Manor House Marketing Intelligence - Essay Example

?Executive Summary According to this marketing research plan and report, in order to successfully convert Manor House into a business for green weddings, it is critical to assess the market needs and potentials. The use of questionnaire, personal interviews, and focus groups has been suggested as preferred methods to acquire data and develop the insight into looking at what market dynamics are at play. Imprint analysis has also been suggested to assess emotional issues associated with any particular goods or services. Introduction There is a growing tendency in consumers to show their care for environment, and such attitude of consumers is also reflected in their purchasing behavior. More and more consumers are shifting their buying patterns and are aligning them with the ethical consumption which caters for the requirements of environment. (Joergens, 2006) As consumers are becoming more ethical in nature, they expect the firms which they deal with to act ethically, too. Showing concern for environment and protecting it are also important ethical issues. (Bezencon and Blili, 2010) New and renewed concern for the environment is translating itself into unique consumer buying decisions. There is a growing trend where consumers also tend to prefer to do their weddings in a manner which supports the environment. The overall market of green weddings is on the rise, as people are showing more concern for the environment and are willing to act as eco-friendly stakeholders. (Grant, 2008) The existing location Manor house and its overall proximity with the nature can really prepare it to cater to the needs of customers who need green weddings. However, in order to know whether consumers will be willing to do business with us and utilize our green wedding facilities, it is important to perform a system marketing research and review to understand the trends. This report will, therefore, be focused on understanding consumer needs, buying behavior, and market potential, which have to be taken into consideration before any business decision is made. This report will also focus on understanding the factors behind customer satisfaction and how it can be measured. Market for green weddings The overall market for green weddings can be divided into different small niches: from green wedding rings to selecting eco-friendly places for weddings. In order to particularly cater to the needs of customers looking for eco-friendly places to perform their weddings, it is critical to develop cross-selling opportunities so that consumers can get a complete shopping experience. (Askegaard and Bengtsson, 2005) In order to understand the dynamics of the market and to understand consumers’ buying behavior, it is important to perform a market research. In order to develop a comprehensive marketing plan, it is important to perform external and internal analysis of the environment in which this proposed business will operate. External Analysis Political Environment Political environment in UK is stable, with government being supportive of establishing free enterprises. Laws are being made in a manner which is supportive of the firms, with little or no interference from state into the affairs of the firms. There may be no risks of political destabilization which can actually result into significant threats and risks for business. Economic Environment The economy of the UK is experiencing economic downturn and is not experiencing the required level of economic growth. Low economic growth and the depressed future outlook, therefore, are adversely affecting the consumer confidence. Low consumer confidence may result into low consumer buying activity and hence can reduce the demand for new services and products. Consumers prefer to save rather than spend, causing suppression in consumer spending and demand. Social Factors As discussed above, trends are suggesting that society as a whole prefers to conserve the environment and give more credibility to the firms which enhance the environment and protect it. Consumers are becoming more aware of their role and the impact of their decisions on the environment. Considering such situation, increasing emphasis is now being placed on making buying decisions which are consistent with the environment and its protection. Consumers are becoming more aware of assessing the impact their decisions would have on the environment. Technology Factors There is an increasing trend to use social media to share what people are buying and selling. Technology is now serving as one of the easiest and cost effective tools to spread word of mouth and new start-up firms rely heavily on this to generate more profitable business. It is, therefore, critically important that technology, especially the use of social media networks, can actually play important role in gaining more market share. SWOT Analysis Strengths 1. Innovative Product 2. Smaller size makes it easier for firm to make changes. Weaknesses 1. New Management with little or no experience. 