Analysis of Ming Corio Norlane North Short Postcode - Case Study Example

Cover Page Logo: Student Name: Student Number: Assignment: Individual Postcode Assignment Teacher: Word count: 2,345 Contents Executive summary 4 1.Introduction 5 1.1 Purpose 5 1.2 Scope 5 1.3 Background 5 2.Postcode Overview 5 2.1 Main Shopping Prescient 5 Kmart Corio is one of the most popular Shopping Centres in the area. 5 2.2 Main forms of transport 6 2.3 Main Roads 6 2.4 Schools, Tafe, Universities 7 7 2.5 Leisure, Recreational Areas 7 2.6 Restaurants, Cafes, Entertainment 7 3. People Living in the postcode 3214 8 3.1 Age 8 Age 8 (Source: ABS, 2011) 9 3.2 Marital Status 9 3.3 Education 10 3.4 Weekly income 11 3.5 Employment Status 11 3.6 Hours Worked 12 3.7 Occupation 12 3.8 Family composition 13 3.9 Family Size 14 3.10 Dwelling Structure 14 3.11 Number of bedrooms 14 3.12 Ownership Status (Tenure) 15 3.13 Number of registered motor Vehicles 16 3.14 Price Guide 17 Prices of mortgage and rent 17 Median monthly mortgage repayments 17 1170 17 -- 17 1647 17 -- 17 (Source: ABS, 2011) 17 According to this date, the median weekly rent was $189 and the median monthly mortgage repayment was $1,170. 17 5. Conclusion 18 Reference List 19 Executive summary Marketing research is one of the most influential fields in business. It plays a vital role in the success of any business. Proctor and Barbara argue that “Marketing research is the function that links the consumer, customer and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions” (Proctor and Barbara, 2012 p.20). Thus, this clearly indicates that The ALPHA PROPERTY DEVELOPMENT GROUP company must conduct an in-depth to achieve the best out of the investment at 3214: Ming Corio Norlane North Short area. The report critically analyses the area on issues such as demographics to ensure that the investment is successful. It will therefore be very effective and efficient in coming up with the best type of property that the company should invest in the area. The report therefore presents analysis of the postcode are 3214. Issues such as employment status, income, average age and the price index will be carefully analyses. In addition to that, comparison with Australia will be made. Finally, after carefully analyzing the Geo-demographics of the area, the information will be use by Alpha Property Development Group to make the right decisions on the investments to make. All these will enable reaching at the best recommendations. 1. Introduction 1.1 Purpose The main purpose of this market research is to clearly analyze postcode 3214: Ming Corio Norlane North short. The geo-graphics and demographics of the area will play a vital role in ensuring that Alpha Property Group makes the best solutions regarding their strategy to invest in the region. 1.2 Scope The primary section of this report is marketing research. An in-depth and detailed research will be conducted to ensure that the company arrives at the best conclusion on which type of property to invest. Again, market segmentation will be analyzed and documented in detail. Here, the geo-demographics and demographics will be emphasized. The postcode’s Quick stats as revealed by The Australian Bureau of Statistics (ABS) will be the main reference. 1.3 Background Kent argues that “in order to make the best decisions, marketing managers in both commercial and noncommercial organizations must have the right information” (Kent, 2007 p.3). Thus, this clearly suggests that information is very important. Alpha Property Development Group need to collect this information in order to come up with the best solution. Choosing the right investment needs an in-depth analysis of the region of interest. The research thus will go a long way in ensuring that the investment is successful and profitable. Geo-demographic variable plays a vital role in reaching the most precise and useful information. 