Harry Potter and the Cursed Child

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Harry Potter and the Cursed Child

Consumer Behaviour

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INTRODUCTION

Seven best-selling novels- translated into 77 languages. Eight blockbuster movies. Eleven video games. And more than 400 licensed products. The Harry Potter brand is estimated to be worth $15 billion thanks to millions of dedicated fans all over the globe. (Celia Brown, Forbes.com, The Magic of the Harry Potter brand).

Why did I choose this product? Well as a huge Harry Potter fan, a Potterhead as we call ourselves, this story meant a lot to me because even if each story should come to an end, it’s was so great to know that another Harry Potter story was going to be released as a sequel of the last book.

Harry Potter and the cursed child is a two-part West End stage play written by Jack Thorne and based on an original new story by Thorne, J. K. Rowling and John Tiffany. The play officially premiered on 30 July 2016. Because it was the first brand new Wizarding Word story in nearly a decade, the rehearsal script, which wasn’t a novelization of the play, was released on 31 July 2016 and became the official eighth Harry Potter story.

The story begins nineteen years after the events of Harry Potter and the Deathly Hallows and follows Harry Potter now a Ministry of Magic employee and his struggle with his younger son Albus Potter.

With 680 000 copies sold in its first three days, Harry Potter and the Cursed Child has become the fastest-selling book in the UK this decade, beating Fifty Shades of Grey which sold 664 478 copies in a week in 2012.

By the end of the first week, the book had sold 847 886 copies that comes to a rather magical total sale of £8.76 million to deposit in Gringott’s Wizarding Bank.

The Cursed Child has entered the record book with only three books in history selling more copies in their first week of release which are the last three books of the Harry Potter series.

PART I: MARKET SEGMENTATION[pic 4]

In today’s markets the consumer power is constantly rising due to the increase in competition and globalization. This has led the companies who had a “You can have any color as long as its black”-Henry Ford approach, to begin a practice of market research for their products. The information gathered from the research then is used for Market Segmentation, which is the practice of “breaking down a market into sub-groups with similar characteristics.” (Hall and Chambers et al., 2008).[pic 5]

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I think that concerning my product, the most relevant segmentation bases are geodemographic and psychographic. Because those are the segmentation the most useful when we want to analyze Harry Potter.

1. Geodemographic

This segmentation put two segmentations together: geographic and demographic. The aim of this segmentation is to see if the customer a company is targeting who live in the same location have the same consumer behavior.

In the case of Harry Potter, the target market is the people who have grown up with the series. Nevertheless, Harry Potter became such a huge phenomenon that the target market is now larger than it was. I can easily say that the target market of Harry Potter and the Cursed Child is from 10 years old to 50 years old.