A marketing research plan is the record containing the info about the potential market. It outlines specific activities to be studied to attract audience to buy products or services. It is developed as an overall part of your business intend to accomplish the targets of the organisation (Bradley 2007). This newspaper will discuss the introduction of a marketing research plan for entry in to the business of a restaurant and the various solutions to develop the plan. It will discuss different settings of marketing research and the research instrument used to build up the plan.
The first stage is to develop a specific and precise knowledge of the research problem, allowing effective carry out of the study process. It is very important to analyse the problems to conduct the study effectively. In this particular scenario, a experienced market researcher desires to enter into the business of operating a restaurant and the problem is to identify the actual market and to find the proper shop and product combine for the merchandise and services of the business. The conviction of product line and the price to be priced for the merchandise is the identified problem. At the same time, the business is also facing problems with the positioning of the shop in the relevant market.
The objectives because of this marketing research process are to find an appropriate market and prospects for the restaurant by determining the buying behavior and practices of the prospective customers.
A research way is an important area of the marketing research plan that helps to find relevant data and information and really helps to convert information and data into numeric form so that it is easy to build up the marketing plan (Jackson 2008). A couple of essentially two types of research solutions: qualitative and quantitative, that can be used to accumulate data and collect relevant information.
Qualitative research procedure: Under a qualitative research way, the info is compiled in qualitative terms to effectively answer the questions. In this research way, an in-depth analysis of people's behaviour and behaviour can be analysed to know their preferences. This approach also helps to understand the complexity of the prospective customers very well so that relevant information can be collected (Locks & Money 2011). The main thing about this research is that there surely is no set way or theory how better to collect information for the specific problem. It generally uses a small variety of respondents.
Quantitative research methodology: Alternatively, in quantitative research, the info and information is normally transformed into numeric form to answer the research questions. Using this process, the info is obtained in a alternative view to answer the research questions (Gliner & Morgan 2000). All of the people in the group are invited to answer the questions for a specific problem. This process generally seems from general to specific to answer the objectives of the circumstance problem.
In this circumstance, quantitative research procedure would be more appropriate to find the solution as it might be far better in analysing customers' behavior regarding the restaurant business. It could also assist in getting relevant information case through the info available and questionnaire. It will also help the researcher to decide the product collection as well as its costing structure.
In this stage, a model is established to conduct the marketing research. A highly effective research design helps in answering the problems related to the situation. The descriptive way of conducting the marketing research is being considered (Creswell 2003). The study design which is used here's of a descriptive research design, so that answers to the issues can be obtained. The effectiveness of the research design by itself can determine the success of the marketing research process that in the end affects the grade of the marketing research plan as well.
The descriptive design of the research plan will help to offer an in-depth research of the situation through effectively analysing specific responses. It will create the research process fast and accurate (Bynner & Stribley 2010). At exactly the same time, it brings smoothness to the info gathering and examination as it answers the situation problems effectively. In most cases, it's been seen that anticipated to lack of effective research design the researcher struggles to find relevant answers to problems. The descriptive research design will find current users of espresso as well as help analyse the near future demand of the product.
As the look is the most time-consuming stage, it needs to be developed carefully. The design can help the researcher to get ready an efficient questionnaire for the study process (Maxwell 2005). This questionnaire will help the researcher to find appropriate market, products and price. For the success of any research process, it is important to choose appropriate respondents, to maximise the opportunity of attaining a valid results.
Data collection is one of the most important periods in a marketing research process. Different activities, such as data gathering online and questionnaires, will be used to answer the truth problems effectively. (Zundel & Vignali 2003). Pursuing are a few of the ways through which data can be collected.
Online data: The online data available can help to gather information which markets contain the most assurance for a new coffee shop. Although Michael doesn't want to make an online search because of this research, to answer the first question it will end up being relevant. The number of caffeine chains in a specific area, the upsurge in the amount of percentage of caffeine outlets and the earnings of competitors can be gathered to analyse which market segments are most encouraging.
Online survey: The researcher also offers the choice of conducting an paid survey to find appropriate market segments and customers for the proposed coffee shop. It can be less costly and much preferred nowadays, where people don't have enough time to respond personally. The online review will also help the researcher to get several ideas from the respondents about the beginning of the coffee shop (Becerra & Korgaonkar 2011). In addition, it has additional benefits, such as having quick reactions that will help the researcher to get relevant information swiftly and thus to start out business as soon as possible. It is also believed that respondents in internet surveys respond more genuinely in comparison to other method of data collection and studies. This source of information era would be the most effective for the researcher to get relevant information.