2. Postcode Overview 2.1 Main Shopping Prescient Kmart Corio is one of the most popular Shopping Centres in the area. 2.2 Main forms of transport The primary mean of transport in the region is cars and buses. People prefer the road transport as the means to reach the work place, schools and do business. However, some also walk. This is especially those who work in the close companies. In addition to that, people also use trains. There is a two hour train to Geelong and Melbourne. These means of transport provide individuals with means of reaching the business centers and other social amenities. 2.3 Main Roads The Boulevard, Morgan Street, North Geelong - Corio-Waurn Ponds Road, Norlane, Arterial #5885. North Shore Road, Corio-Waurn Ponds Road andNorlane - Bayside Roads are among the main roads connected the are to other areas. 2.4 Schools, Tafe, Universities There are no several schools, universities in the region. The most to be located by the google maps is Matthew Finders Secondary College. 2.5 Leisure, Recreational Areas The main leisure and recreational Centre’s include Leisure Networks Association Inc., Leisuretime Centre and Waterworld. The google maps above shows clearly. 2.6 Restaurants, Cafes, Entertainment One of the most renown Hotels in the area is Gateway Hotel. It is has a modern bar and café where people meet for drinks and entertainment events. 3. People Living in the postcode 3214 3.1 Age Age 3214, Vic % Australia % 0-4 years 1,682 7.2 1,421,050 6.6 5-9 years 1,538 6.6 1,351,921 6.3 10-14 years 1,623 6.9 1,371,054 6.4 15-19 years 2,056 8.8 1,405,798 6.5 20-24 years 1,562 6.7 1,460,673 6.8 25-29 years 1,459 6.2 1,513,236 7.0 30-34 years 1,385 5.9 1,453,775 6.8 35-39 years 1,512 6.5 1,520,138 7.1 40-44 years 1,480 6.3 1,542,879 7.2 45-49 years 1,557 6.6 1,504,142 7.0 50-54 years 1,512 6.5 1,447,404 6.7 (Source: ABS, 2011) From this, we can see that the average age of between the postcode 3214 (36 Years of age), Victoria (37 Years of age) and Australia (37 Years of age), is that there are adults who are living in suburban areas probably living in the comfort of a family area with or without their families and having work close to home and maybe a few that travel to the city. From the table below, even more informative, there is an average in all ages of about 1500 people (ABS, 2011). 3.2 Marital Status Table 2 Registered marital status 3214, Vic % Australia % Married 6,958 37.4 8,461,114 48.7 Separated 853 4.6 529,280 3.0 Divorced 1,982 10.7 1,460,899 8.4 Widowed 1,279 6.9 949,634 5.5 Never Married 7530 40.5 5,962,769 34.3 (Source: ABS, 2011) The median age for the married is 54 years while those who never married is 26 years. However, the percentage of those married is 37.4% compared to 49.% and 48.7 of Victoria and Australia respectively. This clearly indicates that if the number of people getting married increase, the number of children born will increase. This will lead the parents to search for employment. 3.3 Education Education 3214, Vic % Australia % Pre-school 357 4.9 332,844 5.1 Primary - Government 1,428 19.6 1,181,787 18.2 Primary - Catholic 293 4.0 359,062 5.5 Primary - Other Non Government 94 1.3 214,359 3.3 Secondary - Government 1,279 17.6 774,074 11.9 Secondary - Catholic 157 2.2 307,142 4.7 Secondary - Other Non Government 509 7.0 254,828 3.9 Technical or further education institution 532 7.3 473,606 7.3 University or tertiary institution 318 4.4 932,524 14.3 Other 350 4.8 161,660 2.5 Not Stated 1,968 27.0 1,511,694 23.2 Total 7285 -- 6,503,580 -- (Source: ABS, 2011) The percentage of the young joining preschool is 4.9%. It is slightly lower when compared to Victoria and Australia which are at 5.6% and 5.1% respectively. 3.4 Weekly income Median weekly income 3214, Vic % Australia % Personal 371 -- 577 - Family 894 -- 1,481 -- Household 752 -- 1,234 - (Source: ABS, 2011) The median weekly income for personal, family and household is 371, 894 and 752 respectively. All these figures are lower when compared to Australia meaning that the living standards were slightly lower. 