Showing posts with label marketing. Show all posts
Showing posts with label marketing. Show all posts

Saturday, 4 October 2014

Marketing Research Report

Introduction
In this essay the researcher is proposing to work as an independent consultant for the university and help the authorities unearth the effects of social media on the lives of the students. The prime purpose of this exercise is to determine whether social networking sites as Facebook affect the studies of the students or not (positively, negatively or no effect at all).
In the sections to follow the essay will follow a structured approach in approaching the issue; starting with the problem statement, literature review, determining research objectives, sampling, research methods and stating key findings.

Problem Statement

The university administrators have observed the increased usage of social networking sites by students. However they are unsure of the impact of such activities on the academic life of the students. A concern group among the authority believes that social networking has a negative bearing on the studies of the students. To determine the exact cause and effect relationship between such a social participation and academics, an independent consultant (the researcher) has been hired to conduct an analysis of the issue and present the findings to the university administration for further deliberation.

Literature Review

Since its inception Facebook has become a worldwide phenomenon. It has been impacting lives in one way or the other across national frontiers; therefore it has become the subject of interest of various researchers and concern groups in various cultural settings. A lot of attention has been paid on Facebook’s impact on the lives of a typical student (especially one pursuing higher education).
The various aspects of Facebook’s usage on a student’s life have been discussed in the points to follow:
1.       Student Engagement- Reynol Junco, a professor at Lock Haven University Pennysylvania conducted a research to analyse the impact of Facebook on student’s lives. By monitoring the actual usage (by way of devices plugged to the computers) and conducting in depth interviews the professor was able to deduce that Facebook may actually help students to get hooked to their academics – this could be by way of discussion or chat groups on these sites which could actually stimulate a debate or discussion on an academic topic of interest thereby promoting shared learning. However, the professor was also careful enough to weed out that part of usage (such as updating status and posting pictures) that was detrimental to studies; as it affected time dedicated to academics. Thus Junco’s work was material in establishing that social networking could actually help build interest in academics among the students.
2.       Negative impact- Aryn Karpinski’s (Ohio State University) study established a relation between Facebook usage and academics and the results showed that it negatively affected grades. The study also separately analysed the impact on students pursuing graduation and high school; also the impact on students working for paid jobs and those involved in extra- curricular activities was studies, and it was concluded that the latter were negatively affected when compared to the former. Although the research was a small exploratory module it does provide a direction to head in. An astonishing finding of the study is that Science, Technology, Engineering and Maths majors were more likely to socially network virtually than their peers studying Humanities or Social sciences.
3.       Oblivion- Several studies have also pointed out that Facebook users tend to be oblivious of the time they actually spend on Facebook. They tend to negate their usage hours resulting in users whiling away time in wasteful activities rather than employing it in a constructive endeavour.  
These findings by various research reports and academic literature has become the base of conducting this study and has provided a direction to head in. 

Research Objectives

This research paper has been written with certain pre determined objectives; which have provided a direction to the efforts put into this study. The research objectives have been outlined below:
1.       Demographics- One of the primary objectives of this paper is to determine the exact population which is using the social networking site Facebook. This could be seniors, sophomores, ethnic groups or other classifications. Once such demographic segregation is made it will be easier to determine the underlying reasons.
2.       Frequency- Another objective of the paper will be to determine the frequency of usage of the social networking website. This topic would encompass the total time spent and the particular hours of the day that the user plugs in to access the website. Determining this trend would allow the researcher in understanding various lifestyle aspects of the subject also a thorough understanding will be reached on what exactly is the focus when one logs onto facebook and what particular feature/s keeps them hooked on.
3.       Pattern- Another objective of the research being conducted will be, to determine the pattern of Facebook usage. This point will cover the exact features and activities one indulges in while using Facebook. The pattern of usage will throw light on how the students utilise virtual social networking. Whether such usage is employed in updating status, lurking (checking other’s activities), playing games or participating in various online communities and groups – will be critical in determining whether Facebook is being used healthily (to supplement classroom learning) or is having a detrimental effect on the academic welfare of the concerned group.  
4.       Impact- The last and the most critical objective of this report is to make a summation. This will be in form of an analysis to determine the impact of the social networking site Facebook on the academic health of the students. The researcher will try to link the various patterns observed during the course of the study to the trends observed in the grades and other academic performance parameters employed by the university. Thus the report will be able to make a conclusion whether such usage has been beneficial, detrimental or had no affect on the academics of the students enrolled in the university.

