Response To Classmate Wk3

Classmate 1

Corrine Kocjancic posted Feb 1, 2018 2:22 PM

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1.  Demographic breakdown of Scadona’s population by sex, age, gross income, education, disposable income, family size, and occupation   (Cost = $2,000)

 

Secondary Source

This was most important to me because it gives you knowledge of the market segmentation in the area and offers insight on your target market within the general market.

 

 2.    Report of fifteen-year summary of economic trends in the area, shopping  centers, occupations, disposable income, clothing sales, and specialty shops       (Cost = $1,800)

 

Secondary Source

I ranked this second because after having a general idea of the market segmentation, to ensure your target market thrives in the area, I’d want to make sure the area is thriving economically.

 

3.    A list of the gross sales figures of all existing women’s fitness spas in Scadona for the last two years (Cost = $400)

 

Secondary Source

Highly important information on the competition and saturationa of the market. I would not built if this information was not positive.

 

4.    Mail survey of 300 subscribers to women’s magazines, questioning their fitness awareness, need for complete fitness services, amount of money spent on fitness activities annually, frequency of patronage of fitness spas           (Cost = $5,000)

 

Primary Source

I placed this third most important because this information offers first hand knowledge of your target audience interest in your specific field and your economic prospects within that market.

 

5.   Map of the Scadona area showing major traffic routes, current shopping centers and types of stores, and locations of current fitness spas.      (Cost = $1,500)

 

Secondary Source

After identifying that the economy is successful and your target market is prolific I would begin looking at locations.  This information offers great general knowledge and traffic information, which can be a huge deterrent.

 

6.     List of all current useable retail space openings in the area with rental rate per square foot, turnover rate for that spot and shopping center, population within one square mile with income ranges, housing values, occupations, ages and family sizes (Cost = $2,400)

 

Secondary Source

Once evaluating the general areas I’d want to be in, I’d look at specific rental spaces available and there stats to identify the best location for my business.

 

 

7.   Telephone survey of 500 randomly selected households in the

area designed to determine consumers' familiarity with your company name, interest in spas like this, and awareness of other spas and their advertising    (Cost = $5,000)

 

Primary Source

I placed this in the middle because I felt like this information was important, but crossed over with some of the other types of information that offered more value. I did not rank it lower though because I did feel it offered some fresh and important aspects.

 

 

8.   Focus group report of twelve people concerning attitudes toward prices of fitness services, services expected of a spa, appropriate atmosphere, type of personnel, and seasonal changes       (Cost = $2,800)

 

Primary Source

I’d gather this information later in the process once I had evaluated the economy, market, and locations.  This is more flexible and detail oriented. 

 

9.    List of all organizations, clubs, and restaurants that cater to the in-crowd and their manager's names (Cost = $800)

 

Secondary Source

This is more fluid information that I would concern myself with once I had established my business.  Marketing can be shifted and is more of an endgame.

 

 

10.   Color-coded map of the area showing home and commercial property values        (Cost = $1,000)

 

Secondary Source

I placed this last because I felt it was redundant information that I could mostly gather from my choices for 4 and 5.