in Sainsbury’s in accordance to the recipes and good quality produce this ‘celebrity’ was advertising. For ever £1 that was spent, this increased to £5 with the backing of Jamie Oliver.


Another way in which secondary data can be collected is through data sources. These can be specific statistics and reports made publicly available by businesses and companies. This gives key indications in to trends and figures which could also be linked to an area or field you are conducting research in to. Examples of these are; mintel, gmdb, keynote, fame and newspaper proquest. It is important to remember that classifications of people have gone through significant expansions as to incorporate the social changes and experiences people now go through. It is thought that there are now 120 classifications which each have secondary data that can be found about that social group. It is important in studying secondary data that the evidence might be relevant to just a few of these groupings (or studies only conducted on certain groups) and that it may not be true for any other groups than the ones it is directed on. 



Sometimes, this is why both primary and secondary data collection is needed, as this can be thoroughly tailored to what market area you wish to investigate and want your product or service to be suitable for. 


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