Sample Plan

The sampling plan states the exact materials/population to be studied, the method of study, the objectives of the study and the appointment of the person conducting the study. A sampling plan must be carefully designed so as to make the sample representative of the whole and making the study as objective and as accurate as possible to help generalise the result to whole population under review. Stated below are some of the major pointers to determine a sample plan.

Population Definition

The population definition concerns with determining the size of the total population under study. This will also cover determining the demographic traits of the population. For instance, population definition will state the number of people in the university (just the students), gender distribution among this population, the population of various ethnic groups and information about various other segments helpful for the purposes of this study.

Sample Frame

Determining the sample frame is concerned with stating the resources from where the sample will be drawn. In context of the university students using Facebook – under the purview of this study, the sample must be drawn from all the groups that have been determined in the population definition. For example, the sample under study must be fairly representative of all the ethnic groups part of the university, members of all the sexes, people from all walks of student life (freshmen, sophomore, etc.)

Sample Size Calculation

Sample size calculation pertains to the methods employed in choosing the sample components. In context of this study the sample size will be calculated on the basis of the time available, budget and the sampling method. The researcher must keep in mind that the sample size should be wide enough to make a fair representation of the population, and not to be too small or too big so as to be unwieldy to the purposes of the study.
Given the above mentioned constraints the researcher has zeroed in on keeping 200 participants in the sample. The sample will be composed of equal numbers of males and females, students from various academic streams offered by the university and representatives of all racial and ethnic groups.

Sampling Method

Sampling method is the choice of method to be used in determining the sample. The researcher has chosen to use stratified sampling techniques so as to include all the sub groups in the total population size (these sub groups have been mentioned under sample size calculation). From these various stratums, random selection techniques will be employed, to recruit sample members on the basis of random chance so as to keep an unbiased approach while conducting the study. 

Sample Validation

One of the key responsibilities of a researcher is to validate his/her research so as to keep the results generalised for the total population. For validating this particular research the consultant will divide the total sample into two equal groups (of the same composition of sub groups) and test the hypotheses on both the groups separately in order to verify the findings of the report and establish that whatever is applicable on a part of the population is true for the whole population (that is all the students in the university). 

Proposed Research Method

The researcher has planned to integrate both quantitative and qualitative for the purpose of this research. The qualitative research methods will be used on extracting data from certain focus groups. The quantitative research methods will be used for gathering data from the whole sample in general.

Qualitative Research Design Proposed

Qualitative research design is concerned with gathering quality information. Since such data gathering methods will cost time and money they cannot be implemented on a wide population; due to limitation of resources with the researcher. There are two chief methods proposed in the qualitative research methods:
1.       In-depth interviews- Certain members of the sample have agreed to commit time to in depth interviews. Focus interviews will be conducted to understand in detail the social networking habits of the participants. These interviews will follow a loosely structured impersonal approach in order to explore realms which the researcher has not pre considered.
2.       Monitoring- The researcher also plans to install certain software on the computers of limited number of participants in order to monitor their usage patterns.

In-depth interview design

As already explained above the researcher will conduct in depth interviews with some participants. The objective of this exercise will be to gather as much information on the usage trends shown by the target population. These interviews will be a one to one conversation, loosely structured for a direction to head in but, impersonal in nature so as to make it exploratory.
The questions in these interviews will be based on the questionnaires filled by the sample population and the data gathered from the software installed on the personal computers of the participants.

Quantitative Research

The researcher proposes to employ quantitative research methods on the sample population. This is so, because limitations of time and money do not permit conducting research interviews with the whole population. 

Data collection method proposed

Questionnaire is the only quantitative research method that will be employed in this study. The questionnaire will be carefully designed to cover important topics. Primarily the instrument will gather demographics of the participant and then proceed over to general questions about their usage pattern; such as, total time dedicated, activities and involvement and then proceed on to subjective questions requiring the participant to express their opinions and feelings.

