Significance and Reasons for choosing this research. 4 . online ads comparing with major competitors, even with a favorable market usage .. ersion).pdf. MARKETING RESEARCH BST GROUP MENBER ZHIHAO YE YUE MA Naratip Chaiyasoot TU HU Southeastern Marketing Research Firm 2. Holly, the second is $50 and known as Gardenia, the third is $ and known at. Dogwood, the fourth is $ and.
proposal marketing pdf research
Costs are not only limited to the expenses the company will incur during its initial capital investment phase but also include the expenses it will possibly acquire during its five to 10 years of operation.
Among these expenses are the increasing cost of raw materials, employee salaries and benefits, and insurance. Expenses which are usually found in income statements , together with other financial statements and ratios such as asset and liability reports, return on investment, cash flow, and profitability ratios are usually incorporated in the actual market research.
One advantage of market research proposals is that you or your company are not the only ones benefitting from the results presented in the document. External clients and other stakeholders also benefit from it. Market research proposals do not necessarily follow a strict format, but there needs to be a flow to keep your thoughts as well as the data organized so it can be easy for clients to follow. You certainly do not want the data to be jumping from one concept to another; cohesion must be observed.
Market research proposals are the first step in achieving a long-term plan for the company. No company, whether small or large, wants to stay in business for only a few years. Eventually, companies plan to expand and venture into other businesses and industries.
Assistance from financial institutions, stockholders, and partners will then be needed to raise capital for further investment opportunities. This is where the market research proposals come in to serve as important factors when external sources decide to invest in your future ventures.
Most of the time, market research proposals undergo numerous revisions before they can be approved. Only when the proposal has been approved can the actual market research commence. Revisions are important so that data can be more accurately obtained and analyzed. Some contents of the proposal that usually undergo revisions are the research design, theoretical framework, scope of the study, target market, and the data gathering procedure.
For the theoretical framework, it refers to the established and scientifically applied theories that will provide the framework for the study. Due to the hundreds of theories that have been created over the years, there is a chance that the theory or theories you have chosen may not be applicable or may not connect with the objectives you aim to achieve in the market research.
As for the data gathering procedure, personal interviews or survey questionnaires are two options you can use to gather data. An information leak will definitely cause issues that will give competitors an edge over your company. So, before any study or proposal becomes a basis for further studies, all data should be secured and entrusted to only a few people. The digital age has seen very quick advancements in technology.
Expect smartphones to incorporate holograms and eyeglasses to function as a digital map and message service application within the next few years. Technology is evolving, as well as the market. The market research proposal you are conducting now may not even be applicable in the next three years, so there should be a need to continually update your study.
In addition, customer preferences change over time, rendering some products obsolete. The flower and personal customize features made their product more unique in the market. Right now company mainly sell their product through online only www. Before the company fully launch in the market, they need us to conduct a marketing research report for them in order to know whether market accept their product or not, and has knowledge about how to improve their status and sales.
Research Objectives According to the client brief, the jewellery company required Discovery Marketing Research Company to cover the research objectives below in the research: Methodology There are six main research objectives in the project, according the situation of each objective, we choose different methods to conduct the research, which are secondary research, focus group, and survey.
It is emphasized that companies can make full use of data mining to discover discrete segments in their customer bases and the feature of their product that meet customer demand Rygielski et al Therefore, secondary research is employed to identify the potential customers, brand name and channels in this marketing research. Through analysing the secondary data, such as company reports, sales records, customer profiles of similar business.
It is easy to identity the target customers, the sales channel and the characteristic of most popular brand names. The feature that Focus group is different from others is focus group emphasis on through group discussion collecting data. Morgan As one of qualitative research, focus group might be used to learn how customers feel about a product or brand and gain insight into their emotional involvement because it can stimulate new ideas and thoughts from respondents and make them respond realistically under group pressure McDaniel and Gates Therefore, focus group is chosen to explore general consumer attitudes and motivation towards purchasing gifts and jewellery, perception of our products, and the choice of channels.
There are a large number of companies employ focus group to understand perception, motivation, attitudes. There are some cases about sales channels as well, for instance, researchers conduct focus group in order to have a depth understanding of customer experience about online shopping Gilly and Wolfinbarger.
Survey In order to make the marketing research result more representable and realistic, it is necessary to conduct surveys to grab statistical data Bradley Self-administered online questionnaire will be employed in this research. In terms of price, it is easy to find which price range is the most proper one for our target customers. Many organizations use survey to explore some information about price. For instance, a firm-based survey was conducted in order to assessing the relative flexibility price adjustment in Canada Amirault et al.
Turning to the objective of brand name, four various brand names have been come up with which based on secondary data, and an open-end choice. In addition, the survey would be also used in perception, motivation, attitude and channels. For example, there is a survey conducted in Australia, asking for green place perception from both employers and employees perspectives Armitage For the focus group, participants were sought from internet and they had bought jewellery before, they are recruited by phone.
Participants were volunteers, in order to thanks for their attendance. As to survey, we went to the city centre in Cardiff, and asking the passerby, who looked between 20 and 35 whether they were willing to help us finish the questionnaire.
Lollipop was send to them as an incentive. Each focus group was conducted by the group members. Both of the two focus groups were audio recorded and later transcribed. Once the research proposal is accepted, two more focus groups will be conducted focusing on different groups of people. Survey There were 12 persons 7 females and 5 males had done the questionnaires, we send them the questionnaire by email and they finished it online. The questionnaire contained demographic questions gender, age, and occupation , motivation and attitude and perception toward handmade nature jewellery questions, and also some questions about brand name and channels.