2. Limited financial resources Opportunities 1. New and expanding market 2. Opportunities for cross selling Threats 1. New and bigger player can enter the market 2. Overall market scope seems limited Marketing Research Plan Marketing research plan for utilizing Manor House for green wedding purposes would include understanding consumer preferences, buying behaviors, and the market potential (Pulendran, et al., 2003) Though British consumers tend to perform their marriage ceremonies in traditional manner, growing emphasis on green products may create strong demand for green weddings. Information Needs & Research Objectives The overall research objective is to assess the market potential for green wedding products and understand the consumer mechanisms involved in making the purchase decisions. The basic information needed to conduct this research is based on accessing a random sample of potential consumers who are willing to buy the green wedding products. Since this is a new idea, information will extracted from both the secondary and primary sources. Assessing Consumer Needs In order to assess the needs of the consumers and to practically determine whether consumers require places to perform their green wedding, it is important to first assess what exactly they require. There may be different methods and tools which can be used to evaluate the needs of the customers (Solomon, 2010). To begin with, following research techniques can be applied to understand the customer needs. Primary Research To assess consumer needs effectively, primary research will be conducted to actually understand the readiness of the consumers for the green wedding products. Though primary research may be time consuming, it is considered as one of the key research methods to collect data and interact with the customers. Primary research is, therefore, done in order to collect original data and is often employed when secondary data collection suggests the need to conduct primary data analysis. Primary research can be conducted through different means, and the overall data collection can be done in various manners. Data Collection Data Collection is done in order to collect data for the purpose of performing the research. In order to achieve the research objectives, different means through which data can be collected are used. In order to comprehensively cover this research, questionnaires will be used to collect the data. Questionnaires will be distributed among 30 respondents selected at random to fill the questionnaire. The questionnaire will be based on general to specific approach wherein researcher will first aim to gain general information about the respondents and then specific questions will be asked regarding their willingness to try out green wedding products. Questionnaire will be a combination of both the open ended and close ended questions directed to seeking response from respondents regarding green wedding products. Questionnaire is given in annexure -A Imprint Analysis Imprint analysis is a relatively new technique which can be effectively used in order to assess and evaluate the customer needs (Tomkins, 2000). Imprint is referred to as a collection of associations and emotions which are unconsciously linked with any word, concept, or an overall experience (Proctor, 2005). Imprint analysis, therefore, can be applied to understand through a systematic analysis the knowledge, associations, and emotional attachment of potential customers to the idea of a green wedding. Imprint analysis can be effectively used to actually understand the larger perspective of potential customers about the green products and how they actually attempt to use them (Hills and Hultman, 2011). Imprint analysis can be administrated to understand as to whether there exists a market for green wedding and whether customers are willing to use any such service. Buyer Behavior Assessment Various research studies indicate that buyers go through different stages of decision making process before they actually buy any product or service. There is always first a need and problem recognition which forces potential buyers to think about buying any goods or services. In this case, this need is to buy a product or a service which actually conserve the environment and also allow the consumers to fulfill their original desires. There is a growing market for wedding products, and consumers wish to participate in green weddings. There is, therefore, a clear need in the market for this type of service to be used. Once buyer needs are identified, consumers tend to find information regarding such product or service. We will, therefore, disseminate this information through word of mouth, advertising in local media as well as by using social networks. There are relatively new players in this market, so consumers have the choice to evaluate different alternatives before they make a buying decision. We believe that our product is unique and different from our competition, because we will be offering our services at Manor House – a place which gives a great feeling to be near to environment. After evaluating different alternatives, consumers finally decided to purchase a product or a service. This stage is where the actual purchase is made, and the consumer pays the company for the goods or services. The current trends indicate that the consumers are willing to purchase more of the green wedding products either in parts or in whole. Post purchase evaluation is the stage when consumer actually evaluates the purchase decision after it has been made. Since this will be service, the post purchase evaluation may be temporary, as services are consumed immediately. Decision influences One of the biggest challenges faced by both the businesses and the consumers is the protection of the environment. It influences a decision of a consumer in terms of making green purchases. As such, the overall complexity of the influences on the decision of a person to buy green products is based upon a complex web of ethical, social, and political factors. One of the key decision influencer as discussed in the literature is the people’s desire to solve the environmental problems, and most of the consumers believe that they wish to preserve the environment and as such allow the environment to become clean and more sustainable. Another important decision influencer is the ethical responsibilities which customers feel while making the buying decisions. Many consumers now perceive that their purchase decisions have a direct influence over the environment, so they must not engage into a behavior which is relatively non conducive for the environment (Friesl, et al., 2011). Such decision influencers need to be clearly identified at the research stage before any business decision is made. It is critical to design a questionnaire to understand not only the buying behavior of the customers but also the major decision influencers. Questionnaire design One of the most effective and probably cheapest methods to understand buying behavior is to ask the customers through questionnaires why they would make a purchase of a particular product of service. In order to understand the buying behavior of customers for wedding products, a questionnaire may be circulated to potential customers to know whether they are willing to buy a green wedding product or not. (Skyrme, 1989) Questionnaire can be either divided into two parts, each part dealing with assessing buying behavior and the decision influencers. Both the questionnaires can also be separately administrated in order to ensure that potential customers properly respond to this. In order to successfully achieve this objective, a small general to specific questionnaire will be developed and circulated among the consumers. In order to successfully achieve the results for this product, questionnaires will be distributed to the potential customers through either a research agency or by distributing the questionnaire in nearby shopping malls and other places where potential consumers can be easily reached. To those potential customers who give their consent, further questionnaires may be sent, so that they detail their views on the green products generally and the green wedding products and services specifically. To reach a wider level of audience and penetrate into nationwide market, questionnaires can be administrated through a research agency. Assessing Market Potential Though it may be relatively difficult to assess the overall market potential and demand for green wedding products, certain tools can allow an insight into the overall market size and potential (O’Regan, 2002). One of the key resources for this would be secondary resources outlining the overall demographical composition of the UK economy. The population of the UK is over 60 million, with 66% of the population fitting into age bracket of 15-64 years. This larger chunk of the population, therefore, can be potential market, as people tend to marry more during this age bracket. It is critical to note that assessing demand, therefore, would require newly formed firm to understand as to whether people who plan to marry can really divert from traditional concept of British marriage and would prefer to hold green marriage ceremonies. Furthermore, there is a larger influx of immigrants into the UK, creating an alternative market which can be tapped into by offering ancillary products and services associated with the green weddings. The secondary research sources, however, suggest that the overall size of the market may be relatively small, because people are still not been able to consciously make their decisions which are green in nature. Though consumers are increasingly becoming aware of their responsibility to the environment, their decisions are not fully dominated by their ethical considerations for making purchase decisions. A good understanding and review of secondary sources, therefore, is of critical importance. Secondary Research Sources In order to comprehensively understand what market opportunities exist and how consumers can be served better, it is important to first review the existing resources. The broader range of resources includes existing industry journals and other materials which can offer insight into changes in overall buying behavior of the firms. The review and study of on-line blogs as well as reviewing existing activities of the current competitors can provide a further insight into the issue. Assessing customer satisfaction There can be different methods which can be used to assess customer satisfaction. Customer satisfaction is often measured after purchase has been made; therefore, it is critical that to measure if effectively, a firm should use better research tools. (Bennett and Rundle-Thiele, 2004) Some of the tools which can be used are questionnaires, personal interviews, and telephone conversations (Vukmir, 2006). Conclusion In order to comprehensively understand the market for green weddings, it is critical to first assess consumers’ needs and requirements. Techniques such as focus groups, personal interviews, and questionnaire surveys can be used to gather and analyze data to understand patterns and relationships. Green wedding market is often based on ethics and, therefore, issues of ethical consumption also need to be addressed properly. Performing analysis, such as imprint analysis, can offer marketers an insight into overall emotions and sentiments attached to a given concept or product (Vaccaro, 2009). Reference list Askegaard, S. and Bengtsson, A., 2005. When Hershey met Betty: love, lust and co-branding. Journal of Product & Brand Management, 14(5), pp. 322 – 329. Bennett, R. and Rundle-Thiele, S., 2004. Customer satisfaction should not be the only goal. Journal of Services Marketing, 18(7), p. 514 – 523. Bezencon, V., and Blili, S., 2010. Ethical products and consumer involvement: what's new? European Journal of Marketing, 44(9/10), pp.1305 – 1321. Carson, D., 1989. Trends of Marketing Research. Marketing Intelligence & Planning, 7 (9/10), pp.17 – 24 Ramanathan, J., 2012. The Myth of the Ethical Consumer. Journal of Product & Brand Management, 21(1), pp.68 – 68. Friesl, M. et. al., 2011. Knowledge sharing in new organizational entities: The impact of hierarchy, organizational context, micro-politics and suspicion. Cross Cultural Management: An International Journal, 18(1), pp.71 – 86. Fagerheim, B. and Weingart, S., 2005. Using focus groups to assess student needs. Library Review, 54 (9), pp.524 – 530. Hills, G., and Hultman, C., 2011. Research in marketing and entrepreneurship: a retrospective viewpoint. Journal of Research in Marketing and Entrepreneurship, 13(1), pp.8 – 17. Grant, J., 2008. Green marketing. Strategic Direction, 24(6), pp. 25 – 27. Peattie, K. and Crane, A., 2005. Green marketing: legend, myth, farce, or prophesy? Qualitative Market Research: An International Journal, 8(4), pp.357 – 370. Jenkins, M. and Harrison, S., 1990. Focus Groups: A Discussion. British Food Journal, 92(9), pp.33 – 37. Joergens, C., 2006. Ethical fashion: myth or future trend? Journal of Fashion Marketing and Management, 10(3), pp.360 – 37. O’Regan, N., 2002. Market share: the conduit to future success? European Business Review, 14 (4), pp.287 – 293. Proctor, T., 2005. Essentials of Marketing Research. New York: Financial Times/Prentice Hall. Pulendran, S. et al., 2003. Marketing planning, market orientation and business performance. European Journal of Marketing, 37(3/4), pp.476 – 497. Skyrme, D. 1989. The Planning and Marketing of the Market Intelligence Function. Marketing Intelligence & Planning, 7(1/2), pp.5 – 10. Solomon, M., 2010. Consumer Behavior: A European Perspective. New York: Financial Times/Prentice Hall. Tomkins, R., 2000. Big May Not Prove So Bountiful for Barclay. Financial Times Weekend, April 8-9. Vaccaro, V., 2009. B2B green marketing and innovation theory for competitive advantage. Journal of Systems and Information Technology, 11(4), pp.315 – 330. Vukmir R., 2006. Customer satisfaction. International Journal of Health Care Quality Assurance, 19(1), pp.8 – 31. Self Evaluation Preparing this assignment and working on it was really a challenge for me, because I had to go through a lot of material to understand and develop this report. I feel that this exercise has allowed me to learn and develop the abilities of looking into right sources from where meaningful information can be extracted. This report has, therefore, made me realize how to conduct marketing research properly and what are some of the best tools and techniques which can be used to gather data and analyze it in order to make business decisions. I also believe that my areas of weaknesses include understanding research techniques in their true spirit. Due to my level of understanding, I feel that I was unable to understand few of the concepts and, resultantly, was unable to realize their true significance for the research. Diversity of data resources is another critical issue which can hamper the progress, because sometimes it simply becomes difficult to decide what sources must be used. Finding relevant and correct data sources, therefore, remained a challenge for me, as I had to go through trial and error basis to understand some of the ways through which data can be extracted better. Generally, I feel that I had really good experience when I was working on this report and learning to increase my understanding of the subject of market research and consumer behavior. Questionnaire Name Address Are you married? If no, please see next question Y / N When are you planning to marry? Do you think green weddings contribute towards conserving environment? Y/N Will you opt for green wedding? Y / N What services and products would you like to use during your green wedding? Should we contact you for any new product or service offered for green wedding? Y / N Have you ever used greed wedding products or services? Y / N What aspects of service do you like most? Are you satisfied with the existing services? Y / N Will you recommend the business to your friends and colleagues? Y /N Read More