Marketing Information System
BUS 339 Marketing Research
The Need for Marketing Research
Marketing research is essential to any business that wants to make an effective difference in their company for their product and their targeted audience. Throughout our book we are given a few instances of marketing research problems, but with that, the tools to be effective in marketing strategies. In this final, I will be implementing 11 steps to properly conduct a successful marketing research.
(1) establish the need for marketing research,
(2) define the problem,
(3) establish research objectives,
(4) determine research design,
(5) identify information types and sources,
(6) determine methods of accessing data,
(7) design data-collection forms,
(8) determine the sample plan and size,
(9) collect data,
(10) analyze data,
(11) prepare and present the final research report.
I will be conducting a marketing research referenced on Case 3.1 “Gold Technologies” (Bush, 2012) describing each of the steps necessary to conduct marketing research based on a specific marketing research problem.
The Problem Defined and Development of Research Project
For a business to market their product or service effectively they must have information. Typically, information does not only include what businesses customers want, but what the
market demands. With technology, economy and consumer’s interests shifting consistently, a company needs to get a more detailed understanding of the consumers’ needs to be successful. With the assistance of marketing research, it can reduce the chance of their products, services or even their business failing. Marketing research also can forecast future trends in the market or in the tastes of their customers. Let us look at some concerns for GTI and what marketing research strategies can be implemented to have a successful outcome of their product.
As stated in our text, “Golf Technologies Inc. (GTI), relies on high-level scientific testing to design golf clubs that provide larger “sweet spots” resulting in fewer miss-hits and maximum yardage. In the last year, they discovered a technical breakthrough. Their newest designed clubs, for the same level of energy, hit the golf ball one-half club length longer than any existing clubs on the market” (Bush, 2012). Other manufacturers have claimed the same “new scientific breakthrough” and not necessarily delivering. Therefore, this has left consumers weary and immune to the claims made. GTI’s CEO, Harvey Pennick believes he must do something different to convince the targeted audience that the GTI Club is by far the best Club that holds to its advertised specifications and claimed performance. Mr. Harvey and his marketing staff believe that in order to make this claim valid, they need a credible golfer to promote the product through TV ads, magazines, informercials, and special events promotions. However, the problem that arises is that the two best known golfers, Tiger Woods and Phil Mickelson have exclusive contracts with other club manufacturers and hiring either of them will result in buying them out of their current contract and having to offer them enough money to have them be a spokesperson of the product, both of which is very expensive (Bush, 2012). With that, I propose a marketing research to figure out if having a well-known golfer to promote the Golf Clubs and if it would be cost effective and within budget in order to save them time and money rather than doing a standard research. According to the text, “Research takes time and costs money, managers must weigh the value that may possibly be derived from conducting marketing research and having the information at hand with the cost of obtaining that information.” In addition, conducting a marketing research “allows management a method of monitoring company performance in order to spot problems early. Secondly, management may adopt a policy regarding the use of certain types of studies being used whenever a particular situation occurs.” (Bush, 2012).
Establishing Research Objectives
We have established the need for marketing research and defining the problem. The next step is to establish research objectives. This is important because by offering GTI service and program, they can identify multiple marketing research problems by researching objectives.
Research objectives can specify what the company needs to make or select correct options from decision alternatives. Writing research objectives can identify what data or information is required to make proper decisions to solve critical issues. Before performing marketing research, it must satisfy a few criteria points. What constructs do they wish to measure? In the case with GTI, which professional golfer should be chosen in order to best represent the new line of golf clubs? This question is designed to determine which professional golfer GTI should hire because they can be expensive, therefore is within budget and cost effective. The question also determines which professional golfer will promote the new line of golf clubs the best. Obtaining data of known golfers such as who has a better reputation and who is looked up to more by golfers? By finding who has a better reputation, you can find the better professional to hire that will represent the new line of golf clubs better and will generate the most sales.