Once the research proposal is accepted, in total questionnaires will be conducted to collect information from other different segmentations. The proposed sampling procedures Non-probability sampling We use non-probability sampling technique or which are called non-randomness to gather our sample.
Based on the support of the secondary data research, people aged between 35 year has more purchasing power, so we decide to use that people age group as one of our sample. For questionnaire, we distributed 12 of them to the people who look years of age while they are hanging out in the Cardiff city centre. Focus group Audio recording are prepared before the interviews with the authorization of every participant.
In addition, the transcript of these recording will be placed in the appendix. Pictures of real dried flower, crystal, gemstones and other metal jewellery will be shown in interviews to assist moderators to interact with participants, and keep the responses in line with reality. Survey The design and process of questionnaire will be finished online, whose result can be easier to analyse. Bar charts and tables will be used to indicate the result of some questions.
Therefore, the data may be not completely appropriate for this marketing research. Secondary data found in this report is limited to time, which may not correctly give insight of the current market. Focus group The lack of video recording means information of body language and micro expression can be only captured during the interviews, which impose more work and pressure on moderators. The analysis of the interviews cannot be generalised because result may significantly vary from different focus groups.
Survey Questionnaire conducted online may increase the unrealistic answers because respondents would lie when there is not observation. Therefore, random sampling error may increase when doing the online questionnaire. There are 19 questions including demographic questions in the questionnaire, which may require respondents a long period of time to finish, as a result, the response rate may decrease and cause some error.
The presentation will be highlighting on the recommendation part, which will useful to the client company. In addition, we will briefly discuss the whole process of how we do a market research. Starting from clarifying our research objectives, the reasons for the choice of research methods and designs, sampling procedure, and the ways to collect and analyse the data.
This marketing research will last for 2 months, starting from the time of accepting the proposal. First of all, Key Note asserted that in the Britain, the jewellery market has grown 8.
In addition, people whose age below 45 are one of the top two highest-spending segments, and it is more obvious in jewellery market Jones Furthermore, both a jewellery brand called Pandora and a jewellery retail online shop called Etsy, are focusing on young woman customers.
In terms of brand name and product name in jewellery market, Jess pointed out seven important elements for creating a name of company, which are 1 Develop a signature style early on; 2 Have a well-defined brand story; 3 Communicate value and price accordingly; 4 Partner with the right client; 5 Have a devoted base of raving fans; 6 Have name it overnight; 7 To be resilient, dedicated, know when to move on; Qualitative Research By considering the result of secondary research, two focus groups are conducted with respondents at age of Respondents generally agreed with the importance of buying gift, however, it still depends on different situation and the motivations were different, which are for love, respect or excuse.
Furthermore gift also can use to do bribery which make things easier on some process. Although in both two focus groups, participants indicated that the value of a gift is related to the relationship, none of participants in these two groups mentioned jewellery when firstly talking about gift. In addition, when the moderators mentioned jewellery, male respondents perceive them as a gift indicating strong relationship or high importance and mostly for females.
However, one female respondent still can give some positive feedback about the meaning of the product. I think it is special, I like it, so I will value it more, and I value the meaning behind the jewellery. In group 1, most of respondents believe female teenager would like it, with one respondent thinks it is for little girls. In group 2, female respondents have the same idea as most of respondents in group 1, however, males think it will appeal to older people.
Furthermore, the respondents in group 1 want to see advertisement through social media, which the respondents in group 2 prefer magazines.
What brand of jewellery do you own? It means that most of respondents do not value the target jewellery as a high-end product. Therefore, when people buy jewellery, they will consider about the design and the meaning of the jewellery. From brand name and product name perspectives, there is a guidance for a company to create brand name in jewellery market in the secondary research and people prefer a name with story and meaning.
Furthermore, in both focus group and questionnaire, real dried flower bulb jewellery is considered as the least appealing product, comparing to crystal, gemstone and metal. Moreover, although the result of secondary research indicated that young people are the one of the main customers, in terms of jewellery market, they may not willing to buy the target jewellery since some respondents in focus group think it is for older people.
In terms of distribution and promotion, people are less likely to buy jewellery online and want to see the advertisement by social media e. Recommendations Based on the research, there are some recommendations below to achieve the aim of the client company: Company can make product more like a necklace rather than a bag decoration in order to make sure it appears high quality and trendy fashion feeling. This approach can increase the design itself but also increase the price range to another level.
Survey of price-setting behaviour of Canadian companies. Bank of Canada. Armitage, L. Green offices in Australia: Journal of Corporate Real Estate 13 3 , pp.
Bradley, N. Marketing research: Oxford University Press. David, G. Available at: Gilly, M. A comparison of consumer experiences with online and offline shopping. Consumption, Markets Culture 4 — Jone, S. Young affluents provide the best growth potential: Luxury Daily. McDaniel, C. Marketing Research. Argos to offer 3D printed jewellery. Cardiff University. Mintel Group Ltd. Cardiff University database Mintel.
Pandora increases revenues by Cardiff University database Morgan, D. The focus group guidebook Vol. Sage publications. Annual report Available at http: Parasuraman, A. Marketing research. Cengage Learning. Where is the best place to sell jewelry?. Rajiv, P. Teen and tweeneconomics:
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Marketing Research Proposal 1. New media: effective only when targeting young consumers? A study observing the use of new media and marketing. Here are the top reasons why market research proposals are important and how these documents can aid your company's long-term success. Sample of a market research proposal. Project Purple. Research to prepare for Domestoil launch in the UK. A research proposal. May Prepared for: J.W.