In this lecture, we're looking at the market data and market research in the industry. This part is important because I can use market research to help me think of ideas to design.
We started talking about the market research.
We use market research to gather information about the consumer so we are aware of what they need and want. There are two types of market research, the primary data and the secondary data. As we all know, any type of secondary research involves us using the internet or books to find the information we need but primary data is where we find our own research, there are two types relating to primary data, quantitative and qualitative.
Quantitative
Quantitative research is us asking a lot of questions and using the clipboard to gather those information. There are three types of quantitative research, geographic, psychographic and socio-economic.
- Geographic - This data looks at how and where you live. It looks at that because it could give us a clue of the things you will buy.
- Psychographic - This data looks at the way you think. It looks at what interests you have, what your passion or hobby is, from that, it would give us an idea of what you would be interested in buying because what you buy could revolve around your hobby or interest.
- Socio-economic - This data looks at your class and financial ability. This could look at how economic activities could affect and influence what you buy.
The pros of quantitative research is that it has a lot of detail because it contains a lot of information, it looks at the different aspects of the consumer, how that person thinks and lives and from that, it could narrow their market to specific consumers, this makes the information very clear and easy to understand. The negative of it is that the method is complex and hard which comes at a cost, it could vary around £150,000. It would be even hard to do if there are any time restraints.
Qualitative
Qualitative data is information about qualities and the information is something that can't be measured. This involves having an interview and a focus group, having to talk to people who are in the know about an issue that needs to be understood.
Unlike quantitative, qualitative's method is easier and cheaper because all it involves is preparing and arranging a meeting which is something that can be easily done and quite quick at times. The cons of it is that there is no statistical validation, the information given can't be measured like I said before, it's all opinion so there isn't much evidence to it and it's only a success if the discussions are controlled in the right way.
Market Segmentation
We moved onto 'Market Segmentation'. It's a marketing strategy that involves dividing the target market of existing and potential customers and combining the ones who have the same interests, characteristics and common needs.
This can be broken down to different ways, it can be done by age, sex, social class, geography, hobby/interests and so on. This will help you determine what type of customer you are designing for and how you will design it. The objective is to design something that matches the expectation of the consumers.
Below is an example of explaining what market segmentation....
Take books as an example, there are two types, fiction and non-fiction which then splits into different genres, furthermore, it splits into age groups and specific types of different narrative. By doing this, it narrows down the target audience and who you are designing for but also shows that there are different types, it doesn't just stop at genres as an example.
To have a successful market segmentation, you have to make it measurable and identifiable but also, it have to be accessible. It has to be substantial because you have to make a profit and generate a decent amount of money in otherwise it's a waste of money if you think the advertisement will work then a large amount of money can be put in to pay for everything. Finally, it has to have a meaning, it must connect with the target audience, if not, there will be no profit coming in, it has to relate to people who you think will buy into your design.
This lecture was useful because it showed that when it comes to research, there is a wide range of different things I have to look at and I have learned some of the terminologies in this lecture. I also looked at the pros and cons of each so that if I'm at that stage where I have to research and gather information, I would know which would be the most effective one for me at that time depending on time, cost etc.
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