Spotlight
for market analysis
How do
you think a tool such as Spotlight on the Australian Bureau of Statistics
website might be useful for gathering data for a market analysis? Try to think
of as many applications as possible and write them into your blog.
The Spotlight tool as well as the www.abs.gov.au. website uses a number of
applications. It allows you to pull information for your desired market
analysis not only on a national level but by state, region and industry that
you may be researching. It's relevant & up to date (give or take 5 years)
data & stats on the products or service that you require. It also
encourages you to look at trends to see if the desired market has increased or
declined over time. This would help you to see if there are any risks involved
in what you are marketing or propose to market in the future. The spotlight
application allows you to dig a little deeper into your research by
gathering information such as gender, age, what you do for a living, where you
live state/region. All this information is the ground work in
market research. It helps you to form your target market based on survey
research which would then lead on to other forms of research which could be(and
not limited to) the following- consumer buying trends, seasonal time of
year, financial time of year eg-EOFY ,
consumer demand/supply of products or services.
1.1.3.2 Activity-New markets
What advice does Simon Littlewood have for businesses that are looking for new markets? What is his reasoning for this advice?
The economy is forever changing, so you need to make new marketing choices based on attractiveness of your new market and the amount of risk involved. You also need to look at your current marketing reach if there is a down turn, this could mean looking on a more global scale.
Kellogg's case study
Answer the following questions from the Kellogg's case study:
When Kellogg's introduced Crunchy Nut Bites into the market, how did it fit with their business goals?
Business goal was to provide a new flavour and texture for consumers, helping Kellogg's extend its share of the breakfast cereals market. Kellogg's is market orientated. This means that the companies focus is on the needs of its consumers.
Before Kellogg's develop a new product like Crunchy Nut Bites what needs does it seek to identify?
Looking at what products or extensions it should develop from their current product range and for whom. With new products they have a focus on the needs of their consumers.
What three stages does Kellogg's use to identify these needs?
In all three stages primary research such as focus groups, Qualitative research and Quantitative research was involved to identify needs.
Stage 1: Discovery
Stage 2: Selecting the best idea
Stage 3: Crafting the idea into a complete new product
What advice does Simon Littlewood have for businesses that are looking for new markets? What is his reasoning for this advice?
The economy is forever changing, so you need to make new marketing choices based on attractiveness of your new market and the amount of risk involved. You also need to look at your current marketing reach if there is a down turn, this could mean looking on a more global scale.
Kellogg's case study
Answer the following questions from the Kellogg's case study:
When Kellogg's introduced Crunchy Nut Bites into the market, how did it fit with their business goals?
Business goal was to provide a new flavour and texture for consumers, helping Kellogg's extend its share of the breakfast cereals market. Kellogg's is market orientated. This means that the companies focus is on the needs of its consumers.
Before Kellogg's develop a new product like Crunchy Nut Bites what needs does it seek to identify?
Looking at what products or extensions it should develop from their current product range and for whom. With new products they have a focus on the needs of their consumers.
What three stages does Kellogg's use to identify these needs?
In all three stages primary research such as focus groups, Qualitative research and Quantitative research was involved to identify needs.
Stage 1: Discovery
Stage 2: Selecting the best idea
Stage 3: Crafting the idea into a complete new product
