Marketing Research at The Royal Mint - Case Study Example

? Information for Decision Making Executive Summary Marketing research is an important tool in collecting and analysing the information. Royal Mint is world’s leading coin making company with over 1000 years of history. The problem definition has provided a holistic view of both broad and narrow topic associated with the research topic. The objective of this paper is to show the importance of technology in an organisation. The paper’s purpose further lies in analysing the prospects for the advanced technology to meet the needs of an organisation. The research design of the paper provides the details of the research methodology. The research methodology used in the paper is both qualitative and quantitative. Sampling has played an important role in data collection process. The sampling was supported through questionnaire. Data analysis provides the results based on findings. Cost and time table further emphasises on the need of budget and time for the research. Conclusion and recommendation gives an overview of the limitations and important of technology in an organisation. Table of Content Introduction 5 Background 6 Problem Definition 6 Research Objective 7 Research Design 8 Sampling 9 Data Collection 9 Questionnaire 10 Data Processing and Analysis 11 Reporting 12 Cost and Timetable Activities 12 Conclusion & Recommendation 13 Reference 15 Bibliography 18 Introduction Marketing research can be defined as the process of analysing, collecting and devising the required information. Marketing research is an important procedure for any company wanting to market its product in a new territory (Burns & Bush, 2007, p.7). Marketing research methodology involves the explanation of the problem and the process to find the desired solution. The cause of problem and the research methodology plan are directly proportional to each other. Marketing research is an important component to collect the desired market information. Marketing research helps in identifying the problems and opportunities by linking the consumer and the marketer. It further evaluates and enhances the understanding of the marketing process and helps in finding the methods to make certain activities of marketing more presentable and effective (Schmidt & Hollensen, 2007, p. 19). Marketing research helps an organisation to modify the marketing-mix and also supports the activities which lead to the customer satisfaction. It is an important tool to make sure that both demand and supply are being taken care of by an organisation. In a broader sense it helps to develop a good equation between the customers and the suppliers (Bradley, 2007, p. 4). Background The Royal Mint is the worlds oldest and the leading mint exporter. Founded over 1,000 years ago the Royal Mint has achieved the status of national treasure (Royal Mint, 2012). It is not only known for its art of coin making but high quality and craftsmanship makes it a worldwide leader. The Royal Mint is not subjugated to coin making only but is associated with craftsmanship of medals as well. UK might be the home to the company but it has its presence in more than 50 countries. The company which makes coins for UK has been roped in to make commemorative medals for the Olympics 2012 to be held in London. Over 1000 years of history and maintenance of the high quality artistry has made the company most sought after by different countries around the world. Technology has further improved the company’s structure and functionality. Technology has helped the company to keep a database of the customers and also build customer relationship through CRM system. Problem Definition The problem definition is related to identifying the broad topic associated with research. The broad topic in relation to the research can be the problem faced by the Royal Mint in achieving the target of making medals for the Olympics 2012 along with meeting the deadline. The broad topic is further divided into narrow topic. The narrow topic is more related to the problems which can have an impact on the broad topic of the research (Prathapar, 2012). The narrow topic can be like the problems associated with the technology which may affect the smooth functioning of the company. The next step related to the problem definition is to formulate the objective of the research. The objective may be to achieve certain goals which include satisfying the customer needs, meeting the target and enhancing the customer relationship in order to be amongst the leading player. Question associated with the research makes up a considerable part of the problem definition. The question in context to the research topic is the ones which are to be dealt by the company to find a solution of the problem. Research Objective The purpose of this research is to identify the effects of technology to enhance the productivity of the company. The main objective of this research paper is to investigate the importance of Database management and CRM system in establishing the demand for the Olympics 2012. Apart from this the effect of these systems will also be analysed. The research focuses on the issue of meeting deadlines with the association of technology. The impacts of different systems to keep a record of the customers to build a strong relationship have been detected in the research. This research will help the organisation to implement better technology to attain better results. Though this research has been conducted based on specific industry but it has a broader