3.5 Employment Status Employment status 3214, Vic % Australia % Worked full-time 4,546 50.2 6,367,554 59.7 Worked part-time 2,788 30.8 3,062,976 28.7 Away from work 657 7.3 627,797 5.9 Unemployed 1,070 11.8 600,133 5.6 Total in labour force 9,061 -- 10,658,460 -- (Source: ABS, 2011) When compared to Australia, postcode 3215, Vic is lower in percentage that worked full time, part time and away from work. However, it has a 11.8% of the unemployed which is higher when compared to 5.6 % of Australia. The area 3214 therefore should focus on reducing unemployment by creating more job opportunities. 3.6 Hours Worked Hours worked 3214, Vic % Australia % 1-15 hours per week 1,046 13.1 1,087,799 10.8 16-24 hours per week 803 10.0 947,792 9.4 35-39 hours per week 1,608 20.1 1,808,879 18.0 40 hours or more per week 2,936 36.7 4,558,678 45.3 (Source: ABS, 2011) According the date above that, there is a higher percentage of those who are working over 40 hours. It is also high in Australia. It clearly indicates that the majority of the workers are working for more than 40 hours. 3.7 Occupation Occupation 3214, Vic % Australia % Laborers 1,760 22.0 947,608 9.4 Technicians and Trades Workers 1,328 16.6 1,425,146 14.2 Machinery Operators And Drivers 1,115 13.9 659,551 6.6 Community and Personal Service Workers 983 12.3 971,897 9.7 Sales Workers 907 11.3 942,140 9.4 Clerical and Administrative Workers 716 9.0 1,483,558 14.7 Professionals 568 7.1 2,145,442 21.3 Managers 408 5.1 1,293,970 12.9 (Source: ABS, 2011) Generally, there is a higher rate of the jobs in postcode 3214 when compared to Australia. Occupations such as laborers, drivers and machinery outshine the percentage in Australia. However, it is lower in the percentage of professionals and managers. They should therefore focus on the more important and professional jobs. 3.8 Family composition Family composition 3214, Vic % Australia % Couple family without children 1,947 31.4 2,150,301 37.8 Couple family with children 2,192 35.4 2,534,399 44.6 One parent family 1,931 31.2 901,637 15.9 Other 121 2.0 97,722 1.7 (Source: ABS, 2011) The rate of couple family without children and with children at 31.4% and 35.4% respectively were lower compared to 37.8% and 44.6% of Australia. It was proved postcode 3214 is a good area and most of children got a perfect family. 3.9 Family Size Family size 3214, Vic % Australia % Male -- 15.0 -- 17.6 Female -- 85.0 -- 82.4 (Source: ABS, 2011) Family sizes of people living in postcode 3214 were 1.8 lower than the average of Australia. It indicates that the area should build more unit or apartment to meets the family size. 3.10 Dwelling Structure Dwelling structure 3214, Vic % Australia % Separate house 8,058 89.3 5,864,574 75.6 Semi-detached, row or terrace house, townhouse etc 350 3.9 765,980 9.9 Flat, unit or apartment 604 6.7 1,056,237 13.6 Other 9 0.1 66,666 0.9 (Source: ABS, 2011) According the date, the rate of Separate house and Semi-detached, row or terrace house, townhouses were higher than Australia, 89.3%:75.6%, 3.9 %:9.9%. It means that the style of dwelling house is Semi-detached, row or terrace house, townhouse in postcode 3214. 3.11 Number of bedrooms No. of bedrooms 3214, Vic % Australia % None (includes bedsitters) 27 0.3 42,160 0.5 1 bedroom 437 4.8 363,129 4.7 2 bedrooms 1,579 17.5 1,481,577 19.1 3 bedrooms 5,754 63.8 3,379,930 43.6 4 or more bedrooms 938 10.4 2,350,132 30.3 Number of bedrooms not stated 284 3.1 143,394 1.8 Average number of bedrooms per dwelling 2.8 -- 3.1 -- Average number of people per household 2.4 -- 2.6 -- (Source: ABS, 2011) The date show that the rate of number of bedrooms of 1 &3 is higher than Australia 4.8:4.7, 63.8: 43.6On the other hand, the rate of 2 bedroom is 17.5% were very lower than Australia. 3.12 Ownership Status (Tenure) Tenure 3214, Vic % Australia % Owned outright 2,663 29.5 2,488,149 32.1 Owned with a mortgage 2,407 26.7 2,709,433 34.9 Rented 3,532 39.2 2,297,458 29.6 Other tenure type 59 0.7 70,069 0.9 Tenure type not stated 360 4.0 195,213 2.5 (Source: ABS, 2011) According the date, all styles of tenure were lower than Australia, which is owned outright 29.5%, owned with a mortgage 26.7%, other 0.7%, apart from Rented and tenure type not stated which were higher at 39.2% and 4.0% both respectively. 