Unit 3 Investigating Marketing (Neath/Afan)
Topic outline
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Edexcel Advanced GCE in Applied Business
Unit 3 Investigating Marketing
Welcome to the Virtual Learning Environment for the above Unit. The object of the VLE is to help you with your coursework by giving you guidance as you progress through the unit. Use it as an aide, it will not do the work for you.
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Assignment 2
Identify the Marketing aims and objectives for your business.
Task 1
Executive Summary
You will already have completed your first assignment and have carried out market research. Before you begin the second assignment I would like you to produce a 1 page summary of your findings. This should be submitted to me by 12.00pm Tuesday 5 February.
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Task 2
Customer Profile
For any business, having information about who your customers are, their behaviour, location, habits and so on is important in planning and marketing. The techniques now used to gather such information are very sophisticated and demonstrate the importance of the knowledge-driven economy. Having knowledge of your consumers represents some element of power! Read this page before proceeding with the assignment.
You will need to build up a customer profile to back up the market research you have done.
a) Upmystreet gives a great deal of information about your local area. Open up the site and make notes about the type of catchment area that your shop covers.
b) Register with this site and compile a customer profile based on the information in the various sections of the site. You may need to enter a number of postcodes to obtain an accurate picture, eg Resolven, Briton Ferry, Cadoxton etc.
c) With the information you have gathered from the above sites build up a target profile of the potential customers for your shop.
Example:
By using the lifestyle and demographic topic sections from ACORN, I can tell that there is a tendency for my area to have a higher than average proportion of people in the 45 - 64 age range; there is a much higher than average likelihood that the people in my post code area will have a degree or higher qualification; that they are likely to be Christians as opposed to any other religion and that they are more likely to have a household structure that includes two non-pensioners and dependent children. I can also tell that people in my area are more than likely to spend more than £250 on credit cards per month and are likely to have a family income in excess of £50,000 per year!
Build up a profile of the typical customer in your area by using all the categories in the lifestyle topic and all those in the demographic topic. Do this by taking the highest and lowest average figures quoted. You can then get something like this:
Consumers in my area are most likely to be Christians and least likely to be Sikhs, they are most likely to be in the 25-45 age group and least likely to be in the 0-4 age group; they are most likely to have a family income of £45,000 and above, and will tend to donate money to charities associated with animals and so on.
You must relate your findings to your shop does your research back up your decision to open a shop and why?
This must be completed by Tuesday 5 February and sent to me for evaluation. It is unlikely that you would produce less than a page of work.
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