“Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy”, (http://en.wikipedia.org/wiki/Market_research). This is showing that regarding any business encounters in the media whether it’s a film, song, music video etc. The production team will need to deal with the business side to find the relevant information on their ‘product’, to the correct market for example, a pilot for a show would be released to the viewers for the productions own market research to find out the audiences views about the show to see whether it would hold a future on t.v.
The market research would also be focusing on the statistics of the views from the pilot such as, how many viewers watched the pilot. This is to give the market research team all the information they needed to carry on with airing the rest of the season for the show. But for some cases the market research may not all go so well and the show could become cancelled, just like the show’ don’t scare the hare’.
The product markets are marketers finding out all the important information needed about their product, show, script, film etc. This is to ensure that all the information is collected properly so they can develop there ideas and mainly keep the ‘product’ going. The marketers would start the ‘ball rolling’ by pitching their ideas to broadcasters, production teams etc this could be to the BBC, Channel 4 or even ITV.
Competition “is a term that encompasses the notion of individuals and firms striving for a greater share of a market to sell or buy goods and services”, (http://en.wikipedia.org/wiki/Competition_(economics)). This means that many marketers may be involved, or even bid for involvement a certain project i.e. feature films, t.v. shows etc. This means they would compete with one another to achieve there wanted position, which means that they would have higher gravity over a production.
Competitor analysis “is an assessment of the strengths and weakness of the current potential competitors”, (http://en.wikipedia.org/wiki/Competitor_analysis). This means that within a production the weak and strong competitors would be spotted to see whether there would be any risks or good features when investing in competitors.
Advertising placements began in the early 90’s and is commonly used when it comes to all the advertisements. Its the settlement of when, where and how their ‘product’ i.e. song, film, show would be previewed to the target audience. The production would need to think when would be the acceptable time to advertise it for example if the product was a Christmas tune, they would need to ensure they advertise nearer the time to Christmas. Where and how they would advertise would mean if they would show previews on the t.v. on just the ads, on certain channels such as film 4 if it was a film as that main channel for watching films, but also getting the local gossip about new releases. But also the timing of which the advert would be shown, as if it was a horror rated 18 film it would mainly be previewed in the later evening so younger viewers could not see.
An advert needs to connect with their target audience to make them want to purchase the product. This means that the production team need to be aware of the effect that a advert can have both good and bad. A good effect would be that it’s directly linking to their appropriate audience and is appealing them in such a way that they want to watch, see or purchase the product. The bad effects would be if the advert was not reaching the target audience completely, and they were not intrigued with what they saw but also some of the viewers could find features not to their taste or even morally unacceptable this is showing that with any production the right market research is essential, and to find out as much information needed.