application and can be put into effect in context to other industries as well. The research has conducted research design which includes sampling and the methodology process. The research then evaluates the data collection process and finding. Finally cost and the time table activities were covered in the research. Research Design The research emphasises on the practicality of the topic. Different approaches have been used to conduct the study rather than using a specific approach. The research has used a combination of approaches such as inductive and deductive along with the exploratory and explanatory approaches. The research design is largely based on the secondary data but primary data will also be used as part of the research. There are several means of collecting primary data and one amongst them is focus group interview. The focus group interview technique largely involves gathering data through group interviews of respondents that are selected for focused and decisive means (Stopher, 2011, p.128). The study uses mixed-method technique which involves qualitative and quantitative research methods. The first stage of the research will involve the internal data of Royal Mint. These data will be collected on the approval of the organisation and then will be preceded by analysis. Performance of the organisation will give an idea about satisfaction level of customers. Analysis of the effect of technology in the organisation before and after using it over the years will be performed. Sampling The sampling will be performed using probabilistic sampling technique of simple random sampling. This will allow every individual from the selected population to be a part of the research (Babbie, 2010, p.128). A sample size comprising of around 20-25 individuals will be used to collect the desired data. The samples will be selected in a way such that the groups are homogenous within the groups and heterogeneous with other groups. This will ensure the generalisation of the research and the results of the research conducted through sampling of population can be inferred as results from the entire population (Kalton, 1983, p.35-38). Data Collection The data collection technique in the research will comprise of questionnaire survey. The questionnaire will have open ended question to facilitate qualitative research. The questionnaire will also help to gather more information about the research problem from the respondents as it does limits the respondents from pertaining information to a research question (Brace, 2008, p.3-56). The questionnaires will be used to directly approach the respondents regarding the research topic. Mailing will also be extensively used to gather data from the selected individuals. Questionnaire A set of questions designed for the purpose of research through which data are collected and analysed can be defined as questionnaire. It helps an organisation to attain the objective of the research (McDaniel & Gates, 1998, p. 265). Focus group interview will be followed by the survey involving large scale questionnaire. This survey will be deductive approach as the theory related to the employee satisfaction, productivity and performance will be part of the analysis. The questionnaire involves both descriptive and explanatory as part of the research. The data collection through questionnaire will take place only after the questionnaire has been piloted. Non-random sampling will be used at the organisations. The disadvantage with the questionnaire is that the answers may be influenced by others which may affect the analysis and give undesired results. Data Processing and Analysis The data collected through the questionnaire will be analysed using a mixed research methodology. The mixed research methodology involves qualitative and quantitative techniques of research. Quantitative research method will be used to quantify the data collected through survey. Qualitative research method will be used to analyse data which does not need to be quantified. Qualitative method will also be helpful in generating a cause and effect analysis of the research topic (McLeod, 2011, p.1-3). Quantitative research is an important tool which along with descriptive and qualitative research can help to enhance a company’s understanding of the interrelated variables of market (Stevens, 2006, p. 34). The qualitative data based on observation will be collected and summarised to ease the understanding of the finding related to the research question. The mixed research methodology will ensure higher value, reliability, consistency and validity in the research. The mixed research methodology involves the process of analysing the underlying concepts and other secondary research aspects and then applying empirical research methods to test the elements and aspects of the research. This will enable better understanding of the theoretical dimensions. Further testing these dimensions in the real market conditions will help to create more effective learning (Creswell & Clark, 2010, p.4). The research design based on these methods will provide a in- depth insight of the research problem and the associated solution. Reporting The findings of this research report will be presented through the presentation of the research topic along with a written report. This research study will be arranged in a structured manner following a sequential manner i.e. introduction, research design, sampling, data collection, time table, results and references. Cost and Timetable Activities The study will be spread over a time period