This exercise provides you with an opportunity to run reports and gather insights around a proposed location. These insights can be used to inform marketing and sponsorship initiatives, as well as identify potential locations or relocation of sites.
We, at Above & Beyond LLC, are company currently found in the Seattle, Washington area. We are interested in expanding and opening a brick and mortar location in Brooklyn. We typically attract younger upper-middle class singles and couples. We want to improve our visibility and use events and other marketing opportunities as a way of engaging potential customers. Events we are considering include outdoor activities (e.g. road races) and singles nights.
Questions for Analysis
The key questions we need answered are:
- What are the demographics of the proposed location?
- Which segments live around the proposed location?
- What activities do residents participate in?
- What type of media do residents consume?
- Benchmark: New York state
- Trade Area: 3mi radius
- Potential Location: 80 Henry Street, Brooklyn, NY, 11201
Set-up your project: Using a new workspace, create your location, trade area, and benchmark using the details above.
Run your reports: Depending on the datasets your organization licenses, run trade area reports to identify the demographics, segments, activities, and media consumption for residents of the trade area.
Analyze your reports: Open and review the details of your trade area reports, paying specific attention to details like the proportion of the trade area belonging to a certain demographic or participating in a specific activity. How does this compare to the benchmark? Are residents in this area more or less likely to belong to a certain demographic or participate in a specific activity?
Summarize your analysis: In a few bullet points, summarize your findings to address the four questions posed in this Exercise. Considering all of the information you have about this trade are, would you recommend that Above & Beyond LLC open a location here?
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