Mander Portman Woodward College Business - Coursework Example

?Running head: Market research data Market research data Mander Portman Woodward College Business Introduction This is an independent sixth form college group founded in England, with branches in Birmingham, London and Cambridge. Rodney Portman, Robert Woodward and Nicholas Mander founded the college in 1973. It is a small size group with approximately eight students per class; this allows the student to have maximum individual attention, in addition, makes the school manageable. The college offer Easter revision courses for AS, A and GCSE level for pupils from other colleges. This paper will focus on the most significant market research, which the Mander Portman Woodward college business could employ to improve its collection of market research data. Types of research data Market research refers to gathering and analysis of data or information concerning customers, competitors and, or the effectiveness of the business marketing programs. Small-scale business owners conduct market research to evaluate the feasibility of the newly established business, preferences in new services and products, improve the business aspects like consumer services, channels of distribution of products and establish competitive strategies. In this case, the college carries out a market research to enable it to make decisions to respond effectively to the need of customers, and increase their profit. The research is also significant for the college to acquire accurate information about competitors and customers that necessitate the development of a solid marketing plan (Brace, 2004). The college has to be conversant with their market niche, and the benefit they offer to the market. Market research aids the college hone in the marketplace and directs their operations in relation to the market segment that targets their products and services. The college utilizes both primary and secondary types of market research for data collection. It currently collects both the primary and secondary data; primary data is the data that has not been published. This data is the most reliable, objective and authentic. The college gathers information or primary data concerning first difficult experiences faced by its students in applying for challenging courses like dentistry, nursing, law, medicine and veterinary science among others. Preliminary interactive meetings between the lower-sixth form students, their teachers and parents at the start of every summer term, discussions concerning university application and entrance, student seminars, and student interviews among others are all sources of primary data utilized by the school. It also utilizes secondary data from published examination results, such as, the academic year reports that provide significant information about the performance of the school and the challenges that need to be addressed to improve its general performance. Market research methods The key role of market research is to analyze the requirements of a certain target market, acceptability of services, competition as well as means of establishing and exploiting existing and new markets. Before conducting the research, a comprehensive understanding of the core problem that needs to be solved, the application of market research procedures and the market itself is significant (Grove and Vriens, 2006). The main reason for conducting market research in the school is to achieve a wider understanding of the methods of improving the school performance, and increasing the number of students who pursue the competitive courses. The three methods of research that could be appropriate for the school include primary research, secondary research, focused groups and student interviews. The school could use primary market research to collect original data relevant to the requirements of the students, staff and parents. Primary research entails both quantitative and qualitative categories of research. Quantitative research is based on numerical, statistical analysis and demand measurement of market phenomena. The main principle with this research is that each respondent is asked a number of questions relating to the problem. On the other hand, qualitative research, gives an understanding of why and how things happened (Mhair, 2008). For example, in the case of the school it may offer valid reasons about the school performance between the year 2005 and 2011, and why many students are scared of competitive courses like dentistry, medicine, veterinary science among others. In this research, the dialogue between the interviewee and the interviewer is determined by the interviewee's own feelings and thoughts. Secondary market research examines the existing sources of information, such as, earlier conducted survey, school record, magazines, journals, published books, research studies among others, while primary research starts from scratch. Compared to primary research, secondary research is less expensive and saves time (Birn, 2002). The research provides valuable information and solution to some questions that cannot be practically addressed using the primary research method, such as the financial condition of the school and questions that may cause discomfort to students if directly asked, such as their previous grades. For example, statistical analysis from the school records indicates that since the opening of the school about 35 years ago, the school has provided an exceptional learning environment for the student to learn and accomplish their ambitions. The school is also among the best-recognized donors of bespoke, both fifth and sixth level education, providing A level and GCSE in more than 40 subjects. It admits students from various types of institutions, from ten years and above, seeking for an academically disciplined and socially relaxed college to facilitate their achievement. Statistical analysis too indicate that more than 40% of examinations offered in the 2011 summer sitting attained either A or A*. The academic results of the school have immense contribution to its current position in the market niche, mainly because the school offers quality services and products to the customers (students). Focused groups and personal interviews methods can also be of immense importance to the school. In focused groups, the staff and tutors may utilize scripted chain of topics or questions to guide the discussion between the groups of people. Such discussions occur in neutral places and last for a few hours approximately one or two. These are designed to provide exceptional preparation for LNAT, BMAT, UKCAT and entrance to other universities. For example, the school holds student seminars based on the degree course under the leadership and guidance of the tutors and associated professionals in a similar field. They also conduct personal interviews both open-ended and unstructured questions. Personal interviews and focused groups give broad, subjective information or data as compared to surveys. Although, the results from both focused discussion and individual interviews may not be statistically reliable, (is not a representative of the wider population), they yield critical insights into student attitudes, and are powerful means to uncover issues related to new education and successful result development (Monster and Pettit, 2002). Based on the report from the combination of the above three methods of market research, the school has realized immense benefits and has devised key means of sustaining its position in the market place, (Ferber, 2008). For instance, according to research, a majority of the students secure places at the top universities (target market). From 2005 to 2010, approximately 1193 students (products) secured university positions. About 62% of these universities (market) were at the universities of Oxford, Russell Group universities, London and Cambridge. Of these, about 76 students secured opportunities at dental, veterinary and medical schools, and over 36 obtained places at Cambridge or Oxford. In addition to students who were admitted through UCAS, an additional 87 students managed to obtain opportunities on Art Foundation courses; around 90% of them were admitted at the London University of the Arts. The market research conducted by the school is critical to identify opportunities to cater for different categories of students. The school understands and verify unmet requirements of a certain category (universities which act as market) of customers (students), and what both the universities and students say they demand, need and want. Some of the most critical data collection techniques such as focused group discussions, interviewing students, tutors, parents and university representatives, studying the magazines, newspapers, books and other related key publications, observing what clients say and listening to, what they say are highly useful to the school, (Stevens, 2006). According to Brace, (2004) market research enables the school to examine the market size, for instance, the number of vacancies available in top universities, the number of students available to take up the positions and in which courses to recommend. Similarly, it pushes the school to establish the best techniques to cater for the unmet requirements of the intended market. For example, how to develop a product (students) with characteristics, and benefits to cater for market (university) demand, how to maintain their position in the market, and sell more of their products. Conclusion Market research helps the school to investigate the competition and to examine its services, products, marketing techniques, location, pricing among others. Moreover, it does the comparison with those of competitors (Laczko and Goz?dziak, 2005). The only way to understand their competitors and expand more is through using their services. They should examine (competitors) their locations and investigate their literature to be able to override them. The above methods are significant to improve the methods of data collection for market research and improvement of the business. References Birn, R. J., and The Market Research Society. MRS. (2002). The international handbook of market research techniques. London: Kogan Page. Brace, I. (2004). Questionnaire design: How to plan, structure, and write survey material for effective market research. London: Kogan Page Ferber, R. (2008). Handbook of marketing research. New York: McGraw-Hill. Grover, R., and Vriens, M. (2006). The handbook of marketing research: Uses, misuses, and future advances. Thousand Oaks: Sage Publications. Hair, J. F. (2008). Essentials of marketing research. Boston: McGraw-Hill/Higher Education. Laczko, F., Goz?dziak, E. M., and International Organization for Migration. (2005). Data and research on human trafficking: A global survey. Geneva: International Organization for Migration Monster, R. W., and Pettit, R. C. (2002). Market research in the Internet age: Leveraging the Internet for market measurement and consumer insight. Singapore: John Wiley & Sons. Stevens, R. E. (2006). The marketing research guide. New York: Best Business Books. Read More