Questionnaire: The questionnaire will help the researcher to acquire relevant information. It is one of the most critical aspects of the study and a good questionnaire must meet the two basic criteria of precision and relevance. It should be carefully made to ensure the answers are relevant: thus, how the questions are framed, the sequence of questions and pretesting of questions (Zikmund & Babin, 2007).
There are various research equipment available to use because of this research to find appropriate solutions to the problems. The usage of effective research tools is very important to determine the success of the marketing research plan. The effective use of the research instrument will help to analyse the situations effectively. To get a solution for the problems, the researcher can use a questionnaire (Gama 2011). This is an effective device to find solutions to the issues lifted. It will help the researcher to find appropriate market segments and customers for the restaurant. Pursuing is the information of how this tool can help the researcher to find the appropriate market
Questionnaire: A questionnaire is the most typical research tools used to find solutions to research questions. It really is a set of questions through which the respondents' preferences and preference are dependant on the researcher. It can help the researcher to get relevant information. It is very important to prepare effective questions, so that appropriate information can be produced from respondents. Here, the potency of the questionnaire will help the researcher to get the right market as well as potential customers (Katono 2011). The wording, form and ordering of questions really matters a lot in a highly effective questionnaire as these factors determine the success of the questionnaire. It will also be looked at, while deciding what questions should be included, that every question should give attention to the problems described in the present case.
Research steps are an important part of a research question that help to solve the study questions effectively. The strategy items for research question 1 are the following.
High density of customers: The high density of prospective customers would succeed to find the most appealing market for a coffee shop, as the utmost amount of users will ensure the success for the new coffee shop (Herzog 2010).
Maximum espresso users: The amount of users who consume caffeine is another strategy item for the question one. The utmost amount of coffee users will ensure maximum business.
Low competition: Low competition is another important measure item for this research question, as it will ensure the ability for growth of the coffee shop in the particular market.
The first key research question and the measure items are the following.
- Please specify the city you belong to. . . . . . . . . . . . . .
- Where will you drink your espresso the most?
- Coffee Bean & Tea Leaf
- Local barista
- Other (Please specify). . . . . . . . . . . .
- Every day
- Once in 2-3 days
- Other (Please specify). . . . . . . . . . . .
The following will be the strategy items for research question 2.
Central location: A located place would become more appropriate to draw in the maximum range of customers for the coffee shop, as people would be inclined to go there because it would be within ready access by the customers.
Shopping mall: A shopping mall can be among the best places for the restaurant as the number of people browsing malls will boost its recognition.
The second key research question and the measure items are the following.
1. Where can you usually have/choose up your caffeine?
- Shopping Mall
- City Centre
- Close to workplace
- Petrol station
- Train/bus station
2. When do you most often buy coffee?
- On the path to work
- Morning break
- Lunch time
3. Which type of coffee shop do you like?
- Sit-down coffee shop
The following will be the measure items for research question 3.
Coffee quality: The quality of the coffee helps in making a restaurant popular in a specific market. It will help to increase customer bottom part for the shop, because so many people choose quality in everything (Herzog 2010).
Price: Price is another essential requirement that determines popularity of the restaurant in the market. The researcher can have competitive prices in comparison to its competitors to make the coffee shop popular amonst the users.
Service: Service is another important aspect that decides success of any business. In case the services provided by the restaurant are not up to the level of its competitors, you won't have the ability to draw in customers.
The third key research question and the strategy items are listed below.
- Which can be the most crucial factor while choosing a restaurant?
- Only coffee
- Treat and caffeine combo
- Treat and toastie combo
- Other (Please designate). . . . . . . . . . . .
- Stand service
The following will be the solution items for research question 4.
Taste: The flavour of the coffee determines the personal preferences of the users of caffeine.
Quality: Quality again becomes the reason for the preferences of 1 product over the other (Miller & Strang 2010).
Habit: Behavior is another important aspect that can determine the tastes of Americans about the use of caffeine. It is in the behavior of men and women to prefer a specific type of espresso.
The fourth key research question and the strategy items are listed below.
- Which kind of caffeine do you like?
- Other (Please specify). . . . . . . . . . . .
- Yes, please designate. . . . . . . . . . .
