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Marketing Data Analysis & Business Development Recommendation
- 1. DATA ANALYSIS A Managerial Approach to Marketing Part I: Marketing Promotion Decision/ Cook County demographics v. US demographics by: Alisha Passaretti
- 2. MARKETING PROMOTION: INTRODUCTION OF THE SERVICE “LIFESTYLE DESIGNERS” (IN COOK COUNTY, ILLINOIS- BASED ON US NATIONAL DEMOGRAPHICS TAKEN FROM THE 2010 CENSUS DATA) What: “Lifestyle Designers” is a company that provides Interior Design makeovers to people that make up the majority of the US age population, 45-49 years old (3.7%) & 50-54 years old (3.7%) The company employs concepts for “decorating for life changes” that come along with aging in a more comfortable & approachable way Studies show that 48.4% of homeowners are husband & wife couples. Lifestyle Designers adjust designs so couples can continue to live in their homes through retirement for the future (i.e. installing ease of mobility such as ramps or chair lifts when stairs become too difficult, or swapping rooms so guest rooms are upstairs and master bedrooms are downstairs) Based on the US Census, we will explore the possibility of success in our new target market, Cook County Illinois
- 3. U.S. Data versus Cook County Figure 1.1 Highest Percentage of Age Demographics Figure 1.2 Household Percentages of Husband & Wife Families 50.00% 0.1 Percentage 45.00% Cook 0.08 County 40.00% 0.06 U.S. Cook County Ages 25-29 years old U.S. Ages 49-50 years old 35.00% 1 Householder Lives Alone Figure 1.3 Figure 1.4 Renter-Occupied Households 31% 30% 29% Cook County 28% 27% U.S. U.S. 1 26% Cook County 25% 24% 1 30.00% 35.00% 40.00% 45.00%
- 4. Marketing COOK COUNTY: NO GO Conclusion: In the previous slide, data has been examined on whether or not it would be beneficial to promote Lifestyle Designers to the public of Cook County. Since examining its census data, our brand has decided not to promote this service to Cook County. Our target market is projected to be weak in this location, and therefore, it is a no go.
- 5. DATA ANALYSIS A Managerial Approach to Marketing Part II: Recommendations for strip mall businesses
- 6. MARKETING TASK: POTENTIAL BUSINESSES/STORES TO OPEN IN STRIP MALL, LOCATION COOK COUNTY ILLINOIS STORE PROPOSALS: 1) Elementary School tutoring business: “Kumon” 2) Child recreation/entertainment center: “Chuck E Cheese’s” 3) Sporting goods store: “Dick’s Sporting Goods” 4) Female young adult/adult clothing store: “Forever 21” 5) Home fashions store: “Home Goods”
- 7. TARGET MARKET I: YOUNG FAMILIES Data: Cook County’s Family Households (with families), 61.6% TARGET MARKET II: ELEMENTARY SCHOOL CHILDREN Data: Cook County’s highest rate of educational enrollment is elementary school, 535,644
- 8. TARGET MARKET III: YOUNG ADULT/ADULT FEMALES Cook County’s highest age group: 25-29 years old Cook County’s female population: 51.6% TARGET MARKET IV: MALES, MEDIAN AGE 16-AND UP Cook County’s male population: 48.4% Cook County’s median age: 16+ (37.8%)
- 9. TARGET MARKET V: HOMEOWNERS AND/OR RENTERS Cook County’s: •Family households with families: 61.6% •Husband & wife family households: 40.9% •Householder who lives alone: 31% •Nonfamily householder: 38.4% •Renter-Occupied householder: 41.8% •Owner-Occupied householder: 58.2%
- 10. REFERENCES Chuck e. cheese. (n.d.). Retrieved from http://www.chuckecheese.com/company-info/ Department of Commerce, U.S. Census Bureau (2010). US population demographics [Data file]. Available from American Fact Finder web site, http: //www. factfinder2.cesus.gov. Forever 21, inc. company profile [Web log message]. Retrieved from http://biz.yahoo.com/ic/103/103504.html Kumon. (2012). About kumon. Retrieved from http://www.kumon.com/AboutKumon.aspx Sekaran, U., & Bougie, R. (2010). Research methods for business, a skill building approach. (5 ed.). Wiley. TJX Companies Inc. (2011). Our business. Retrieved from http://www.tjx.com/businesses_homegoods.asp Yahoo finance. (n.d.). Retrieved from http://finance.yahoo.com/q/pr?s=DKS Profile
Editor's Notes
- In examining the strategy for this marketing firm, they are choosing to promote a company’s service based on the US census data, and are applying it to a different demographic, Cook County. The census taken from Cook County really should have been examined secondly after the US data, before a decision was made to promote Lifestyle Designers in Cook County. What helps the data collector, is getting a feel for the data through patterns in variability . This is achieved by obtaining “the mean, the median, and the mode, [while] measures of dispersion include the range the standard deviation, and the variance” (Sekaran & Bougie, 2009). Understanding correlation between variables (for example, sales and price) and reliability for testing both for consistency and stability in data, are all essential to eliminating bias when examining the data before reaching conclusions (Sekaran & Bougie, 2009).
