Marketing research proposal
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Introduction
Marketing research is the set of procedures that connect the producers, clients, and end
users to the seller through information (Bradley, 2007). This data is used to identify and define marketing opportunities and problems, produce, and evaluate market actions, monitor marketing
performance, and improve the understanding of marketing as a whole and process. The role of
marketing is to provide management with relevant, accurate, reliable, valid, and current market
information. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior.
The intended outcome for this marketing research proposal is to facilitate selling and
acquisition of new inventory, provide strategies of how best to improve cash flow of the business and to provide satisfactory services to the customers.
Overview of Primary Research
A. Research Objectives
Identify the most important current sources of revenues at the antique store Identify possible new events and sources to produce revenues Inspect interest from the target markets on these new events Assess the general awareness level, knowledge, and patronage of target markets and the
general public toward the antique shop and its events example sale-offs Assess visitor satisfaction (daily visits or events) Examine the general perception of the store now and in the vision for the future Investigate the needs and motives for setting up the store Generate insights and ideas from the public and the to-become-employees
B. Information to be supplied as a result of the research
Provide list of current events that are most important for the store to continue Provide possible new events for the store to hold Provide a general summary of the interest level on these new events Provide a summary statement of the general awareness knowledge towards the antiques
and inventories as a whole Provide a general understanding of the current level of satisfaction from visitors in the
general public
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Provide a summary statement of the general perception of the store and the future events in the community
Provide general insights and ideas on how to generate more revenue and grow the antique
store as a business
Research Design
In order to ensure the research is logical, objective, systematic, reliable and valid, there
are assumptions about the research design. Example of an assumptions is that there are no
tremendous change in current market situation and technology. The type of the research design is exploratory that it aims to discover and identify ways of making the customers’ needs priority. It
is recommended using Quantitative Research methods. It applies mathematical and statistical
methods on finding relationship within testing hypothesis and variables. The surveys design puts great importance on using formal standardized questions and fixed response options in
questionnaires administered to the numbers of respondents.
There are two categories for methods recommended to survey for users which are Online Surveys Methods which are relatively low cost to gather data and Telephone-administered
Methods which are the questions – and –responses exchanges. The first one of Surveys Methods
is mail survey which is a self-administered data collection technique. As the clients fill in their
sign in details and bio data address, it is convenient for conducting “mass-mailing”. It is an efficient way to collect lots of data from customer or other potential respondents in the short-time
period. For the target customers, there are two methods recommended to survey which are Mail
Panel Survey and Fax Survey that a questionnaire sent to a cluster of individuals who have decided in advance to contribute. Sending the questionnaire of Mail Survey can deliver sincerity
request that it is useful way to increase the response rates. Apart from this, the questionnaire sent
to individuals by fax machine. It is suitable for them to accept and depend on. The benefit of fax survey is that there is faster delivery and response speed. To collect data from companies or
advertisers, these two methods are the feasible and efficient.
There is also desk research. The search of secondary sources will be carried out to refine
the objectives and provide lines of enquiry for the next stages. Specifically, the desk research phase will gather information on the antique industry over the last ten years. This trend data
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should give a useful indication about the status of the marketplace. At this point, we must also produce a list of brand names and reveal any relevant information on competing brands that may
be useful in the next parts of the research.
The desk research will attempt to establish the following:
How many households keep antiquities in the home? What kinds of antiques are usually kept? What prices are charges? What promotions are currently used? Who should be the target audience?
Sampling
Step 1: Define the Target Population
Our target population is about the number of people in Midtown Miami or people that have established trust with the owner
Step 2: Data Collection Methods
As mentioned, we have suggested different approaches for data collection for both
individual users and advertisers. As a part of the research on individual users, we suggest to use method of mail Survey,
telephone-administered method known as wireless phone surveys.
As a part of the research on advertisers, we have suggested to use mail panel survey, fax survey
Step 3: Sampling method
We suggest the sample representativeness, reliability and accuracy can be assured under the computing of confidence intervals. Under probability sampling, we further suggest the use of
balanced stratified sampling. The use of this technique can let us gather data based on diverse
levels with different variables we suggested. The result is believed to be more obvious.
The proportionate type of this method is chosen because the larger strata will be sampled more heavily based on their larger proportion of the target population. Thus,
the reliability of the research is assured again.
Step 4: Determine the necessary sample size To strive for a certain level of representativeness of our research, the target number of
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respondents for the group of individual users is 50000 and 1000 for the group of advertisers.
Implementation - Timetable
Time/Period Task Category Task
Week 1 Preparation Reserved for researchers to familiar with the research the subject and setting up of database
Week 1 Data Collection Searching for target Respondents
Week 2 to 7 Data Collection Surveying and data collection Week 7 to 8 Data Collection Summarization and filing of data
Week 9 to 11 Data Analysis Data processing by statistical models and conducting secondary
research Week 11 to 12 Data Analysis Generating results and analysis
Week 12 Data Analysis Report publishing
The timetable shown above is the working schedule carrying out our research. We
would like to finish it within a quarter. If we could not conduct the research in a short period, the accuracy and representativeness of those data found and information analyzed would be
questionable. It is planned that the stage of preparation would be finished within a week and
start collecting data as soon as possible. Finally, the report is going to be published out and presented to the client at the end of the quarter.
Implementation – Budget
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Variable Cost Total Cost (U.S. Dollar)
Salary - Research Analyst $8000
Telephone Bill Fee $500
Mailing(Postal) Fee $600
Miscellaneous $900
Total Variable Cost $1000
In order to conduct a successful marketing research, spending is necessary. Precisely, the research would be estimated to the upper mentioned cost items. The unit cost of
each items are calculated based on the current market price of those items.
number comprises of these two groups
Methods to analyze data
The collected data will be analyzed with the aid of two different methods. The first one
is the T-Test which has the advantage that you can see the exact number of respondents
who answered. This method shall be used for the variables gender, age, region, different occupation of users as well as for preferred ways of advertising,
Target market, Types of business of companies.
The second data analysis method is the One Way – ANOVA which shows whether there is a difference in the given answers between different groups. In the 21th century, the application
and development of technology is much wider and faster than before, and this trend will be going
on and affecting the exploitation of social networking services. In order to maintain the competitiveness and attractiveness, it is suggested that the research
proposed should be done as soon as possible and better, within a quarter.
Limitations of the Research
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There is almost no past data available for the antique store and the data that does exist has some contrary numbers
Delayed response time due to the short period of time for mail delivery and the responses
that are made towards the same.
Following the qualitative section of the research, an interim presentation-report will be
submitted. This will be followed by a meeting with the owner to discuss the quantitative stage of
the research.
A PowerPoint presentation will be created for a formal presentation of all findings. This presentation will include visual displays. Three copies of a report which will be made to
summarize all phases of the research. Three sets of tabulations will also be
provided.
Conclusion
The fulfilment of the research objectives has been achieved. By providing detailed
information on the ways to improve and market the antiquities shop, I believe to have accomplished the task and effectively given correct and valid information that will aid in the
starting and running of the antiquities store.
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References
Bradley, N. (2007). Marketing Research Tools and Techniques. Marketing Research Tools and
Techniques.
E, Y. C. (April 2005). Seattle.Advertising Handbook.
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