The Significant Aspects of Market - Research Proposal Example

Running Head: Research Proposal on Bell Shakespeare Research Proposal on Bell Shakespeare [Institute’s Research Proposal on Bell Shakespeare Executive Summary Promotion of literary works, especially Shakespeare’s is the fundamental objective of this company that attempts to inspire Australians from varying cultural, social, and economic backgrounds with their projection of theatre productions, school programmes, internship opportunities, distance learning projects, teaching workshops, forums, and a broad range of literary activities in different parts of the country. However, Bell Shakespeare Company requires financial support annually to carry out abovementioned activities, and thus, the company fulfills its monetary obligations through box office, government support, and private support of individual donors and corporate ventures. The proposed research will focus on the following problem statement during different stages of the market study: to recognize and understand the stakeholders’ perspectives, essential for an increment in the donor acquisition, optimization of donor retention, and a raised income subsequently. Additionally, the proposed research anticipates comprehensive understanding of attitudes and perception of donors from varying backgrounds related to the working, activities, and objectives of Shakespeare Bell Company. Analysis of the problem indicated that there are three categories of donors: current, lapsed, and prospective. Review of the background of problem further specified that it is now very essential for the company to identify specific needs, perception, and expectations of the donors, in order to continue organizing different programmes and activities in different rural and urban parts of Australia. It is an expectation that the proposed market research will be beneficial for the company, as well as individuals that benefit from different programs of the company. Introduction Since centuries, literature, drama, and theatre remained significant contributors in the educational and social development of human society. In specific, William Shakespeare is one of the greatest English writers that endeavored to alter thinking patterns and express his feelings through plays, such as Hamlet, Macbeth, Romeo and Juliet, etc that are influencing contemporary writers and scholars until today (Stinson & O’Toole, pp. 44-56, 2009). However, experts have indicated a rapid reduction in the interest of such significant pieces of literature due to a number of factors that inclined people like John Bell (2004) to establish philanthropic organizations like Bell Shakespeare Company (2009). Briefly, promotion of literary works, especially Shakespeare’s is the fundamental objective of this company that attempts to inspire Australians from varying cultural, social, and economic backgrounds with their projection of theatre productions, school programmes, internship opportunities, distance learning projects, teaching workshops, forums, and a broad range of literary activities in different parts of the country (Bell Shakespeare Company, 2009). However, like every organization, Bell Shakespeare Company requires financial support annually to carry out abovementioned activities, and thus, the company fulfills its monetary obligations through box office, government support, and private support of individual donors and corporate ventures (Bell Shakespeare Company, 2009). In this regard, it is imperative for the company to be in contact with the stakeholders and update them with outcomes of their support, as these stakeholders are crucial for the uninterrupted functioning of the company. Particularly, the proposed market research is part of a series of efforts that will enable the company to acquire increased turnover of the donations, essential for efficient representation of the company’s objectives and activities. Problem Statement Specifically, the proposed research will focus on the following problem statement during different stages of the market study: “To recognize and understand the stakeholders’ perspectives, essential for an increment in the donor acquisition, optimization of donor retention, and a raised income subsequently.” Research Objectives It is very essential for an organization to identify focused objectives besides the purpose statement, as absence of objectives often results in inefficient outcomes and waste of efforts. For this market research, it is an expectation that results of this study will enable the organization to utilize the acquired resources in an efficient manner, and will facilitate the management in the development and planning of competent promotional programs and annual activities that will bring in more stakeholders in the company. Additionally, the proposed research anticipates comprehensive understanding of attitudes and perception of donors from varying backgrounds related to the working, activities, and objectives of Shakespeare Bell Company. Moreover, the study will facilitate researchers in identifying donors’ expectations and intentions for future programmes of the company, which will allow creation of strategies practically, critical for greater acquisition of donations. Lastly, the research prospects to acquire an understanding of prospective donors that can contribute valuably in the company financially, as well as professionally. Background of the Problem As earlier mentioned in the proposal, Bell Shakespeare Company organizes various programmes and activities for the promotion of literary works of Shakespeare and other writers in different urban and rural parts of Australia (Bell Shakespeare Company, pp. 8-11, 2007). For these programs, the Company requires a substantial amount of capital that may allow incessant operations that endeavor to inspire and motivate Australian individuals to benefit from such a significant and inherited treasure of the history (Milne, pp. 39-43, 2004). In this regard, reports indicated that since its establishment in the year 1991, Bell Shakespeare Company confronted financial problems to carry out its operations. Although Australian Government began to support its different activities financially from 1993; however, private and individual support is crucial and imperative for company’s different programmes and activities. Statistics for 1991 specified turnover of more than 0.3 million dollars that has now increased to around 9.5 million dollars for the previous year (Stanton, pp. 1, 2009). For such a high turnover, Box office that involves theatre productions and educational programmes contribute