- In explaining the data in comparison of Cook County’s census with the U.S.’s census, Figure 1.1 shows the relationship between the highest percentage of age demographics. In the U.S., there are more people ages 49-50 years old, at 7.4%. However, in Cook County there are more people ages 25-29 at 8.4%. Hence, it is safe to say Cook County is “younger” than the overall percentage of people weighed in the U.S. census. Therefore, Lifestyle Designers would not be successful in Cook County, since its target market is the 49 and up age group.In Figure 1.2, families that are only comprised of husband and wives are shown. In the U.S., 48.4% of families (almost half) are made up of such. That’s great news for Lifestyle Designers. On the other hand, in Cook County 40.9% of families are husband and wives, which is relatively lower than the U.S. data. The reason for this will be noted in the next two figures.In Figure 1.3, the amount of renters who live in their rented households are shown. 34.9% of people who rent live in their home in the U.S., whereas a much higher rate of 41.8% of people rent in Cook County. Lifestyle Designers are targeting homeowners, not renters. Yet again, Cook County does not look as promising as the U.S. data. In the final figure, the percentage of householders who live alone is shown. 26.7% in the U.S., and 31% in Cook County. This is an “okay” finding for Lifestyle Designers, because a home can be interiorly designed for a single homeowner as well. However, when all the data are collected, it is seen that in Cook County residents are younger, mostly rent, there are smaller amounts of husband and wife homeowners, and those who do own homes mostly live alone.
- The data was consistent enough to arise upon a decision. Consistency being “how well the items measuring a concept hang together as a sect [and] the reliability of a measure is established by testing for both consistency and stability” (Sekaran & Bougie, 2009). It would have been a terrible error to make a vast business decision based on the U.S.’s census data. It is incredibly important to first examine the data and draw inferences logically and quantitatively, to see whether or not it would be sound to make a decision without bias or varying data.
- Since the role of the marketing firm is to weigh the store possibilities that would be best suited to open in Cook County Illinois, the lesson learned in carefully examining Cook County’s census data will be utilized.
- Chuck E Cheese’s role is to provide family-fun entertainment and restaurant experience for children and their parents ("Chuck e. cheese"). The company’s slogan itself describes it as a place “where a kid can be a kid”. Being that Cook County’s statistics are more than half of the families are comprised of children and parents, it is wise to open a location here in this strip mall.Kumon, is the “world’s largest after-school math and reading academic enrichment program” (Kumon, 2012). This is a business that comes recommended because out of all the grade levels, the highest amount of student enrollment happens to be at the elementary school level in Cook County. With half a million young students, this is a supreme target market for Kumon to enter, as students will benefit for the better here.
- Forever 21 is the perfect store to benefit the strip mall. Cook County’s age majority is on the younger side, at 25-29 years old. The female population is also slightly higher than the male population, at 51.6%. These are all great conditions to open this chain, “which helps to pioneer fast fashion, offers cheap and chic apparel and accessories for women, and teens. It also carries women's footwear, lingerie, plus sizes, and cosmetics- all at bargain basement prices” (Yahoo, 2012). Dick’s Sporting Goods is a company that offers sporting apparel, accessories for team sports, shoes, and equipment (Yahoo finance, 2012). Being that Cook County’s male population is right at about half the entire population and the median age is perfect for playing sports, this would be a decent recommendation for the strip mall.
- “Home Goods offers exclusively home fashions, with a broad and fresh array of merchandise such as giftware, home basics, furniture and accent furniture, lighting, rugs, bedding, decorative accessories, children's furniture, seasonal merchandise, and wall décor, as well as items for the kitchen and dining room, among other fashions for the home”(TJX Companies Inc., 2011). With the extent of this data on the amount of homeowners and home-occupiers (whether it’s owner or renter) this chain comes highly recommended for Cook County. There are high levels of renters and home owners who will be seeking the items sold by this chain.Thus, these are the marketing recommendations for the 5-store strip mall. Based on Cook County’s census data, future success is most definitely anticipated.