of six months. These six months will be segmented equally for the specified tasks related to the research. The entire research will be divided into activities and specific timeframe along with deadlines will be allocated to each of these activities. The research methodology will start only after having doing basic research on the topic. The setting of research methodology occurs after setting up the budget for the research. This will provide an idea about the required cost for the research purpose. The data collection will take time because of the unavailability of all the respondents at a given time. The collected data will be analysed to have a key insight about the research topic. This step will be followed by summarising the findings. The findings of the research will ensure better understanding of the research topic. Apart from some specific activities other activities are also performed in parallel. This is done to increase the efficiency of the research methodology. The research will enter into the final stage where the research will be concluded based on the findings, data collected and analysed. The conclusion will be followed by presenting the recommendations for the research topic. The recommendations will be provided along with the conclusion to increase the effectiveness of the recommendations. This will help to resolve the issues related to the research topic and providing an alternative to deal with the current situation. Conclusion & Recommendation The research defines the need of technology and its preference by an organisation. The research has emphasises on the issue of technology and its implications. But, all this research may also prove to be insufficient as every research has its limitations in providing the exact data. This paper was primarily based on the qualitative research and it had its limitations. Qualitative research processes in an unstructured manner which may also lead to biasness. Also the sample collection is based on small groups which provide limited access to information (Writing.colostate, 2012). The location of the survey conducted can also be limitation in the research. People always prefer being compatible and comfortable with the location or else it may affect their response to the survey questions. Finally, errors in sampling may occur unintentionally which can affect the generalisation aspects of research findings (Zikmund & Babin, 2006, p.479). Apart from this, budget for the research can be another limitation. The research has provided a good insight about the factors of technology and its importance. The research suggests that it is highly recommendable for an organisation to opt for latest technology which will not only provide a quick access to the needs and wants of the customers but will help increase the productivity of the organisation. Technology over the years has evolved to a great extent and has made the task simple for an organisation. Despite this fact there are flaws in technology as well. But, it’s worth adopting the new technological methods and benefit from it than to simply ignore it based on the fact that no technology provides full proof guarantee. Moreover, technology makes the decision making process simpler for the organisation and help it to implement new strategy if the existing fails. Reference Babbie, E. R. (2010). The Practice of Social Research. USA: Cengage Learning. Brace, I. (2008). Questionnaire Design: How to Plan, Structure and Write Survey Material for Effective Market Research. USA: Kogan Page Publishers. Bradley, N. (2007). Marketing Research: Tools & Techniques. USA: Oxford University Press. Burns, A. C., & Bush, R. F. (2007). Marketing Research. New Delhi: Pearson Education India. Creswell, J. W., & Clark, V. L. P. (2010). Designing and Conducting Mixed Methods Research. USA: SAGE. Kalton, G. (1983). Introduction to survey sampling, Issue 38. USA: SAGE. McDaniel, C. D., & Gates, R. H. (1998). Market Research Essentials. USA: Taylor & Francis. McLeod, J. (2011). Qualitative Research in Counselling and Psychotherapy. USA: SAGE Publications Ltd. Prathapar, S. A. (2012). Research Problem Definition. [Ppt]. Available at: http://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CFkQFjAE&url=http%3A%2F%2Fweb.squ.edu.om%2Fsqumj%2Fresources%2FResearch%2520Problem%2520Definition%2520%26%2520Proposal%2520Writing%2520SA%2520Prathapar.ppt&ei=K3-iT6GrNMzrrQeFmtWgBw&usg=AFQjCNFNBgmAP4lleFdrbIrXqHoVZ6YV3A. [Accessed on 3 may 2012]. Royal Mint. (2012). Our History. [Online]. Available at: http://www.royalmint.com/aboutus/our-history. [Accessed on 3 May 2012]. Schmidt, M. J., & Hollensen, S. (2007). Marketing Research. New Delhi: Pearson Education India. Stevens, R. E. (2006). The Marketing Research Guide. USA: Routledge. Stopher, P. (2011). Collecting, Managing, and Assessing Data Using Sample Surveys: A Primer. USA: Cambridge University Press. Writing.colostate. (2012). Disadvantage of Qualitative Observational Research. [Online]. Available at: http://writing.colostate.edu/guides/research/observe/com2d2.cfm. [Accessed on 4 May 2012]. Zikmund, W.G., & Babin, B. J. (2006). Exploring marketing research. USA: Cengage Learning. Bibliography Brace, I. (2006). Questionnaire Design: How to Plan, Structure and Write Survey Material for Effective Market Research. USA: Kogan Page Publishers. Malhotra, N. K. (2008). Marketing Research: An Applied Orientation, (Ed. 5). New Delhi: Pearson Education India. Parasuraman, A., Grewal, D., & Krishnan, R. (2006). Marketing Research. USA: Cengage Learning. Read More