Essays on Demographic Profile Associated with Friendly Markets Customers Assignment

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The paper "Demographic Profile Associated with Friendly Market’ s Customers" is a perfect example of a Marketing Assignment. Typically, customers usually use various markets based on their preferences to shop in the respective markets of their choice. Therefore, business organizations usually conduct market research so as to establish market trends and relate the trends with the characteristics of the customers who consume products from different markets. Hence, market research is of great importance, since they enable the business organization to strategize and plan their marketing activities based on market requirements and the customers’ preferences.

One of the objectives of this research study is to study the demographic and lifestyle characteristics associated with the customers of the friendly market and circle K. Q1. Table 1 indicates the classification of the respective variables included in the market research and the descriptive statistics used to evaluate the variables. Table 1: Classification of variables Table 2 below indicates the descriptive statistics of the distribution of variables included in the sample survey based on the frequencies and percentages of the variables. Table 2: Frequency and percentages of statistics Q2. Do Friendly Market and Circle K have the same customers? To evaluate whether customers who visit the friendly market also visit circle k, the cross-tabulation analysis would be appropriate.

Table 3 below, illustrates the cross-tabulation frequencies and percentages of customers of the friendly market and circle K. Table 3: Cross-tabulation frequencies and percentages                                                                   Figure 1: Association between customers of the friendly market and circle K Table 3 indicates that 63.9% of customers who use the friendly market regularly also use circle K regularly. Using chi-square analysis to test the degree of association between customers of the friendly market and circle K, test the null hypothesis that the friendly market and circle K have different customers.

As indicated in figure 1, the Pearson Chi-square; χ 2(1) = 10.273, p  = . 001, while the linear-by-linear association; χ 2(1) = 10.21, p  = . 001. The test statistics are statistically significant at 5% level of significance. Hence, we reject the null hypothesis and conclude that the friendly market and circle K have the same customers. Q3. What is the demographic profile associated with Friendly Market’ s customers? To identify the demographic profiles that are associated with the customers of the friendly market, cross-tabulation and chi-square analysis would be appropriate.

Table 4 below, illustrates the cross-tabulation frequencies and percentages of customers of the friendly market based on the respective demographic variables. Table 4: Cross-tabulation analysis The chi-square analysis showed that there is a significant association between the friendly market’ s customers and dwelling type, gender and commuting as indicated in Figures 2, 3 and 5 respectively. The majority of regular customers of the friendly market rent their homes, with most of them being female. In addition, the majority of the customers who use the friendly market regularly do not pass by the friendly market when commuting. Q4.

What is the demographic profile associated with Circle K’ s customers? To identify the demographic profiles that are associated with the customers of circle K, cross-tabulation and chi-square analysis would be appropriate. Table 5 below, illustrates the cross-tabulation frequencies and percentages of customers of circle K based on the respective demographic variables. Q5. What is the lifestyle profile associated with Friendly Market’ s customers? To identify the lifestyle profiles that are associated with the customers of the friendly market, cross-tabulation and chi-square analysis would be appropriate.

Table 6 below, illustrates the cross-tabulation frequencies and percentages of customers of the friendly market based on the respective lifestyle variables. Table 6: Cross-tabulation frequencies and percentages The chi-square analysis showed that there is a significant association between the friendly market’ s customers and the lifestyle variable; a shop where they are known, as indicated in figure 13. As illustrated in table 6, a significant majority (75.3%) of the regular customers of the friendly market agree that they shop where they are known. The sample data set has provided quite an insightful data set.

As established the demographic and lifestyle variables used to characterized customers in a market are mainly nominal variables. There is a significant association between the customers of friendly market and dwelling type and gender of the customers, with the majority of the customers who use the friendly market regularly being females. Therefore, a friendly market should target mostly females when doing their marketing. In addition, regular customers of the friendly market also prefer shopping where they are known, hence, the friendly market should also focus on relationship marketing to retain and expand the number of their customers.

Further analysis, also indicated that regular customers of circle K pass by circle K when commuting, hence, circle K should consider setting up their market branches along the commuter routes of their current and potential customers.

References

List

Kent, A. R., 2001. "Estimation", Data Construction and Data Analysis for Survey Research.

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