- What is the purpose of conducting a market analysis and what factors might be investigated as part of a market analysis?. 2
- List four ways of segmenting consumer markets. 2
- List four information sources that can be used to identify the size of a market?. 3
- Discuss four key influences on consumer behavior?. 3
- What is Hofstede’s cultural dimensions theory and how can it be applied to marketing to consumers in different countries?. 4
- Discuss the importance of creating marketing strategies based on an analysis of consumer behavior. 4
- List three external information sources (they can be Australian and/or international) that would be helpful in investigating international markets. Include the web site reference and a brief description of the information available. At least one source sould be relevant to Tourism. 4
1. What is the purpose of conducting a market analysis and what factors might be investigated as part of a market analysis?
It is very important to conduct the market analysis by the business organization for enhancing their improvement. Market analysis is also very important to increase the sales as well the production of the company. Market analysis is performed by the business owners for the following reason:
- For identifying potential customers
- For setting targets
- Frame appropriate strategies
- Analyzing the existing market
- Detection of emerging opportunities
The marketing analysis is conducted for the purpose of investigating consumer behavior, market demand, consumer taste and preferences (Mitręga, 2006).
The four ways to segment consumer market are as follows:
- Demographics: the quantitative features of a group of people can be termed as demographics. These features are age, income, sex and the place where they live.
- Purchasing behaviors: purchasing behavior also help to segment the consumer market by keeping record of the purchase of the customers and then targeting them with the same offers.
- Psychographics: Psychographics refers to the thinking and liking of the people based on which the market is segregated. It is a quite tough procedure of segmentation by the marketers (Mooij, 2004).
- Geographic segmentation: consumer market is also segmented on the basis of geographical units such as size of the city, the density of population and the climate experienced by region.
The four information sources which can be used to identify the size of the market are as follows:
- The distribution of the income of the family in the perfect area
- Planning of the financial services that people buy and what is the amount they pay
- The distribution within the geographic area
- Home market values
- Cultural Factors: the behavior of the consumer is affected by the cultural factors such as cultural environment, family and friends to which it belongs.
- Social factors: the society end the status of the consumer also influences the behavior of the consumer (Saito, 2009).
- Personal factors: the characteristic of each individual also affect the behavior. The personal factors include the age, taste and gender of the consumer.
- Psychological factors: the psychological factors such as the feelings, likings, attitudes as well as the learning and the education also affect the consumer behavior.
5. What is Hofstede’s cultural dimensions theory and how can it be applied to marketing to consumers in different countries?
Hofstede’s cultural dimension theory is a structure of cross-cultural communication. This dimension explains how the culture of the society has an effect on the values, taste and attitude of its member and thereby creates a social behavior with the structure obtained from analysis of factor (Geert-hofstede, 2014).
This theory can be applied on the consumer market because it is the behavior and taste of the consumer developed from society which affects the market.
6. Discuss the importance of creating marketing strategies based on an analysis of consumer behavior.
The business form their strategies based on the behavior of the consumer. It is the taste, likings, attitudes of the consumer which help to create the demand for the particular product in the market. According to the demand of the products, company frames it policy and strategies.
7. List three external information sources (they can be Australian and/or international) that would be helpful in investigating international markets. Include the web site reference and a brief description of the information available. At least one source should be relevant to Tourism.
In order to research the trends one can visit the following websites:
Your rationale for selecting the identified country based on your review of the TTNQ Marketing Plan.
We have selected Singapore for the purpose of Tourism which is a major industry in that country. Over the past few decades there have been a major flow in the outbound of the country. In the year 2013 the performance of the out bound flow of tourism was impressive and it has also increased by 1% than that of 2012 and also the strength of Singaporean currency is considerable that enables the citizens of the country to spend more and that has increased the tendency to travel more (Ttnq, 2014).
Singapore is regarded as one of the key outbound markets in South East Asia. The spending power of Singapore is as strong as the USA the GDP of Singapore counted as $ 49,300 per capita in the year 2011. In a calendar year the count of overnight trip made by every Singaporean people is 1.4, which is quite impressive. The outbound tourism market of Singapore is performing well. The travel industry in Singapore has faced a huge competition in the recent years due to the mushrooming of numerous tour operators.
The tourism market of Singapore is experiencing a steady growth. The rate of inbound tourism in Singapore is growing at approximately 7% per year. The country has experienced growth in its outbound spending 23.5% in 2006 to 33.7% in the year 2007 this indicates that there is a potential market for outbound tourism in Singapore. The market size for tourism in Singapore in the year in the 2011 reached a count of 13,171,303 tourists and the expenditure on out bound tourismof the country counted S$ 18.8 billion in the year 2010 that projected a growth in revenue of 49% than that of 2009.
The main features of the nation that will attract Australian tourist can be regarded as the natural friendly features of the country and also preservation of the nature and heritage policies of the nation, from the perspective of crime it can be regarded that the country has the world’s lowest rate of crime and the last but not the least, English is the most popular languages among the official languages of the country.
The target consumers of Singapore would be those who mainly travel for the purpose of leisure as it is the most favorable spot for leisure. The country has maintained its natural beauty and there also some other factors that are believed to attract visitors visiting for the purpose of leisure.
Singapore is regarded as one of the first twenty countries in the world to expend for outbound tourism. The total number of outbound travel of Singapore in the year 2011 was 7752926. There has been a growth in the rate of travelling among the Singaporean people to different countries around the world (Ttnq, 2014).
The marketing process is required to be done in a legal and ethical manner such as the law related to travel and tourism is required to be followed and also the environmental issues should be checked properly and along with this proper check should be implemented so that no harm will be caused to the consumers or anyone else. The rules and regulations relating to advertisements should be strictly. The organization can adopt various strategies aimed at the pricing policies of the organization. For example the organization can adopt the policy of discounting of prices and fluid pricing. Apart from pricing policies the organization should focus more on the marketing policy.
Geert-hofstede, (2014). Countries – Geert Hofstede. [online] Geert-hofstede.com. Available at: http://geert-hofstede.com/countries.html [Accessed 16 Sep. 2014].
MitreÌ¨ga, M. (2006). Market analysis. 1st ed. Katowice: Publisher of the Karol Adamiecki University of Economics.
Mooij, M. (2004). Consumer behavior and culture. 1st ed. Thousand Oaks, Calif.: Sage Publications.
Saito, F. (2009). Consumer behavior. 1st ed. New York: Nova Science Publishers.
Ttnq, (2014). Annual Report. [online] Ttnq.org.au. Available at: http://ttnq.org.au/about-ttnq/Annual_Report.aspx [Accessed 16 Sep. 2014].
Ttnq, (2014). Strategic Plan. [online] Ttnq.org.au. Available at: http://www.ttnq.org.au/about-ttnq/strategic_plan.aspx [Accessed 16 Sep. 2014].
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