Jack Limited Marketing Strategy - Research Proposal Example

A Research Proposal for Jack Limited March 15, 2008 I. BACKGROUND Jack Limited definitely needs a new Marketing Strategy. Given the circumstances surrounding the fact that most walk-ins do not actually find interest in purchasing the items being offered, there should be a lot of things to fix in Jack Limited’s product lines and perhaps, in the over all operations. This is the reason why a market research is needed. The management team needs to find out what would entice the target market into buying Jack’s products, and consequently, to bring in sales to the company. II. OBJECTIVE This research aims do the following: 1. Learn about the buying habits and preferences of the target market to be able to effectively offer the right products at a given time. The company should be able to identify the factors that would fulfill the needs of the target market for it to gain popularity and achieve increase in net margin; 2. Give Jack Limited a different viewpoint as with regards to its store operations, and provide invaluable feedback from the eyes of a consumer; 3. Assist Jack Limited in identifying its preferred positioning by studying the target market; and 4. Assist and Support Jack Limited in identifying and deciding on the right marketing strategies for its stores to be able to sell more. III. SCOPE This research will focus on the existing market segments of Jack Limited. It will also take note of the possible diversities and differences given the various locations of Jack Limited’s 150 branches in the country. IV. REVIEW OF RELATED LITERATURE The Retail Business will continue to thrive in the UK. Retailers prove to be helpful to manufacturers and end-users in the achievement of their own individual objectives. For manufacturers and wholesalers, retailers provide the most accessible sales channels for the products. It gives manufacturers the desired sales and profits minus the concerns of managing a store’s daily operations. For end users, retailers provide a ready and a wide-array of product choices to choose from. In the US and the UK, Retailing is still the fastest-growing segment of the economy. In US alone, retail contributes about 38% of its gross national product (How to Start a Retail Business. 2008). With this, competition proves to be stiff. Retailers need to devise ways and means to continue capturing their target market’s interests and imagination. It’s a dynamic process that needs to be addressed constantly. Retailers cannot afford to just sit back without being conscious of the current trends. Given the scenario, Retailers have more roles in fulfill to their customers. According to Mr. Ted Haribut of Inc.Com, Retailers need to involve its customers in their operations and create an experience that would leave a lasting mark to them. (Create a Retail Experience. 2008). This way, retailers may be able to establish repeat purchase and eventually, loyalty among target market. Operations-wise, retailers also need to improve constantly. It might be that the customers’ demands are being delayed due to non-efficiency of the operations. Retailers must identify the smoothest way possible to deliver a customer’s preference, as time is money, and the last thing for them to mistakenly do is waste their customers’ time. Customer service is also another factor to consider in the Retail Business. It is one of the most important factors in identifying the right marking mix for products and services (The Importance of Customer Service. 2008). It is important to be able to develop the right customer service skills to be able to understand and effectively respond to the market’s needs and wants (Customer Service: The Importance of quality Customer Service 2008). Further, it is important to be able to build customer trust, as this is the only way to make them come back and buy some more (5 Principles to Cement Customer Trust. 2008) It is important to note these considerations so that the Research Group may be able to design the right methodology in analyzing the market and Jack Limited’s Operations as a whole. V. METHODOLOGY AND APPROACH This research will target the existing customers of Jack Limited and those who patronize the competitor brands. As part of the survey strategy, this research group will pose as an independent body that wishes to analyze market trends and buying habits of the target market. This way, the research group would be able to avoid biases in the answers of the target market. To launch this research, an independent website shall be launched, inviting would-be respondents to participate in the research for a chance to win special prizes. For the duration of the research period, this independent website shall utilize major Search Engines so that it would land on top of Google and Yahoo’s search list for on line shoppers. The website should be attractive and must be flexible enough to segue as Jack Limited’s Official Website by the time it would re launch at the end of the campaign. To support