to 52% in the financial support, followed by 18% share by federal and state governments of Australia (Stanton, pp. 1, 2009). Besides this share of 70% contribution, remaining support of private donors, corporate ventures, etc allows the company to continue working efficiently. In this regard, it is very imperative for private stakeholders to recognize their importance and value, as their 30% share is crucial for different initiatives and programmes of the organization (Stanton, pp. 1, 2009). Studies have indicated that the Australian Taxation Office granted the status of ‘charity tax concession’, as well as ‘deductible gift recipient’ (Stanton, pp. 2, 2009) that is playing a pivotal role in attracting stakeholders from different parts of the country. For such purpose, the Bell Shakespeare Company has introduced different programmes that facilitate individual donors in making their contribution for literary purpose (Craik, pp. 30-35, 2007). In specific, Supporting Cast, Young Artists Endowment, Capital Campaign, and Hearts in a Row are some of the significant offered programmes that engage donors for the acquisition of financial support (Bell Shakespeare Company, 2009). Specifically, the Supporting Cast is a programme that allows individuals to donate on annual basis in different stages. Besides this programme, Bell Shakespeare provides opportunities to college graduates interested in stage productions. Moreover, studies indicated that the company invests a substantial amount in investments that provide fruitful revenues to the organization. In addition to these programmes, analysis of the problem indicated that there are three categories of donors: current, lapsed, and prospective. Company keeps in touch with the existing donors with meetings, forums, and letters. On the other hand, the organization updates lapsed and prospective donors about different activities and programmes through public communication (Bell Shakespeare Company, 2009). Review of the background of problem further specified that it is now very essential for the company to identify specific needs, perception, and expectations of the donors, in order to continue organizing different programmes and activities in different rural and urban parts of Australia. In this regard, the proposed study will involve all the three categories of donors that will result in attainment of comprehensive information valuable for the Bell Shakespeare. Methodology Primary research will be the focal tool in the proposed study that will be focusing on the three categories of donors discussed in previous section of the proposal. In particular, the researchers will be using questionnaires to acquire required information related to donors’ biography, perception, attitudes, and expectations. Questions for current donors will include period of donation, amount of donation, source of referral, experience with the company, and factors that influenced donors to continue participating in different programmes. Lapsed questionnaires will include time of last donation, amount of donation, reason of discontinuation, and factors that may influence them to start again. Lastly, surveys for prospective donors will attempt to identify the level of awareness related to programmes of the company, and factors that may inspire them. In addition to surveys and questionnaires, the researchers will organize focus groups of six to ten existing donors that will provide valuable information to the study related to the attitudes and perception of the donors, essential for the enhancement of strategies in the company. Moreover, existing donors not participating in the focus groups will receive copies of surveys to involve majority of donors in the proposed study. Furthermore, the company will arrange mailing of survey copies to lapsed, as well as prospective donors as well. Data Collection and Analysis In brief, students of the University of South Wales will participate and contribute in the process of data collection during the proposed market research. Specifically, UNSW students will arrange and organize focus groups for current donors, and they will be responsible for sending copies of surveys to absent existing donors, as well as lapsed and prospective donors selected for the study. Moreover, the research will require participants of the market research to mail back completed questionnaires through paid envelopes. Quantitative research focuses more on statistical graphs for analysis of the information. In addition to statistics, measurement plays a vital role in quantitative research, and it will enable mathematical understanding of the outcomes. On contrary, qualitative research focuses on social scientific methodology theoretically. For analysis, the market research will consider both qualitative, as well as quantitative research methodology for acquiring statistical, as well as theoretical outcomes for efficient understanding of the identified problem statement. Furthermore, for sample size calculation, researchers will use the following formula: Formula: SS = Z 2 * (p) * (1-p) c 2 Where: SS= Sample Size Z = Z score (1.96 is taken for 95% confidence level according to normal distribution table) p = percentage (50%), expressed as decimal (0.5 used for required sample size) c = confidence interval, taken in decimal form (for ±5, = 0.05) (1.96)2 * (0.5) * (1-0.5) = 0.9604 = 384.16 (0.05)2 0.0025 Confidence Level: 95% Confidence Interval: 5 Sample Size 384 Conclusion Conclusively, the proposal has attempted to illustrate some of the significant aspects of market research that will facilitate management of the Bell Shakespeare Company to plan effective strategies, programmes, and activities that will inspire and motivate more donors to contribute for the promotion of literary works of Shakespeare and other writers in different parts of the Australia. It is an expectation that the proposed market research will be beneficial for the company, as well as individuals that benefit from different programs of the company. References Bell Shakespeare Company. (2007). Bell Shakespeare two thousand and seven. Bell Shakespeare. Bell Shakespeare Company. (2009). Official Website of Bell Shakespeare Company. Retrieved on Sep 03, 2009: www.bellshakespeare.com.au Bell, John, (2004). John Bell: the Time of My Life. Allen & Unwin. Craik, Jennifer. (2007). Re-visioning Arts and Cultural Policy. ANU E Press. Milne, Geoffrey. (2004). Theatre Australia (un)limited. Rodopi. Stanton, Willa. (2009). UNSW Research Brief. The University of New South Wales Press. Stinson, Madonna & O’Toole, John. (2009). Drama and Curriculum. Springer. Read More