Planning Market Research For Profit Maximisation

Methodology

The research planning for opening a new branch of the pizza restaurant requires identifying the methodology that would facilitate the research work and following the methodology for obtaining results in accordance with the plan. In order to develop a market research strategy that would facilitate the performance of the research, it is essential to involve certain associated information that can enhance the efficacy of the process. In relation to this, the market researchers have to split the sources of these related and required information in two categories; namely the external information and the internal information (Baltzan and Phillips, 2016, p.44). For collecting the internal information, the researchers rely on the secondary sources. That is, the recorded organisational information about the financial performance, strategic decision making appears useful in this case. However, for accessing external information, the market researchers rely on both primary and secondary data. Precisely, for understanding the market environment secondary data appears useful. Whereas; for identify the customer perception, primary research is useful.

The secondary sources for collecting external information mainly incorporate the printed materials and broadcasted materials (Bell et al. 2015, p.689). Further, the printed materials include various books, newsletters, reports and trade journals. The report and trade journals are published by various government and private authorities. In the era of digitalisation the broadcasted media is taking over all other sources of business information. The online sources, precisely the read only sources provide comprehensive information on the external environment that requires effective incorporation in business decision making.  In relation to this, the market researchers need to identify these sources and access information from the sources. One crucial requirement in this context is evacuating the accuracy and credibility of the source. Further, the researchers have to follow the legal requirements for assessing information from these sources.

In case of primary data, interviewing appears to be the best method. As Chalmers et al. (2014, p.158) mentioned in their work, primary research requires direct intervention of the researchers with sincere motive of collecting relevant information. The case study represents the event of launching a new branch of a pizza restaurant. In this context, it emphasises on developing a market research plan. Therefore, the researchers have to identify the population for the research. People residing surrounding the selected location for the new branch of the restaurant refers to the population for the research. However, it is essential to identify the focus group for the study. From various researchers previously done, it is evident that pizza restaurants attract a vast range of people with diversified needs and preferences. Thy, further, belong to different race, sex, age group, social background, and financial class. The focus group has to incorporate all these people in order to recognise the opinions. This, in turn, would enhance the credibility of the research. From the focus group, it is effective to decide on a sample size. This is essential for proceeding with the researcher work in a manageable an organised way. In this case, purposely selected random sampling would appear useful. The primary reason behind this is this sampling technique ensures randomness in case of selecting the respondents. However, it optimises the chance of gathering optimum volume of related information.

In order to conduct the interview, the first requirement is developing an efficient questionnaire. This questionnaire has to involve questions for fetching information about various aspects of marketing.

Table 1: Questionnaire for market research

(Source: created by learner)

In case of working on launching a new branch of a restaurant, people perspective is a great concern. Therefore, the primary research requires identifying the perspective of different customers belonging to different social and financial classes. There are various types of primary research. However, based on the requirements of the business (launching a new branch of a restaurant), the three methods of prim research are chosen in this case.

More Sample on Profit & Loss

• Accounting Statements of Profit & Loss in an Annual Report
• Marketing Plans for Maximum Growth of an Organisation

Research procedure

Based on the planned methodology, the primary research procedure requires reaching out to the selected respondents and recording their responses. In case of conducting face to face interviews, the researchers require directly approaching the respondents and recording their opinions. The prime advantage is this method allows the researchers identifying the body language of the respondents. This refers to the strength of this method as well. The disadvantage correlates the weakness of this process. That is, it is extremely time consuming and it is often difficult to convince the respondents to participate.  However, in case of electronic survey they can use emails or connect with the respondents using Skype. This type of primary interview is similar to the face to face interviewing method. In addition, this allows the researchers to reach out to a larger respondent base. At the same time this appears to be a time efficient way of interviewing. The telephonic interview method would efficiently serve these purposes all well. However, the main weakness of telephonic interview method   is it cannot recognise the body language of the respondents.  In this context, the researchers need to ensure that they respect the personal preferences of the individual and maintain confidentiality of the information provided by them (Hiriscau et al. 2014, p.411). For secondary research, the market researchers need to identify the credible secondary sources and access information from them.

Once the researchers are done with interviewing and have sufficient secondary information in hand, they can proceed to data analysis. This is the most important part of market research. This stage allows the researchers to evaluate the information and thereof develop marketing strategies for meeting the objectives of an organisation.

Findings 

From the responses provided against the questionnaire, the researchers require summarising the findings and incorporate them in analysis. According to the research plan, the researchers are expected to identify the presences of the probable customer base regarding the promotional techniques, service, and prices. Further, as the restaurant delivers pizza, a food item for frequent consumption, the researchers are expected to see no remarkable frequency differences in the income groups the probable customers. That is, people from various income group are expected to posses interest in trying this new branch of the restaurant. However, their preferences regarding the environment of the restaurant and promotional strategy might differ.

Conclusions 

With regard to the market research planning techniques mentioned in the report, it can be cited that the report appears effective in identifying different areas of planning a market research. In this context, it presented the methodology that would facilitate the market research in order to launch a new branch of a pizza restaurant. Based on this problem, the research procedure is mentioned. It further discussed the findings of the marketing research and presented certain recommendations.

Recommendations 

Based on the requirement of the board of directors of the restaurant, it can be recommended that the authority might consider on developing a pricing policy that would attract customers from different financial background. Moreover, excelling the promotional techniques would enhance the interest among the customers in visiting the restaurant branch. Further, they might emphasis on the expectations of the customers and in this relation provide certain unique facilities to the customers. This is expected to increase the sale of the restaurant.

Get online marketing assignment help and write better assignments. Leave your worries in the dust and score dream grades.

Contact us now!

References

• Baltzan, P. and Phillips, A., (2016). Business driven information systems. New York: McGraw Hill Education. pp. 39-64.
• Bell, P., Gales, M.J., Hain, T., Kilgour, J., Lanchantin, P., Liu, X., McParland, A., Renals, S., Saz, O., Wester, M. and Woodland, P.C., (2015), December. The MGB Challenge: Evaluating multi-genre broadcast media recognition. In Automatic Speech Recognition and Understanding (ASRU), 2015 IEEE Workshop on (pp. 687-693). IEEE.
• Chalmers, I., Bracken, M.B., Djulbegovic, B., Garattini, S., Grant, J., Gülmezoglu, A.M., Howells, D.W., Ioannidis, J.P. and Oliver, S., (2014). How to increase value and reduce waste when research priorities are set. The Lancet, 383(9912), pp.156-165.
• Hiriscau, Ioana E., Nicola Stingelin-Giles, Christina Stadler, Klaus Schmeck, and Stella Reiter-Theil. "A right to confidentiality or a duty to disclose? Ethical guidance for conducting prevention research with children and adolescents." European child & adolescent psychiatry 23, no. 6 (2014): 409-416.

UPTO55%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit