Prerequisites for Royal Mint's Market Excellence - Research Proposal Example

Royal Mint Marketing Research Outline 1.0 Introduction 2.0 The research Proposal 3.0 Introduction 4.0 Research Objectives 5.0 Information coverage 5.0.1 Focus group information 5.0.1 Olympic Games coin suppliers 5.0.2 Competitor’s information 6.0 Methodology 6.0.1 Desk research 6.0.2 Questionnaires 6.0.3 Depth Interviews 7.0 Accuracy levels 8.0 Staffing 9.0 Conclusion 10.0 Recommendations Introduction Marketing research is the organized collection, recording, and evaluation of data – these on the issues related to the marketing of products and services. The principal goal of marketing research is to point out and offer evaluation on how the marketing dynamics of the consumers preferences and inclinations – which influence customer behavior. The concepts is often confused with market research, however, professional analysts have drawn a peculiarity between the two – arguing that market research is concerned about markets in a specific manner, while marketing research focuses its attention on the dynamics of the market and marketing processes. Further, marketing research can be identified as the process that links customers, marketing agents and the pubic – to the marketing agents in question, through knowledge – which is utilized, in the process of defining and identifying marketing problems, and opportunities. The process is also focused at the generation, refining and the analysis of marketing activities. The process also involves the monitoring of marketing routines, and improving the comprehension of marketing as a progression. Also, marketing research offers the specifics of the information needed to address these problem areas, offers insights into the designs of collecting necessary information, and offers a platform for the implementation and management of the data collection models under usage. Marketing research, also aids in the analysis of results from marketing inquiries, as well as offering models of communicating the conclusions and the implications of their implications. Further, marketing research may be split into two, depending on the focus of the information quest – these including business to business marketing inquiry and consumer marketing exploration (Bradley 2007; Marder1997; Young 2005). The practice of marketing research is guided by the target market under question, or the methodological approach in question. Consumer marketing inquiry is an applied study of the preferences of the market, seeking to understand the attitudes, preferences, and the behaviors of the customers in a market oriented economy. The aim of the inquiry is to comprehend the comparative success and the effects of marketing promotions. This field of consumer research – as a statistical study was founded by Arthur Nielsen, especially, during the 1923 after the creation of the ACNielsen Company. On the basis of the coverage of the marketing research, this field may be described as an objective, systematic identification, evaluation, collection, and transmission of information for the course of aiding management teams, during the processes of decision making. This is in relation to the recognition and offering of solutions of problem areas and opportunities under marketing (Kotler & Armstrong 2007; Malhotra 2002). The research Proposal Introduction Royal Mint has been in operation for more than 1,100 years ago. The company has developed into a global, market leader in the manufacture of coins, military medals and commemorative coins and medals for different organizations, these including schools, businesses and governments. The company has grown to become the world’s leading exporter of coins and medals. In 2009, the company was commissioned by the HM Treasury, for the manufacture of all the coinage used in the U.K. The company is fully owned by the HM Treasury, and is considerably established across the globe, but more established at the U.K, where the company’s operations are secured by the Ministry of Defense personnel – who offer armed security. Following the capital importance of currency coins, which are used as a medium of exchange, the company has grown to become a major runner of global economies. For instance, the company is the sole dealer in the delivery of coinage in the U.K. The other line of specialty, which is that of making medals, has also pushed the company high into recognition, as these are highly used by different organizations like sports, scientific fields, military, the academic field and many other fields of achievement. As a result, the reputation of Royal Mint is not questionable, as it has grown into the best, in delivering these services (Pierce 2008; Twedt 1983; Godin 2007). The Royal Mint has been offering its services to different governments, these including the U.K government; the modeling of military medals for different military units; medals for commemorative functions and other model items for schools, governments and businesses. The company has engaged in the production of a range of souvenir coins and medals for the Olympics, and is now considering the option of offering its services, towards the organizing of the 2012 Olympics. The company has been offering the supply of medals to different governments and institutions; therefore, this will be of great importance to the market research, into the pursuit of the opportunity (Scott, Roderick & Andrew 2001; Green & Albaum 1993). Following the track record of the company, this inquiry will be of importance in determining the success of the company in securing principal deals like the supply of medals for the 2012 Olympic sports. This is because the company will utilize its long-term experience in delivering the needs of the contract – and its skillfulness in offering the best services and products that could be expected towards meeting the deal (Kerlinger 1994; Crimp & Wright 1995). The company has set-out a period of eight weeks for the completion of the market evaluation project. Further, all the tasks to be carried out within the duration of the inquiry. The allocation of the tasks will depend on the weight of the duties to be executed and the parties to be engaged in the inquiry (Proctor 2003; Pierce 2008). Research Objectives The following study objectives is to be explored through the study 1. To identify the types of market, there are for Olympic coins 2. To identify the external and internal characteristics that the Olympic Games players check from a coin making company 3. To determine what characteristics that are likely to make competitors do well Information coverage The information for this study will be gathered as per this hierarchy of needs Focus group information Focus group information will be essential in evaluating the considerations that the market players guiding the Olympic Games take into account, when, making the choice of the parties for the supply of Olympic sports resources. Also, the information will offer information on the sources of information for these players, which determine their decision making process. Olympic Games coin suppliers This part will focus on the views of the Olympic sports parties regard from a partner who is to deliver the inputs required for the sporting events. Information like the credibility of the supplier will be checked, for instance the track record and potential of meeting the set standards. The credibility of these suppliers will be put into account, especially their reputation among major industry players. Competitor’s