Mt450 Marketing Management Unit 3 Assignment

Mt450 Marketing Managementunit 3 Assignmentassignment The Market R

The assignment requires developing a comprehensive market research plan following the marketing research process. This includes utilizing both primary and secondary data sources to understand and address declining sales and market share in both consumer and business segments for a franchise in New York, NY. The plan should articulate each of the ten steps of the research process in detail, include supporting references, and incorporate at least one illustrative figure. The final paper should be 3-5 pages long, formatted in APA style, with proper citations and references.

Paper For Above instruction

In the competitive landscape of franchise businesses, understanding the causes of declining sales and market share is paramount for devising effective strategies for revitalization. The given scenario involves a franchise in New York, NY, experiencing a consistent decrease of 5% annually in both consumer and business markets over the past three years. To address this challenge, a systematic market research plan rooted in the marketing research process is essential. This plan aims to identify underlying issues, explore new opportunities, and recommend actionable solutions through rigorous analysis of market data.

Introduction to the Market Research Process

The marketing research process provides a structured approach to collecting, analyzing, and interpreting data pertinent to marketing decisions. According to Winer and Dhar (2011), this process encompasses ten key steps, starting from defining the problem to presenting insights. Applying these steps ensures that the research is comprehensive, targeted, and yields reliable information to inform strategic decisions.

Step 1: Defining the Problem

The initial step involves clearly articulating the core problem: declining sales and market share across two key segments—consumer and business. It is important to determine whether the decline is due to external factors such as market saturation, competition, economic downturns, or internal issues such as brand perception or service quality. Precise problem definition guides subsequent research design and ensures focus.

Step 2: Developing the Research Plan

This phase involves outlining a strategic approach that integrates secondary and primary data collection. Secondary data sources can include industry reports, market analyses, publicly available sales data, or existing customer feedback. Primary data, on the other hand, involves direct collection through surveys, interviews, or observations. The dual approach ensures robustness and a comprehensive understanding of market dynamics.

Step 3: Collecting Secondary Data

Secondary data provides context and preliminary insights. Sources such as the U.S. Census Bureau, IBISWorld industry reports, or trade associations offer economic and demographic data relevant to New York's market. Reviewing prior sales records, competitor analyses, and customer reviews can reveal trends, unmet needs, and competitive positioning.

Step 4: Developing a Primary Data Collection Plan

Primary data collection includes designing surveys and interview protocols aimed at uncovering customer perceptions, preferences, and reasons for disengagement. Focus groups with loyal and former customers can provide qualitative insights. Observational studies at franchise locations may uncover service issues or environmental factors influencing customer decisions.

Step 5: Sampling Design

Effective sampling ensures the data collected accurately represents the target populations. Stratified sampling can be employed to distinguish between consumer and business segments, ensuring enough respondents from each segment to derive meaningful insights.

Step 6: Data Collection

Executing the data collection involves deploying surveys online and in-person, conducting interviews with key stakeholders, and accumulating observational data. Ensuring high response rates and data quality is critical at this stage to secure actionable findings.

Step 7: Data Analysis

Data analysis involves statistical and thematic analysis techniques. Quantitative data from surveys can be analyzed using SPSS or other statistical software, assessing patterns, correlations, and trends. Qualitative data from interviews are coded thematically to identify recurring issues or perceptions.

Step 8: Interpreting Results

Interpreting involves translating raw data into meaningful insights. This includes identifying key factors driving the decline, such as customer dissatisfaction, inadequate marketing efforts, or competitor actions. Cross-referencing primary findings with secondary data validates conclusions.

Step 9: Reporting Findings and Recommendations

The research findings are compiled into a comprehensive report highlighting key insights, supported by visual data representations like charts or graphs. Recommendations might include targeted marketing campaigns, service improvements, or new product offerings tailored to identified customer needs.

Step 10: Implementing and Monitoring Changes

Finally, implementing strategic initiatives based on research insights is crucial. Establishing KPIs and ongoing monitoring ensures the effectiveness of implemented solutions and informs future adjustments.

Conclusion

Developing a market research plan following the ten-step process equips the franchise with critical insights to counter declining sales trends. Integrating secondary and primary data sources ensures a comprehensive understanding of market conditions, customer behaviors, and competitive threats. The logical progression through problem definition, data collection, analysis, and interpretation lays a solid foundation for strategic action, ultimately fostering growth and competitive sustainability in the dynamic New York marketplace.

References

• Winer, R. S., & Dhar, R. (2011). Marketing management (4th ed.). Upper Saddle River, NJ: Prentice Hall.
• Barnes, J. G. (2014). Market research: Essential tools for business success. New York: Routledge.
• Burns, A. C., & Bush, R. F. (2014). Marketing research (7th ed.). Pearson.
• Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
• Malhotra, N. K. (2019). Marketing research: An applied orientation (7th ed.). Pearson.
• American Marketing Association. (2020). Guidelines for ethical marketing research. Retrieved from www.ama.org
• McDaniel, C., & Gates, R. (2018). Marketing research. Wiley.
• Grewal, D., & Levy, M. (2018). Marketing (6th ed.). McGraw-Hill Education.
• MarketResearch.com. (2021). Industry reports and market data. Retrieved from www.marketresearch.com
• U.S. Census Bureau. (2020). Population and economic data for New York. Retrieved from www.census.gov