General guidelines to be used to design the research instrument

While setting the questionnaire, following points must be kept in mind:
1.       The questions must follow an unbiased approach; and should not be skewed in one direction, towards or against a particular sub group.
2.       The researcher must lay down the objectives of the research and specifically the questionnaire before proceeding with the penning of the questions.
3.       The questionnaire should be brief (short and succinct) and easily comprehendible in order to interest the sample population and encourage them to provide true responses.

Overall quality of research instrument (questionnaire), creativity with measurement scales (provide a copy of the questionnaire)

The questionnaire is under mentioned in this section:
Hi! I am conducting a survey to understand the effects of using Facebook on academics. Please spare ten minutes to post your responses to the questions; to help me understand this topic better. The information provided herein will be used only for research purposes and will be kept confidential.
1.       What is your college year?
a)      Freshman
b)      Sophomore
c)       Junior
d)      Senior
2.       What is your age?
a)      Under 18 years
b)      19-21 years
c)       22-24 years
d)      25-27 years
e)      27-29 years
f)       Over 30 years
3.       Your racial or ethnic background
a)      Asian
b)      Black/ African American
c)       White/ Caucasian
d)      Hispanic/ Latino
e)      Native American
f)       Multiracial
g)      Other (Please Specify)
h)      Prefer not to answer
4.       Your Sex
a)      Male
b)      Female
5.       Your GPA
a)      <1.5
b)      1.6-2.0
c)       2.1-2.5
d)      2.6-3.0
e)      3.1-3.5
f)       3.6-4.0
6.       What is your major?
7.       Approximate number of hours spent studying (per week)
a)      0-2 hours
b)      3-5 hours
c)       6-8 hours
d)      9-11 hours
e)      More than 12 hours
8.       Approximate number of hours spent on outside projects and presentations (per week)
a)      0-2 hours
b)      3-5 hours
c)       6-8 hours
d)      9-11 hours
e)      More than 12 hours
9.       Hours spent on the internet for study related reasons
a)      0-1 hours
b)      2-3 hours
c)       4-5 hours
d)      6-7 hours
e)      Over 8 hours
10.   Do you have a Facebook account?
a)      Yes
b)      No
11.   Approximate number of hours spent per day, logged on to facebook
a)      Less than an hour
b)      1-2 hours
c)       3-4 hours
d)      5-6 hours
e)      7-8 hours
f)       Over 9 hours
g)      Do not log on to facebook
12.   What is the prime activity you indulge in on facebook?
a)      Keeping in touch with friends
b)      Pictures
c)       Chats
d)      Games
e)      Others
f)       Do not use Facebook at all
13.   How often do you use Facebook chat?
a)      Rarely
b)      Sometimes
c)       Often
d)      Most of the time
e)      Do not use facebook
14.   Frequency of using applications available on Facebook
a)      Rarely
b)      Sometimes
c)       Often
d)      Most of the time
e)      Do not use facebook
15.   Is logging onto facebook necessary for social acceptance?
a)      Strongly agree
b)      Agree
c)       Disagree
d)      Strongly disagree
16.   Is Facebook a distraction for pursuing academics?
a)      Strongly agree
b)      Agree
c)       Disagree
d)      Strongly disagree
17.   Social life and academic pursuance are equal parts of the college experience?
a)      Strongly agree
b)      Agree
c)       Disagree
d)      Strongly disagree
18.   Facebook is important for social life on campus
a)      Strongly agree
b)      Agree
c)       Disagree
d)      Strongly disagree
19.   Facebook promotes social interaction among students on campus
a)      Strongly agree
b)      Agree
c)       Disagree
d)      Strongly disagree
20.   One tends to devote maximum time to facebook while accessing internet
a)      Strongly agree
b)      Agree
c)       Disagree
d)      Strongly disagree

Ethical Considerations and Limitations

While conducting the research the researcher needs to provide for the following ethical considerations and limitations of the research methodology:
1.       The researcher should be conscious of not leading the participants in a particular direction or to extract a particular response from them.
2.       The researcher should obtain explicit prior permission of the participants before including them in the sample population. The sample should be made aware in no uncertain terms about the purpose of the research and the methods employed to conduct it.
3.       The researcher should ensure that all information gathered should be used for the purpose of the research only and checks should be placed so as to avoid leakage of personal information gathered during the course of the research.
4.       The researcher should be extremely careful and respectful when dealing with culturally sensitive groups (like black Americans or Asians).
5.       By installing softwares on the personal computers of the participants, the researcher may influence the participants’ choice of using other mediums (such as cell phones) to access the internet so as to hide certain usage behaviours.
6.       A lot of participants will tend to fill questionnaires casually thereby affecting the quality of the data gathered by such a medium.