Determining Research Design
Every research problem is unique and having a research design is the first rule to good research. Research design has a set of advance decisions that make up the master plan based on methods and procedures in collecting and analyzing good information and can be broken up into three traditional categories: explanatory, descriptive, and casual. In the case of GTI, it would be wise to use casual research to experiment using different studies such as independent and dependent researches. As stated previously, GTI is attempting to advertise their newest designed clubs, for the same level of energy, hit the golf ball one-half club length longer than any existing club on the market. A product that is believed to have discovered a technical breakthrough (Bush, 2012). Here we would manipulate an independent variable while controlling the effects of dependant variables. For example; GTI is interested in obtaining a spokesperson to represent their Golf Clubs. They have considered two of the best golfers in the world, Tiger Woods and Phil Mickelson. A research statistic of the “On-course & off-course career earnings” of each professional would allow GTI to see if there is a possibility that the earnings have dropped substantially, providing a consideration should budget allow (Statisa.com, 2018).
Identifying Information Types and Sources and Determining Method of Accessing Data
There is obviously an overlap between many of the steps of research. This is not an exception. There is an overlap between the research design and the types of information and sources. Because of limitations in the inability due to funding, time constraints, and the academic purposes of this paper, it would not be feasible to conduct in-depth surveys or other types of lengthy and expensive primary information. Therefore, all the information included in this report will come from secondary information resources and credible references.
A comparison market analysis of the two professional’s season and career statistics would also benefit the research. Based on Foxsports.com, statistics show that Tiger Woods top earnings ranged highest from 2007 to 2013-14 and his earnings for 2016-17 was zero. Whereas Phil Mickelson’s top earnings ranged highest began from 2004 and has stayed steady through to 2017-18 (Foxsports.com). These statistics are confirmed by an article written by Kurt Badenhausen on Forbes.com titled “Phil Mickelson Tops Tiger Woods As Golf’s Highest-Paid Player” (Badenhausen, 2015).
Design Data-Collection Forms
This step was really not necessary, as no surveys or questionnaires or similar type of primary information was collected. However, my research was collected and saved as Word document as well as the applicable citation for each saved due to each being secondary information properly referenced and cited in accordance to APA sixth edition standards.
Determine the Sample Plan and Size
I would select a portion of the population (based on the statistics of the semi-professional and professional golf players and send surveys and questionnaires via snail mail, email, social media to obtain information from my targeted audience. The data returned would allow me to determine where I would hold an event to have these consumers come in to test the product themselves and gain positive or negative feedback.
Collect Data/Analyze Data
All data collected for this research report was from secondary sources. This data was collected, recorded, in analyze for appropriate use in answering the specified research question.
Prepare and Percent the Final Research Report
At this stage, the report should be presented as a research findings paper. It should be presented to GTI’s CEO and marketing team based on the extensive research, statistical comparison, and hypothetical determining factors of budget and cost, which one of the two credible golfers would be a better fit to promote the Golf Club product and smart investment choice.
Badenhausen, K. (2015, June 18). Phil Mickelson Tops Tiger Woods As Golf’s Highest-Paid Player. Retrieved from https://www.forbes.com/sites/kurtbadenhausen/2015/06/15/mickelson-tops-woods-as-golfs-highest-paid-player/#6142b45f7537
Burns, A. C. & Bush, R. F. (2012). Basic marketing research using Microsoft Excel data analysis (3rd ed.). Upper Saddle River, NJ: Pearson Prentice Hall. ISBN: 978-0-13-507829-6
Foxsports.com. (2018, May). Phil Mickelson PGA Stats – Season & Career Statistics. Retrieved from https://www.foxsports.com/golf/phil-mickelson-player-stats
Foxsports.com. (2018, May). Tiger Woods PGA Stats – Season & Career Statistics. Retrieved from https://www.foxsports.com/golf/tiger-woods-player-stats
Statista.com. (2018, May). Tiger Woods career earnings 1996-2016 | Statistic. Retrieved from https://www.statista.com/statistics/411993/earnings-of-tiger-woods/