3.13 Number of registered motor Vehicles No of registered motor vehicles 3214, Vic % Australia % None 1,327 14.7 665,852 8.6 1 motor vehicle 3,661 40.6 2,778,576 35.8 2 motor vehicles 2,593 28.7 2,802,468 36.1 3 or more vehicles 985 10.9 1,279,134 16.5 No not stated 454 5.0 234,292 3.0 (Source: ABS, 2011) Owning one motor vehicle was the choice of most of families in postcode 3214 which made up nearly 50 percent, and it was higher than the percentage of that of Australia. None and one motor vehicles registered in this postcode were also more than Australia. Three or more motor vehicle (10.9%) and two (28.7%) were less than Australia. The area near to city, so one vehicle is the best choice to people living in this area (Trends, 2007). 3.14 Price Guide Prices of mortgage and rent 3214, Vic % Australia % Median weekly rent 189 -- 195 -- Median monthly mortgage repayments 1170 -- 1647 -- (Source: ABS, 2011) According to this date, the median weekly rent was $189 and the median monthly mortgage repayment was $1,170. 4. Recommendations According to the date from ABS, the company should use geodemographic marketing research and market segmentation. It can lead to better and more efficient target marketing. The segmentation system, a wide range of demographic features is analyzed, including income, age, marital status, education, and the ownership of the house. General situation of the market, therefore, to create a more precise, can help the company market portfolio of products and services. The median age of people living in postcode of 3130 is 36, the ALPHA PROPERTY DEVELOPMENT GROUP should build more medical clinics and gyms to improve the physical quality. About the family size and income, people living in postcode of 3214 is 1.8 children per family and weekly income is 894 (family) lower than Australia. Therefore, the APD should to use segment markets, if people can affect the value of houses; the manager can build more senior apartment or unit what type of people their desires for certain lifestyles(Ziliani, 2000). In addition, ALPHA Property Group should use Micro-marketing; it includes segmentation, organization and technology. Micro-marketing build competitive advantage for the company's credit and the knowledge of intangible assets, and this is by refining the process of direct marketing share (Cohen, 1998). 5. Conclusion Effective Research marketing, Geo-demographic, marketing mix and micro- marketing are thecore principles for the quality marketing research. It clearly compares postcode area 3214 with Australia. Here, the issues such as employment status, income etc. are clearly compared and the percentage variation is documented. Primarily, this comparison enables the investors to come up with the best decisions on the type of the properties to invest. Thus goes a long way in guaranteeing that their investment will reap maximum outcomes. Finally, the environment of postcode area 3214 is clearly conducive for investment. The availability of social amenities, good infrastructure such as roads and also leisure and recreationalCentre’s are all catchments of customers. Thus, APD will succeed with their investment here. Reference List Australian Bureau of Statistics. 2011., Retrieved from http://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/POA3214?opendocument&navpos=220 Australia, Y.B., 2008. Australian Bureau of Statistics. Canberra, Australia. Kent, R., 2007. Marketing Research: Approaches, methods and applications in Europe. London: Thomson Learning. Wedel,M., 2000. Marketing segmentation: Conceptual and methodological foundations pp.7. Springer. Proctor, T. and Stone, M.A., 2004.Marketing Research.Macdonald and Evans. Trends, A.S., 2007.Australian Bureau of Statistics. Canberra: Commonwealth of Australia. Ziliani.C.,2000. The International Review of Retail, Distribution and Consumer Research, “Retail micro-marketing: strategic advance or gimmick?,vol.10, no.4,pp.355-368. Read More