information Information on the characteristics, which may make rivals more successful will be checked, which is especially the case, because; the coin industry has become more competitive. Special emphasis will be granted to the price offering, particularly, as they lead to industry segmentation. Methodology The inquiry will borrow more from secondary than primary sources of information, presenting both qualitative and quantitative data, reflecting the standards set for the Olympic coins market. Quantitative data will cover the numerical aspects of the market, these including price. The qualitative aspects of the study will reflect the experiences and the preferences of the market decision makers, for example supplier preference and sentiments. Desk research This part of the inquiry will involve the evaluation of data sources, which offer information on the coin market, and precisely, the Olympic sports coin market. The information from these sources will be intensely examined, in order to ensure that the study will take the right study procedure. Information on the competitors will also be gathered, so as to give guidance and insights into the study. These sources will include journals, websites, market reports, industry and market reviews and books. Questionnaires Structured online questionnaires will be offered, the choice of the approach, being that the model will reach more parties in the short time available for the study. Further, these will allow for easier data analysis, and a source of vital information. Time is given particular importance, because; the study should be completed within a period of 8 weeks only. Depth Interviews These will be administered to the focus group of parties selected for the study These focus group members will represent the key parties to the running of the coin market, these including the Olympic committee of the hosting country, the officials attending the games, and the judges. These different groups will be represented by 10 members, and these sample members will be interviewed for a period of between 20 and 30 minutes. The participants will be required to respond to the questions drawn from the survey questions. The study will be carried out, using a random probability sampling, on an equal basis among the different party teams. Selection of the different participants will be carried randomly. The reason for the use of probability sampling as opposed to non-probability sampling is because; the study should offer equal opportunity to be picked, as the sample of the study group. This was opposed to the Non-probability mode, which places certain units of study with no chance of beings elected and used as the focus for the study. Personal interviews with the focus group will also be administered. Accuracy levels In order to ensure the accuracy of the findings, the results from the primary level of the study will be compared to those of other related inquiries, so as to see whether the findings compare. At this phase, personal judgment will come into usage, while triangulation will aid eliminate any biases from the study. The different data models will help eliminate any biases likely to affect the findings. The design of the structured questionnaires will determine the levels of accuracy, as it is interactive, well-structured and highly comprehensive. The focus group and sample population evaluation will reflect the potentiality of the company, in securing the access of the deals. The selection of the sample members will be done carefully, so as to heighten the accuracy of the data. The sample size for the study will be higher, as this will help improve the accuracy of the findings collected. Staffing Considering that the inquiry will entail visits to a number of locations, assistance will be required with the administration. In such a case, two staff members will be selected for the task. Research Time Table Week 1 – The designing of the questionnaires and interview questions Week 2 – Desk research phase and questionnaire filling Week 3 – Administration of personal interviews Week 4 – Carrying out of the primary research Week 5 – Collection of information form secondary locations Week 6 – Collection of information on competitors Week 7 – Data investigation and processing Week 8 – Finalize the compilation of the Report Conclusion Marketing research is the organized collection, recording, and evaluation of data – on the area of problems and the issues related to the marketing of a business’ products and services. The principal goals of marketing research include pointing out the effect of market dynamics, which influence consumer behavior. The practice of marketing research is guided by the target under question, either customer or business to business markets or the methodological approach in question. Royal mint has been in operation for more than 1,100 years, offering the manufacture of coins and medals for different organizations and governments. The objectives of analyzing the coins market include, identifying the types of markets for Olympic coins, the characteristics of coin making companies sought by the Olympics, and the characteristics that are likely to make competitors do better. The information coverage was based on focus groups, desk research, in-depth interviews and questionnaires. In ensuring the accuracy of the findings, the data from the study will be compared to that of previous studies. The study will take eight weeks, starting with the designing of the interview and questionnaire models, towards the compilation of the report. Recommendations These include that the capacity of the company should be improved, to meet the competitive advantage of the competitors, as these are the principal flaw areas that may lead to their success, to the disadvantage of the company. Secondly, the progress of the company – as reflected from the marketing research should be tracked, so as to ensure that the success strategies of the company are maintained, while the weak points are resolved (Imms & Ereaut 2002; Kumar, Aaker & Day 2002). Reference List Bradley, N 2007, Marketing Research. Tools and Techniques, Oxford University Press, Oxford. Crimp, M & Wright, L 1995, The marketing research process, 4th edition, Prentice Hall, London. Godin, S 2007, Permission Marketing: Turning Strangers into Friends and Friends into Customers, Pocket, Ontario. Green, P, Tull, D & Albaum, G 1993, Research for Marketing Decisions, 5th edition, Prentice-Hall, London. Imms, M & Ereaut, G 2002, Introduction to qualitative market research, Sage Publishers, London. Kerlinger, F 1994, Foundations of Behavioral Research, 1st edition, Rinehart and Winston, Holt. Kotler, P & Armstrong, G 2007, Principles of Marketing, Pearson Prentice Hall, New Jersey. Malhotra, N 2002, Basic Marketing Research: A Decision-Making Approach, Prentice Hall, Upper Saddle River, NJ. Kumar, V, Aaker, D & Day, G 2002, Essentials of marketing research, 2nd edition, Wiley Publishers, New York. Marder, E 1997, The Laws of Choice—Predicting Customer Behavior, The Free Press division of Simon and Schuster, London. Pierce, A 2008, "Royal Mint Reveals New Coin Designs." The Telegraph. Proctor, T 2003, Essentials of marketing research, Prentice Hall, London. Scott, J, Roderick, J & Andrew, G 2001, Hypotheses in Marketing Science: Literature Review and Publication Audit, Prentice Hall, London. Twedt, D 1983, 1983 Survey of Marketing Research, American Marketing Association, Chicago. Young, C 2005, The Advertising Handbook, Ideas in Flight, Seattle, WA. Read More