Proposed Time Table

The consultant working on this assignment has zeroed in on the following time table to conduct the study:
1.       A fortnight has been dedicated to preparing the questionnaires.
2.       After the questionnaire is prepared the researcher will proceed with selecting the sample population and obtaining the assent of the individuals to be a part of the study. This activity may take up another fortnight.
3.       The researcher will then proceed with dividing the sample population into equal halves (for data validation); and collect responses for the questionnaires (through email and hardcopy). This activity will take up three weeks.
4.       Post data collection a brief analysis will be conducted in order to arrive at the loose structure of the in depth interviews to be conducted. A week is required for this activity.
5.       After all data is gathered the researcher can proceed with the analysis. This will not take up much time as all information needed, will be in hand now. The researcher can dedicate another fortnight to this activity and the preparation of the final report.

Proposed Budget

This research will require expenditure in the following areas:
1.       Gathering secondary data from secured or private databases; and accessing printed research reports and literature. The expected expenditure on this will be $50 approx.
2.       The consultant will also incur cost on questionnaire printing. The estimated expenditure on this cost head will be $5-$10.
3.       Lastly expenditure will be made on installing the monitoring software on the personal computers of the participant. The license fee for such software is also estimated between $20-$35.
In total the researcher may have to shell out $100 for conducting this research (providing for all miscellaneous expenses too).

Expected findings from in depth interviews

The researcher expects to make the following findings from the in depth interviews:
1.       People tend to underestimate the time they actually spend in Facebook; indicating the sheer engagement of the user to the social networking site.
2.       Discovering patterns that may indicate that use of Facebook may be actually helpful in generating interest in academics.
3.       An open discussion and expression of personal opinions and judgements of the participants, bringing out certain elements which were not expected such as participant’s opinion on other’s usage behaviours.
4.       Discovering the underlying reasons behind certain set behaviours. Like why students of science, technology, engineering and maths prefer virtual social networking (as they tend to be more technologically aware and may be in general introverted) vis-à-vis students of social sciences and humanities (who have well established social groups and are in general extroverted; hence, preferring real life interaction over virtual interaction).

Expected findings from quantitative study and possible implications and relevance to the university

The consultant expects to make the following findings from the quantitative data gathering:
1.       Students involved in extracurricular activities and sports tend to be more active on social networks than those involved deeply in academics and paid jobs.
2.       Also students tend to be more active on online platforms such as facebook post their freshman year.
3.       Students tend to be involved on facebook irrespective of their racial background or gender (that is, such sub groups have little effect on facebook involvement); however, such sub groups may determine the exact usage interests of participants belonging to the various sub group classifications.
The research may have the following implications for the university:
1.       The research will help in unearthing the trends that determine the use of facebook by students.
2.       It will also help in determining whether such use affects the academics positively, negatively or is neutral.
3.       This will help the university administration to devise suitable checks that may curb usage (in case it is detrimental to academics).

Conclusion

This report has provided a proposal to conduct a research to unearth the implications of facebook usage on academics of the university students. The proposal provides a structured guide on the exact methodology of conducting the research; and it is highly probable if research is conducted on the set guidelines outlines in this report, it is going to be successful in achieving the laid objectives.


Lunch For Kids: Business Plan


 


Executive Summary

This report studies the business plan structure of a proposed venture in Halifax, Nova Scotia. The business idea is in the field of food and catering industry.
The researcher has observed that a population of young Canadian parents employed in corporate have little time left to cook lunches for their children at home. This has revealed a need gap to services wherein nutritious meals can be delivered to children right on their school campus and parents can be reasonably charged for the same.
The proposed model is to be operated through a website and a phone (where all transactions will be made in form of order placement and payment); and a restaurant will be tied up with to contribute a cooking facility. Thus, the model is one with a low investment and relatively low risk.
However, the business may be adversely affected by rising costs and arrival of competition. After analysing all the pros and cons of the business it has been concluded that the success of a business is highly probable if it sticks to a well thought out plan and if the business environment is thoroughly studied.