this, questionnaires shall be floated in targeted offices and malls, bringing the campaign to a more personal level. Questionnaires shall then be collected and handled at the end of the floating period. On the other hand, mystery shoppers shall also be deployed randomly in Jack Limited’s branches to identify, in return, if the quality of customer service and the smoothness of operations have direct effect in customers’ attitude towards the store and the products. This way, the company may be able to devise ways to improve its operations and perhaps, its customer service policies. The research will be done in two phases: 1. Qualitative – Questionnaires shall be geared towards identifying the market’s needs and wants, their preferences and their desired way of life. The research aims to break down the target market into two or three unique major segments for the management to effectively concoct ways to address them. Any outcome would be the basis for future marketing campaigns. This company would also aim to be able to interview a minimum of 50 respondents to ask more personal questions and determine the factors that would lead them into actual purchase. To be able to pick these 50 respondents, those who will participate shall be given incentives for their contribution in their studies. Choosing would be done randomly so as not to affect the outcome of the research. A qualitative approach shall also be utilized during the mystery shopping part, in which our representatives would be able to gather data regarding the operations staff’s attitudes and perception towards the store, the market and the business as a whole. For the two target respondents, it is important to understand and segmentize the various personalities interacting with one another. 2. Quantitative – This would aim to know the variations in foot traffic, and the average spending of the target market on the merchandise being offered by Jack Limited. Consequently, this research aims to affect the store location and the merchandise pricing. The research aims to gather data from 8,000 respondents coming from the various market segments that Jack Limited. On line respondents will comprise 3,000 out of the total target of 8,000. Mystery Shoppers will cover 40% of the branches, and will be diverse as possible, reaching locations that have potential huge differences in terms of market and market feedback. VI. FACILITIES The Internet would be useful for this research. Other media needed include TVs, Radios, and major dailies. The Research Company has its own facilities to use while consolidating the data retrieved from the respondents. This will form part of the agency service fee, to be seen in the next portion. VII. BUDGET Operational budget shall be considered. This is as follows: Internet site creation and hosting: £ 10,000 Media Support £ 10,000 Mystery Shopper support £ 5,000 Fee for actual floating of questionnaires, including manpower costs £ 5,000 Agency Service Fee £ 2,000 VIII. DELVERABLES AND PROGRAMME SCHEDULE The research should be covered within the span of six weeks, the results within two weeks from the completion of research. Research campaign is slated for launch April 1 and would end on May 16, 2008. Final recommendation shall be forwarded end of May. IX. IMPLICATONS AND NEXT STEPS Whereas this Marketing Research aims to give Jack Limited Management a better grasp of the market and an evaluation of its operations, including customer service quality and product options, the recommendations might not exactly coincide with the management and business directions. Researches are often unpredictable and there are plenty of surprising feedback from the target respondents and targets. As such, it is important that Jack Limited management really listens to market feedback that this research project will deliver after the completion of the activities listed in this proposal. REFERENCES: How to Start a Retail Business. Retrieved March 15, 2008 from http://www.entrepreneur.com/startingabusiness/businessideas/startupkits/article75912.html Create a Retail Experience. Retrieved March 15, 2008 from http://www.inc.com/resources/retail/articles/200802/hurlbut.html The Importance of Customer Service. Retrieved March 15, 2008 from http://www.thetimes100.co.uk/theory/theory--the-importance-customer-service--414.php Customer Service: The Importance of Quality Customer Service. Retrieved March 15, 2008 fromhttp://www.customerservicetrainingcenter.com/customer_service_the_importance_of_quality_customer_service.htm Marketing Research Proposal. Retrieved March 15, 2008 from http://destinydawnmarie.blogspot.com/2007/05/marketing-research-proposal.html 5 Principles to Support Customer Trust. Retrieved March 15, 2008 from http://retailindustry.about.com/cs/tm_customerservice/a/uc_obarski5.htm 7 Habits of Business Success. Retrieved March 15, 2008 from http://sbinformation.about.com/cs/development/a/032303.htm Market Research. Retrieved March 15, 2008 from http://www.managementhelp.org/mrktng/mk_rsrch/mk_rsrch.htm Read More