Please write on the following topic: What types of population data would you want to compare when putting together a marketing package for your commercial or industrial property?
Explain how you would find the variances between these populations and what it means.
Solution
Types of Population Data in Marketing a Commercial/Industrial Property
In the pursuit of putting together a marketing package for either an industrial or commercial property, there are some key population data aspects that would stand up as the most relevant. Ideally, the population data aspects must feature and provide ample information relating to the lifestyle and the demographics of the population for which the property is intended. Its essence is to provide significant in-depth analysis relating to the specific developments in the business as well as the real estate opportunities (Baraldi et al., 2007).
The first population data aspect is the population and household data. Ideally, the above data bears significant insight that allows one to quantify the targeted market size as well providing an opportunity to extrapolate the future growth of the targeted population. Another important data aspect is the household income. Concerning the preparation of a marketing package for either a commercial or industrial property, the above data set stands out as a good indicator that provides ample insight relating to the spending power of the targeted population. The rationale for the above finds its basis in the fact that there is a positive correlation between the household income and the retail expenditures in properties of all categories. Last, but not least, age is a significant population data aspect that would be important to put into consideration too. Notably, the changes in personal expenditure increase with the increase in the age individuals (University of Wisconsin, 2015).
Ideally,
all the three population data aspects would be overly important in designing
the marketing package. The household data may be varied between individual
residents and family residents. On the other hand, household income may vary
between average and high-income earners. Finally, age data may change from the
middle age and the population above years.
References
Baraldi, E., Brennan, R., Harrison, D., Tunisini, A., & Zolkiewski, J. (2007). Strategic thinking and the IMP approach: A comparative analysis. Industrial Marketing Management, 36(7), 879-894. http://dx.doi.org/10.1016/j.indmarman.2007.05.015
University of Wisconsin. (2015). Demographics & Lifestyle Analysis. Downtown Market Analysis. Retrieved 2 February 2016, from https://fyi.uwex.edu/downtown-market-analysis/understanding-the-market/demographics-and-lifestyle-analysis/