Introduction

This paper discusses the prospects of starting a business enterprise operating in Halifax, Nova Scotia. The proposed business venture is concerned with providing healthy lunches to school children.
Nova Scotia is one of the three maritime provinces of Canada; agriculture is still a dominant activity in the region and the organic food trade is well established. This presents an opportunity to service a growing population of young parents and their school going kids with farm fresh healthy produce. 
The particular business model will benefit from the trends of busy lifestyles of young Canadians and the growing popularity of the internet in making day to day purchase decisions. In the following sections the business plan has been briefly discussed.

Industry Analysis

Some trends in the Canadian lifestyle and schooling patterns have supported the initiation of a novel venture as this. Some of such trends are:
Increasing number of people in the proposed locality is being absorbed by the ‘corporate culture’; which leaves them with less time for themselves. Mounting pressure of work schedules keeps people always on the go. This has left young parents with little time to devote to cooking of meals for their children. Also, a lack of cooking skills further contributes to the demand for a solution that can provide the children with home like nutritious meals.

2.     Health conscious

Seven out of ten adults surveyed want to have healthy meals; this is due to rising concerns to prevent against conditions such as obesity and high cholesterol among others. Consumer preference for boiled, broiled, grilled food and salads has increased vis-à-vis fried food and meat. Focus is on tasty and healthy meals. Since adults want healthy food options for themselves, they surely want the same for their children too.

3.     Promotion by Canadian government

The Canadian government has taken special interest in ensuring quality meals to the school going children (vis-à-vis government of the USA). This comes as an encouragement since certain liasoning with the government departments can be done to fulfil the mutual purpose of delivering healthy lunches to children.

4.     School canteen and cafeterias

In the recent times there has been a surge in the sales of school cafeterias and canteens. This has pointed a unique opportunity by making clear the purchasing power of the parents of these young ones and their need for healthy lunches (which are seldom available in canteens and cafeterias).

Marketing Plan

A marketing plan is crucial to the success of a product since, it determines how well the product has been perceived by its target population and motivates them to make their final purchase decision.
One of the crucial steps in a marketing plan is Segmenting, Targeting and Positioning (STP); as this defines the kind of market one operates in and the objectives to be achieved by the marketing plan. In case of the business model under study, the segment of the market that will be targeted is young parents of age 29-42 employed in the corporate sector and having kids between the ages of 5-13.
The business will position itself as a provider of nutritious meals, freshly prepared and delivered to the children on campus.
The 4Ps of marketing to match with the STP strategy are as follows:
1.       Product- The product to be marketed by the business is nutritious meals, hygienically prepared and delivered to the children on their school campus.
2.       Price- the product will be reasonably priced, within the reach of most working parents. Although parents can choose from a menu of options, the average cost for a week’s enrolment in the program will cost between $50-$60. 
3.       Promotion- The promotion of the service is to be done over three phases, pre opening, post opening, and point of sales. Although a public relations firm will be hired for pre opening marketing, most point of sales marketing will be the duty of delivery personnel (An annual budget of 10000$ has been set aside for this purpose). Discussed below are key marketing strategies to be employed:

a)      Local press and media
The PR agency hired will use its resources to build publicity and buzz in the local media; using their relations with the press and utilising their economies in using media such as outdoor bill board advertising and flyer distribution.
b)      Social Media and Email campaign
Creating viral and buzz marketing campaign on social media such as facebook and twitter will create an audience for the business. Also floating email campaigns among the target market will bring the business and customer group closer. Various promotions can be undertaken from these platforms.
c)       Coupon
The PR firm can help engage local businesses and residents by distributing promotional and trial coupons. Also the business itself can help build loyalty and increase its clientele by distributing free meal coupons to regulars or encouraging them to give referrals.
4.       Place- The business is to be based online; so all business transactions are going to take place either on the company’s website or on the phone. Keeping virtual spaces appealing to the target market is the key here.
However, the delivery personnel will interact directly with the consumers of the service hence, care should be taken to appoint someone who is comfortable in interacting with children and moreover children should find him/her approachable.