Sample size can be an important step in the marketing research process that decides the success of the marketing research plan. In quantitative research, a big sample size is taken to get way to the problems (Cacic & Markovina 2011). Here, a large test size of respondents will be taken to derive the effective outcome of the issues. Many people often visit the coffee shop and typically take tea rather than caffeine (Usui 2011). Taking their response in a little sample size make a difference the outcome of the case and the researcher would be unable to determine the precise market for the coffee shop as well as the actual customers for the shop.
At the same time, the large test size will help to effectively take care of the replies of the people to derive a good outcome. The large test size will also assist in minimising the sample errors associated with small test sizes. Further, it will help to minimise non-responses in a little test size (Grossberg 2011). In this case, it is very important to get relevant information regarding caffeine users, such that it can capitalize on the information. This is only possible when a large range of customers are being asked about their needs and wants. At exactly the same time, it will require extensive evaluation of prospective customers to choose a proper place for the restaurant.
In this stage, the info and information gathered will be analysed to derive an optimistic outcome. It is important as it helps to set up data in a organized way. It will help in identifying the specific group of people using espresso. Data structuring helps to analyse the data properly so that effective results can be derived from the data and information collected (Alexander & Rhodes 2011). The ways through which data structuring can be used to help a researcher to derive a positive outcome are the following.
Data mining: Data mining is the procedure of analysing the data from different perspectives to derive exact information. In data mining, data is analysed from different sides to find appropriate markets and customers for its restaurant. Here, mining the data would be effective to get relevant information regarding prospects (Fichet 2011). The info obtained through collection will effectively help to analyse relevant information regarding customer likes and personal preferences. Data mining will further help the researcher to establish a solid customer platform for his restaurant, considering customer likes and preferences and give help with product positioning and fixing prices.
Data clustering: Data clustering is the procedure of separating the info accumulated into different categories according with their needs and personal preferences. Data that has some similarities are retained in an organization to help the researcher to analyse it effectively. Here, the data compiled for the coffee shop will be separated based on possible customers' preferences and tastes, so that a researcher can readily derive the necessary information (Mehlhorn & Sanders 2008). Data cluster really helps to get information regarding not only the amount of customers consuming caffeine but also really helps to find other relevant information regarding those potential prospects.
Perpetual Mapping: Perpetual mapping is a highly effective tool that analyses the market conditions and the potential buyers' buying behavior. It also helps to analyse the complexity among rivals on the market. It really is an important tool for the data structuring as it offers complete market knowledge regarding any particular concern or problem. In this case, perpetual mapping would be most reliable to analyse the data, as it'll provide information regarding the competitors on the market (Alexander & Rhodes 2011). Perpetual mapping helps to analyse strategies regarding competition and provides insight how to fulfill the clients through analysing their buying behavior.
Statistical graph: The researcher also offers the option to make a statistical graph to analyse the data compiled. These graphs would effectively analyse the data to allow the researcher to find suited place for his business. The look of the graph is dependant on the quantity of data and consistency of the questionnaires used for getting relevant information. These statistical graphs can help the researcher to find relevant information regarding prospects (Mehlhorn & Sanders 2008). There will vary types of graphs that can be employed by the researcher to analyse the data like pictograph, pie graph, map chart, bar graph etc.
With this stage, the whole procedure for marketing research process is summarised and its conclusions included in a brief document. The result produced with the data and information obtained during this process is analysed to answer the research questions associated with the research study. Effective documents of the whole process gives an overall idea about the possible alternatives of problems (Belk 2006). Important components of the research process are included in this section to help the researcher to find an appropriate market. It can help the researcher to make effective decisions based on the marketing research process.
In this case, the records of the process can help researcher to find out his potential market and customers for the coffee shop, as well as help him to put the restaurant in the best market. The researcher can find answers to questions lifted by making use of effective report era and demonstration (Gliner & Morgan 2000). The survey will include the number of potential prospects, their consumption patterns, the volumes and types of competition etc. Thus, it is important to own effective and relevant demonstration of research finding to help the researcher to find appropriate market segments and customers for the restaurant.
From the aforementioned discourse, a marketing research plan is vital for the success of an enterprise. It provides an overview of the whole market condition to find appropriate markets and customers because of its business. The effective examination of the marketing research process can be an important part of the marketing research plan that helps businesses to get established in a specific market. In this case, the marketing research plan can help the researcher to find appropriate market and customers for his restaurant. The program may effectively help him to find solutions to the issues about the location and tastes for the design of restaurant.