Spitalfields Saturday Style Market Research Plan
BACKGROUND & OBJECTIVE STATEMENT OF MARKETING AND RESEARCH PROBLEM RESEARCH APPROACH AND DESIGN RESEARCH REFLECTION & QUALITATIVE OBSERVATION LIMITATION REFERENCES
BACKGROUND & OBJECTIVE
BACKGROUND. Since its origin in the 17th century, Spitalfields market had become a center of trade and lifeline of the local community. In order to keep up with modern customer preferences and revitalised the image of the market as well as to maintain the local community’s integrity, the management team of the market decided to introduce a new design-focused Saturday Style Market to customers.
OBJECTIVE. However the declining trend of high street trading and customer spending could be a threat for this new strategy of Spitalfields market. Therefore, a more detailed customer profile is required in order to understand the current trading landscape of the market and ensure the success of new marketing strategy for Spitalfields in the future.
STATEMENT OF MARKETING & RESEARCH PROBLEM
STATEMENT OF MARKETING PROBLEM. To ensure the success of the upcoming advertising campaign and future marketing strategy, the management team requires the information of current customer profile for the Saturday Style market.
STATEMENT OF MARKETING PROBLEM.
STATEMENT OF RESEARCH PROBLEM.
To ensure the success of the upcoming advertising campaign and future marketing strategy, the management team requires the information of current customer profile for the Saturday Style market.
The research must identify the customer profile of Spitalfields’s Saturday Style market. Both of demographic and geographic informations are needed to support the marketing decisions and provide guideline for other promotional campaigns in the future.
RESEARCH APPROACH AND DESIGN
01
SECONDARY RESEARCH. desk research
• Background information of Spitalfields
market’s strategies and Saturday market’s developments.
• Current situation of market and highstreet trading.
• Current economic situation of UK customer.
02
PRIMARY RESEARCH. quantitative research
• Descriptive data of customer profile of Saturday market.
• Demographic information. • Geographic information.
01
SECONDARY RESEARCH. desk research tools : published electronic data and report
• Saturday Style Market aim to revitalise both market’s image and local community’s value by introduce a new style-centric and design-driven product to customer, (Spitalfields, 2013).
• UK customer’s spending on shopping and leisure activity is account only 13 percent of the overall spending with the lowest rank of priority, (CBS Outdoor, 2013).
• The market’s new direction aim to attract both existing customer and new customer, (Spitalfields, 2013). • Market and high-street trading environment are in declining state due to economic recession, (Experian, 2011). • Markets and high-street retailers’s offerings fail to deliver to customer demand and preferences.
02
PRIMARY RESEARCH. quantitative research tools : structured questionnaire & onsite face to face interview
• High response rate
WHY?
• Time & cost efficient • Flexible to execute. • Real-time information.
DATA?
• Age
• Residency
• Gender
• Objective & Motivation of visit
• Income
• Opinion & comment on market
• Occupation • Mode of transportation
02
PRIMARY RESEARCH. quantitative research tools : structured questionnaire & onsite face to face interview
• 5 interviewers per day conducting research at key locations in the market.
HOW?
• Research will be conducted during market’s business hours ( 11am to 5pm). • 500 respondents goal.
02
PRIMARY RESEARCH. sampling method tools : convenience sampling method
• No initial data on existing customer available.
WHY?
• Bigger picture of population’s data & characteristics. • Real-time information.
TIMING & SCHEDULE PLANING
JUNE
TIMING & SCHEDULE PLANING time frame : 5 June 2013 - 8 July 2013
Project brief
secondary research
field work
field work
Data analysis and coding
field work field work
JULY
TIMING & SCHEDULE PLANING time frame : 5 June 2013 - 8 July 2013
Data analysis and coding Final report available
Final report preparation
RESEARCH REFLECTION & QUALITATIVE OBSERVATION note : for 8th of June 2013 field work.
• Interview method might interrupt respondent’s shopping experience which might effect the gathered data.
REFLEC TION
• Due to the limited space of the market many visitors have already been interviewed by other group of researchers.
• On-site face to face interview is a psychological demanding method in which
interviewers are required to be flexible and adaptive to the problem and respondents in a real time situation.
RESEARCH REFLECTION & QUALITATIVE OBSERVATION note : for 8th of June 2013 field work.
• Most visitors did not visit Saturday Style market as an intended destination. •Lack of unique characteristic of the market. OBSER VATION
• No awareness about the difference between Spitalfields and Old Spitalfields market. • Customer within 16-24 age group tend to pass through the market to other destination.
• Majority of visitors are within 35-44 and 45-54 age group.
LIMITATIONS.
LIMITATIONS.
note : for 8th of June 2013 field work.
• No budget • Tight Schedule • Language barrier between interviewer and some group of respondents (foreign tourists, international students)
REFERENCES & WORKS CONSULTED. Fligelstone L. (2011). The high street is dead, long live the high street - Brand Republic News. [online] Available at: http:// www.brandrepublic.com/research/1108379/the-high-street-dead-long-live-high-street/ [Accessed: 6 Jun 2013]. CBS Outdoor (2013). State of the Nation 2 INFOGRAPHIC. [online] Available at: http://www.cbsoutdoor.co.uk/en/About-Us/MarketDigest/February-2013/State-of-the-Nation-2---INFOGRAPHIC/ [Accessed: 6 Jun 2013]. Veitch A. (2011). Broadway Market: Visitor Survey: October 2011. [online] Available at: http://www.broadwaymarket.co.uk/admin/ uploads/dca5dd6ed5f5fd703ba69380b50af2af.pdf [Accessed: 6 Jun 2013]. Experian. (2011). The changing face of UK retail in today’s multi-channel world. [online] Available at: http://www.experian.co.uk/ assets/business-strategies/white-papers/wp-the-changing-face-of-uk-retail.pdf [Accessed: 6 Jun 2013]. Spitalfields (2013). Spitalfields Saturday Style Market Launches. [press release] 6 June 2013. Malhotra, N. and Birks, D. (2007). Marketing Research An Applied Approach . 3rd ed. Essex: Pearson Education Limited.