Preswam Limited Market Research
Preswam Limited Market Research
Part A: Market Research Project Scope
Defining a project scope may seem to be a daunting task that at times may prove difficult to achieve. However it is important to understand project scope is defined by two important features i.e. knowing what you want to get out of the project and deciding on the best way of doing it. The process is of great importance to the researcher as it enables one to better understand the common language used in the market research (Hair & Lukas, 2011).
This research project will be concerned with proper understanding of the customer loyalty in Preswam Limited which deals with electronics and mobile phones. Customer loyalty studies are a strategic move in every marketing department and should be encouraged to be carried at least annually if not in quarterly basis. In this research scope, the research project will be spearheaded by the sales executive in the company on the behalf of the manager of the Preswam limited. The sales team of the company will be tempted to carry out this kind of research to ensure that they catch the potential issues surrounding their customers before they spread.
Back ground and the need for research
Preswam company limited has been involved in the electronics and sale of mobile phones for over 20 years now. Over these years, the company has performed exemplary well with its sales recording a steady increase for this period. However, in the recent past, the sales in the company have been declining every year which has put the sales department in the company I dire need to unearth the root cause of this problem (Hair & Lukas, 2011). The top management of the company has given clear instructions to the sales department to determine the problem and give out recommendations on how it can be fixed.
After a brainstorming session with the different stakeholders in the company it has been agreed that customer loyalty has been the major cause of the recent decline in the company sales. Though other factors such as the increased competition in the sector have also contributed to the company woes, it is crystal clear that the main cause of concern in the company is the customer loyalty which is a major factor in customer decision making.
It is important to understand that customer satisfaction does not necessarily mean that customer loyalty is realized. However, it is the obligation of the company to ensure that their product offers optimal satisfaction to their customers as this would play a significant role in realization of customer loyalty. The importance of this research project will be to determine how desirable behaviors from the customers can be realized. The main areas of concern will be how to have additional purchases, subscription renewals and increase of market scope which would be fundamental to increase in customer loyalty (Hair & Lukas, 2011). The research could also be very essential to the consumers since they would get high quality product from the organization as the company implement the recommendations from the research process.
Statement/s of the market research needs
Every marketing research project is carried out with a specific purpose in mind. The researcher intends to get information as the research process progresses. A research statement should be precise and provide a road map through which the researcher can realize the objective of the organization. In this research project, the researcher will be concerned with determining the several factors that determine the level of customer loyalty within the organization. A research statement should provide a good summary of the research goals and main objective of the organization.
Research objectives
In many circumstances, people usually confess research statement with research objective. However, it is important to understand that there is distinction between the two as far as research project is concerned. This is because the statement provides the road map to achieving the objective of the organization while the objective provides the set of organizations research questions. For instance, the objective of this research will be to determine the relationship between different ages, gender and different income levels and customer loyalty (Hair & Lukas, 2011).
Human, physical and financial resources required
Every research project requires proper planning to ensure that its success is not compromised. It is important to understand that there are several essential factors that are vital for the success of the research project. Physical, human and financial resources are very paramount in conducting a successful research project.
The research process will be very involving and thus several human personnel that will be required to carry out the exercise. In order to fulfill customer loyalty, the research team will have to carry out extensive research through interviews and other methodologies. In this research project, the research team will be composed of 15 personnel who will be distributed to different locations where the company sells its products.
Financial resources will also be critical to carrying out an effective research project. All the personnel in the research project will need remuneration, transport and accommodation all of which requires finances. It is for this reason that the company will set aside at least $ 5000 to cater for the research cost (Hair & Lukas, 2011).
External market assistance
The research process in this company will not need any external assistance. This is because the company has adequate personnel and finances that will help conduct an extensive and conclusive research project.
Methodologies, research locations and sample size
The research project will be concerned with collection of primary data. However, secondary sources will not be complete ruled out as they would proof essential to realization of the organizational research objectives. Conduction of interviews will be of great importance towards realization of the research objectives. This will be achieved through filling of questionnaires and direct question towards the audience (Hair & Lukas, 2011). This strategy proves vital as it will enable the research team to get primary information on what the customers requires maintaining their loyalty.
The research process will also encourage sampling to ensure that it saves n finances and human resources required to complete the process. Research team in this project will be mainly concerned with the urban population as it forms the basic market unit for the company. The research team will question people of different ages, gender and social classes to determine what features among the different groups would foster the company’s image thus enhancing customer loyalty and satisfaction.
Time frame
The research process should take the shortest time possible to ensure that the company regains its lost glory soonest possible. It is for this reason that the research process intends to take a maximum of two months.
Part B: Short written questions & answers
Overall role of market research
Market research is always an important aspect in the overall good of the organization. For instance, in this tasty food organization, market research will be very essential to ensure overall success of the organization. The tasty food organization intends to introduce a new product in the market thus making it of paramount importance to carry out an intensive market research. The introduction of the pre packed frozen meal will require proper understanding of the 4Ps to ensure that its introduction in the market will be a success to the organization. A market research will enable the organization to determine the place, price, promotion and distribution channels that will be beneficial to the organization (Hair & Lukas, 2011).
Marketing research will also be of great importance to the organization as it will be easy for the branding manager to understand the interests of potential customers. By conducting a market research, essential information regarding, packaging, branding, quantities and ingredients of the new product can be obtained. Research will also help gather historical information on such products thus giving the brand manager of the organization to have prior information thus making prediction of what is necessary for the new product.
Contribution of market research on pr packaged frozen meals
A market research in a Tasty Foods organization would proof essential to the overall success of this organization. To start with, the introduction of the new product is as a result of market research. A market research could be very essential in determining the new tastes and preferences within the market. Through a market research, the organization can be able to unearth what the current market demands in terms of tastes and preferences.
Another major contribution which a market research would make towards the Tasty Foods organization is the determination of the price. After a research process an organization can be able to determine the correct price at which the product can be sold in the market to remain competitive and maximize profits for the organization (Hair & Lukas, 2011).
Market segmentation can also be realized as a result of market research by the organization. An organization can be able to carry out market segmentation after a comprehensive market research. Vital information regarding locations, age and gender with preference to the new product can only be obtained through a market research.
Internal sources
Tasty Foods organization should be encouraged using both primary and secondary sources in its research process. Use of these sources of information will help the organization to gather as much information as possible thus making the results of the research process credible. The sources of information are also classified as either internal or external sources. In most cases, internal sources are considered as the most concrete sources of information in market research as compared to external sources (Hair & Lukas, 2011).
In this case, the company may intend to use people and employee working in the organization n the market research. These people may give views regarding packaging tastes, branding among other essential information in matters regarding marketing the pre-packed frozen foods (Hair & Lukas, 2011).
The organization may also pt to use the company’s newsletters to gather information. These newsletters have god history of the company on how it have introduced new products in the past and what measures they put in place to ensure there is overall success of the organization. Other important internal sources include financial statements, management analysis report among other internal journals is also essential to market research.
Reference
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