Operational Plan

The operational plan will cover the following:

1.     Facility

Since business will be transacted from the web or over the phone, the place of operation is not very critical. However, the management may find it expensive to produce the food at own facility hence it will be critical to tie up with a restaurant which can produce such meals at the economies of scale it already incurs. Care should be taken while selecting such a facility with regards to its hygiene and capacity to produce output to match the demand.

2.     Hours of operation

The business will operate from 6.00 am in the morning until 4.00 pm in the evening; this is to facilitate receiving the orders and to prepare them in time. All order will be taken between 6am to 9.30 am. Thereafter meals will be cooked by 1pm and all deliveries will be made by 3.30 pm. After doing general accounting and stock taking for the day, daily operations of the business will conclude by 4 pm.

3.     Employee Training

Employees will be regularly trained in their field of operation with regular briefing in cross operational fields to build understanding of the various business function should the need arise of their filling additional or different roles. Also the chef would brief phone operators and counsellors regularly to build an understanding of the meals served.

4.     Systems control

Weekly inventory count and daily food count will be a necessary check to minimise wastage and monitor finances and stores. Food production will be mostly in house (in the facility of the restaurant) excepting for a few items like bakery which can be purchased from reliable local vendors to minimise on cost and save time.

5.     Delivery Personnel

One of the major components of the business is delivery personnel. Initially one person can be hired for the purpose. Such a candidate can be required to use his own vehicle in order to reduce capital investment in purchase of a vehicle. The fuel costs will be reimbursed on the basis of distance plied upon (as tracked by the GPS on the vehicle).

Financial Plan

The business requires two levels of funding; first being seed capital and the second being growth capital. Seed capital will encompass all start up and daily funding needs and growth capital is the extra funds needed to expand the current facility or to open a new one once the model is successful. Financial needs can be detailed under the following heads:

1.     Start up cost

This will be the initial cost to bring the business into existence. This will typically include, cost of setting up website, a small office facility, hiring a phone operator, an office assistant, a delivery personnel and some security deposit with the associate restaurant. We have set out $50,000 for the initial capital expense and 15000$ for initial promotional expense.

2.     Marketing

As already briefed the management will undertake an active marketing program across various media (including hiring a public relations firm for this purpose). A total of 10000$ annually has been set aside for marketing. However, such expenditure may be modified according to needs.

3.     Operational

Daily operational expenses such as employee wages, maintenance, inventory, fuel costs and taxes are aimed to be met from the revenue generated from sales. However, for the first six months, deficits if any, will be met from the initial start up capital brought forward.

Fund sourcing

Seed capital will be sourced from the owners’ contribution from their private sources. Once the business grabs a foothold in the market (assumed period for establishing clientele being six months from start) all daily/operational expenditure will be met from revenue.
Growth funds needed for expanding may be met through bank loans or venture capitalists; choice being made according to circumstances at that time.

Risk Assessment

While we have already discussed the ‘pros’ of the business, it does good to observe the ‘cons’ as well in order to gauge the extent of damage that can happen in case circumstances take an adverse course.

1.     Competition

Once the business is successful it is quite possible that competitors may arrive on the scene to benefit from an established opportunity. Imperative will be to stay ahead of the competition by continually innovating and following an aggressive marketing strategy to capture the interest of the target market and ensure consumer loyalty.

2.     Model failure

It is also very probable that the model can fail altogether, since the growing financial freedom of the Canadian population may enable them to work for lesser hours and concentrate on family as well; or employ cooks/domestic help at home to fill the purpose of home cooked meals. Also, government policies regarding meals served in school canteens, cafeterias or from businesses like the ones proposed here can also adversely affect the financial health of operations.

3.     Costs

With a business with very high revenues and marginal profits, costs play a pivotal role in determining the success or failure of the enterprise. It is of importance to do real time costing, budgeting and setting up contingency or back up funds to sustain in times of adverse costs from the ones projected initially.

4.     Exit Plan

Since relatively no significant fixed capital investment will be made, the business can be quitted by annulment of tie up with the restaurant (clearing off dues, if any) and getting the website offline. All losses (if any) will be realisable from the capital investment of the promoters in such a case. 

Conclusion

The above sections have provided a brief outline of the critical points that need to be analysed before embarking on execution of any business idea.
It has been established that strictly following a well thought out plan and thoroughly analysing the market are keys to success in any industry.