Market Observation Essay

Submitted By jdoornbo
Words: 1575
Pages: 7
Open Document
Individual Assignment
For my assignment I have selected five participants and five activities. I chose this number of participants and activities to make sure the participants were not overwhelmed with too many activities to remember over the forty-eight hour window. This would guarantee the most quality data possible. I also carefully chose a variety of people to participate. The participants chosen are from a wide range of demographic and psychographic profiles. I have both males and females ranging from 13-65 years old, lower middle class to upper class, as well as single, dating, and married individuals. Exhibit 3 gives both the demographic and psychographic information about each participant. Exhibit 1 and Exhibit 2 are condensed journals of each participant divided up into five core activities. After collecting and analyzing the results, there were many trends and notable entries, which will be compared and contrasted in a person-by-person basis.
Person A spent his morning and afternoon working on “loose ends” around the house including working with an accounting firm and buying parts to fix his pool filter. The pool filter was bought from SeaWay pool store (company originally installed the pool) which is located 45 minutes away. I found this interesting because it supported the fact that the participant is a loyal customer to the original installer, even though there are closer pool supply stores. Person A also uses a loyalty card from Petro Canada to accumulate points for discounts (another act of loyal consumption). As a computer consultant, the participant is also loyal to the Dell brand of computer, which used to have a bigger share of the market before Apple took over. The fact that Person A owns a pool, ate at The Keg, and drives a nice car, supports the Upper Middle Class social position. I also found it interesting that Person A did his own oil change rather than using an oil change service from a dealership or service providers such as Jiffy Lube or Mr Lube. People of his generation tend to be more mechanically inclined and can perform these types of “do-it-yourself” services.
As a student-athlete, Person B exhibited an on-the-go lifestyle purchasing more food rather than making it himself. He also exhibited a very trendy lifestyle purchasing and using products from Apple, NetFlix, Lulu Lemon, and Chegg. Visiting a pub such as Durty Nelly’s and purchasing Coors Light showed signs of being a typical 24 year old student-athlete. This is a demographic that Durty Nelly’s and Coors light would directly be marketing too. Purchasing gas on a loyalty card from Petro Canada suggest Person B is influenced and possibly related to Person A. This is an example of one generation passing on consumption characteristics to another generation. Eating out, going to bars, and driving a pick up truck in South End Halifax supports the Upper Middle Class social position.
Person C exhibited many characteristics of a “hipster”, or a person who strives to be original but is also up-to-date with emerging trends. She used a bike as a mode of transportation instead of driving even though she’s from an Upper Class family. She visited Molly Bloom’s, which is considered a very hipster bar, and purchased Guinness Beer. I found this interesting because I don’t believe this is the target market for Guinness. She also did her grocery shopping at an organic grocer, which is an emerging trend for her generation. She ate out at a Sushi bar for dinner, plays the most expensive brass instrument (French horn), and uses Bell FibreOp cable and internet (even though she’s a student), which all support an Upper Class social position.
Person D played Xbox 360 a lot, which is very typical for his age. This suggests a target market for gaming systems. He had dinner at his grandparent’s house, purchased ice cream from a local convenient store, and played a board game with his family, which suggests a small town life. Stores, as well as
Show More

Related Documents: Market Observation Essay

Dragon Flea Market Observation Paper

back parking lot of the Dragon Flea Market. I continued my area check before being waived down by a City of Port Richey utility worker. The worker advised me that a blue, Ford utility was traveling through the parking lot at a high rate of speed. The worker further advised me that the vehicle almost struck him and other workers. I conducted a u-turn and observed the same blue Ford utility vehicle that I had previously witnessed backing up into the Dragon Flea Market. I pulled up to the vehicle but…

Words 927 - Pages 4

How Do Researchers Identify And Measure Human Motives?

variety of tools and techniques measuring motivation. Researchers have developed the two approaches to the measurement of human motives are: (a) dir measurement, and (b) indirect measurement. When motives are measured directly through objective observation, approach is the "Direct Measurement of Motives". This approach also includes conscious self-reports, administering questionnaires, and inventories assess specific motives as required by the observer. To measure the drink like hunger, thirst, many…

Words 840 - Pages 4

Essay on Marketing Research

available. * To gain an understanding of the nature and purpose of Marketing Information Systems (MIS). In small groups, and using the resources provided, produce a poster that shows: * The reasons why an organisation needs to research the market. * Ways in which the organisation gathers information. * How an organisation uses the information and the benefits of this THE IMPORTANCE OF INFORMATION: Companies need information about their: * Customers * Marketing…

Words 1177 - Pages 5

Marketing Research Reveals Consumer Behavior Essay

quasi-artificial environment to try to control spurious factors, then manipulates at least one of the variables - examples include purchase laboratories and test markets. CONSUMER BEHAVIOUR Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumersin a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns. The field of consumer marketing research as a statistical…

Words 1580 - Pages 7

research proposal Essay

great potential market for A&F company as its main target market is university students. It seems a great opportunity to open a new A&F store in Cardiff. However, fierce competition within this market already exists in Cardiff, the characteristics of this market should be investigated to provide the foundation for making this major decision. Possible research methods were selected to explore the following aspects:. • Use desk research to analyze Cardiff university students market volume and university…

Words 4153 - Pages 17

Buisness Notes Marketing Process Essay

the market. Not all products reach this final stage. Some continue to grow and others rise and fall. Introduction After all research and development has be done it is time to launch the product and begin its lifecycle. The introduction stage of the product life cycle is when the marketing team emphasizes promotion and the product's initial distribution. Often the product will have little or no competitors at this point. Nonetheless, sales may remain low because it takes time for the market to accept…

Words 1758 - Pages 8

Assignmeng Suraj Essay

The returns occur most frequently around negative 2% to positive 6%. Between 3% and 6%, the stock has highest frequency of positive return. Hence from the above histogram we can conclude that the stock’s overall return is positive. B.) Histogram of Market Return:- Bin Range:- Bin Frequency -7.85664 1 -5.34354 4 -2.83043 7 -0.31733 10 2.195769 21 4.708871 12 7.221973 5 More 0 The distributional features are as follows:- The distribution is not symmetric. Higher frequency of return is more on…

Words 1436 - Pages 6

Essay on Qwsd Da

A RK ET H Y P OTHE SI S? www.martialcapital.com Those who believe in the Efficient Market Hypothesis, which includes the vast majority of professional investors worldwide, will say that it is impossible to sustain the kinds of returns Martial Funds has demonstrated in our backtest and in our short period of live investing. This White Paper talks about their concerns and our response. The Efficient Market Hypothesis, developed by Prof. Eugene Fama at the University of Chicago in the early 1960s…

Words 1178 - Pages 5

Marketing research assignment Essay

research Marketing research Marketing research is the process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service. It can be research into the characteristics, spending habits, location and needs of your business's target market, the industry as a whole, and the particular competitors you face. Marketing has a number of methods which are, Qualitative…

Words 1975 - Pages 8

Types Of Marketing Research Unit 10

as to remain competitive in order to fulfil customer’s needs. * primary research: * primary research is defined as type of research that involves collecting of different information within a business in different ways such as conducting market survey, interviewing , questionnaire or even focus group interview and etc. Hence this information is collected directly from the customers. Therefore this research is carried out according to the research of the company requirement. as for the primary…

Words 1880 - Pages 8