Target Market; Market Research and Trends

Question 1

1) Define market research
2) What are the main mays in which market research can be carried out?
3) What is competitor research?

Answer 1

1) Market research is any set of techniques used to gather information and better understand a company’s target market.
2) There are 4 main mays in which market research can be carried out:
• Surveys
• Questionnaires
• Focus groups
• Customer observation
3) Competitive research focuses on finding and comparing key materials that help identify differences between your products and services and those of your competitors.
This research helps to establish the foundation for an effective sales and marketing strategy enabling your company stand out from the crowd.

Question 2

1) What is a target audience?
2) What is the target market research used for?
3) What is a demographic?

Answer 2

1) The target audience is the group of people your design is aimed at.
2) Graphic designers use target market research in order to best understand their audience, and to find out as much as possible as they can about them. They use this research to help them to ensure that their design target audience work/campaign etc. will appeal to them.
3) A demographic profile is a form of analysis in which information is gathered about a group to better understand the group’s composition or behaviours for the purpose of providing more relevant services. In business, a demographic profile is usually used to increase marketing efficiency.

Question 3

1) What is the primary target audience?
2) What is the secondary target audience?
3) What is a brand evangelist?

Answer 3

1) The primary target audience is the group of customers that a business thinks it has the greatest opportunity to convert.
They’re the consumers on whom the company is banking to be early adopters, brand evangelists, or repeat customers.
2) Secondary target audiences are other groups of people with common characteristics who may be interested in your products or services but are unlikely to become your most valuable customers.
3) A brand evangelist is a customer who loves your brand so much that they regularly promote it to others. Brand evangelists often promote products through their social media accounts.

Question 4

1) What are the aims of competitor research?
2) What categories can be included in a target market demographic?

Answer 4

1) - Evaluate the competitior’s strengths and weaknesses
- Evaluate your company’s strengths and weaknesses
- Gather information about the competition to identify differences between the designer and competitor’s designs
- Allows the designer to create a more effective product and marketing stategy that is aimed at the target audience.
2) Categories can include: age, gender, income, job, nationality, education and geographic.

Question 5

What are the different demographic groups (letter grading)?

Answer 5

Letter grading is often used to define the group to make it easier to understand.
A - Upper Middle Class
B - Middle Class
C1 - Lower Middle Class
C2 - Skilled Worker
D - Working Class
E - Those at the lowest level of subsistence

Question 6

State 3 jobs associated with the different demographic groups

Answer 6

A - Banker, doctor, lawyer
B - Teacher, architect, Computer programmer
C1 - Shop manger, Office worker, social worker
C2 - Carpenter, plumber, bricklayer
D - Waiter, Labourer, Shop worker
E - State pensionner, low grade worker, unemployed, benefits