Problems Associated with the Purchase of Textbooks - Research Paper Example

Executive summary: The exorbitant price charged for the textbooks purchased by the CU students on campus (in the UMC) as well as the main bookstore on the hill does not match the value and the utility derived from the textbook procured. The purpose of this study is to establish possible solutions or alternatives so as to render the maximum satisfaction at the minimum cost levels. CU has established a book system that does not meet the criteria and for this reason there is a need to put the system in place so as to reduce the costs of books procured by the students. Such a system would involve the renting of text books at a fixed rate for each semester, adding up the cost incurred in the total tuition fees paid by the CU students. From the survey undertaken it was clear that students spend over 500 dollars per semester for the purchase of required text books, For each semester students are required to purchase text books which are discarded in the next batch due to change in the revision, hence have to sold at a very less price to friends and class mates, bookstores etc The study however shows that only a few of the selected respondents sell their books, others do prefer to retain them. Introduction: This study establishes problems associated with the purchase of text books, a random sample was selected and 42 respondents were interviewed. Due to the financial constraints the survey was done through posting the questionnaire through mail. To our utter surprise all 42 respondents mailed back their feedback form Age Group Total number 17- 19 01 20-22 39 23-25 02 The sample also contained 8 respondents who were attending their second year, 23 respondents attending their third year, 9 attending their forth year and 2 attending their fifth year, none of the respondents were attending their first or the sixth year. Regarding the courses undertaken 19 were taking A$S, 3 of the respondents were taking engineering, 5 were taking journalism, 13 were taking business and only one in architecture and one in education. For this reason therefore almost all the students undertaking different courses were represented in this survey. Research methodology: Market research is generally either primary or secondary (Burns,2001).[A primary research methodology was chosen for the research. A questionnaire(A research instrument consisting of a series of questions and other prompts for the purpose of gathering information from respondents,Questionnaire,2008) was prepared and pre tested to check if it was bias or not. The questionnaires were distributed to the respondents for their feedback a positive response was observed as all the 42 respondents jotted down their personal opinion regarding the questions framed. If the time available for the research was more, then a direct face to face survey could have enhanced the efficiency and accuracy of the data collected, infact the number of people surveyed could be increased resulting in more accurate analysis of the problem defined. Use of open ended coding could have been a major research tool if a face to face survey was done as the reliability of the data could have been observed and judged properly. The questionnaire was aimed at solving the related problems such as: I. Do CU students pay too much for textbooks? II. Are CU students satisfied with non-CU sponsored textbook retailers? III. Are CU students always able to get the books they need (i.e. required texts) from the CU retailers? IV. What methods are used by CU students to dispose of their books? V. Is there an alternative for getting cheaper textbooks before classes begin? The questionnaires also aimed to gather and effectively and accurately interpret the data researched in form of the questionnaire distributed to the students deriving back their opinion and response. The student’s view regarding possible solutions that could help in the functioning of a proper system was reflected in the responses given by the students which clearly state that: CU should sponsor textbooks Greater reserves of required textbooks should be maintained in the Library Renting of textbooks at a lesser price with an appropriate return of funds at due course of completion of the semester. Analysis After data was collected various analysis and interpretations were made including regression analysis to check for the relationships between the collected data. When asked whether the book purchase system at CU was fair and affordable, the answer was on a positive note as the P value at a 95% confidence level is .041.05 (Refer to the appendices for the data analyzed) We related questions 11 and 16 and they did not show a correlation. This means that the student’s satisfaction does not predict weather or not they are interested in an exchange program. We know this because the P value at a 95% confidence level is .307>.05. We related questions 11 and 17 and they did not show a correlation. This means that the student’s satisfaction does not predict weather or not they are interested in a renting program. We know this because the P value at a 95% confidence level is .8625>.05 Some of the relationships analyzed were depicted in graphical form to reveal a better analysis of the extent of the problem and possible solutions viable for the problem. Results and discussion: After a careful data collection and analyses done, various results were evident supporting the main problems faced by students and also the various solutions to the problem were found, it was clear that most of the students were dissatisfied with the use of text books used due to the high cost of purchase Amount spent per semester on text books: From the data it was evident that the average amount spent per individual on the text book was over $500. The following table summarizes the average amount spent per individual:   F X       class frequency mid point FX X-X' (X-X')2 0 to 200 3 100 300 -333.333 111111.1 201 to 400 13 300 3900 -133.333 17777.78 401 to 600 22 500 11000 66.66667 4444.444 601 to 800 3 700 2100 266.6667 71111.11 801 to 1000 1 900 900 466.6667 217777.8 total 42   18200 -433.333 187777.8 mean     433.3333   610000             variance 14878.05         standard deviation 121.9756         From the above table it is clear that the mean amount spent on each semester is 433. The standard deviation from the mean is equal to 121.9756, therefore the data deviates 121.98 units from the mean which is an unacceptable figure under all circumstances. In this case we can state the null and alternative hypothesis as follows: Null hypothesis: H0: B1 = 450 Alternative hypothesis: Ha: B1 ≠ 450 Our estimation will be as follows for our Z calculated value: Z = (X- U)/ (s/√n) Z = 450 – 433.33/(121.9756/(42)½) Z = 0.885524 At 95% level of test we accept the null hypothesis, this means that the mean amount spent on books is greater than our stated estimated mean, and for this reason the amount spent on books for each semester is greater than $433. Source of books: From the data analyzed from the research questions, aimed at investigating whether the majority of respondents purchase the books from CU book store or not which is evident from the data collected on question 4’Sources of purchase’ of the questionnaire, the following chart summarizes the results: From the chart 79% of the respondents purchased their books from CU sponsored stores while 195 purchased books online and only 2% of the respondents purchased their books from non CU sponsored store, further findings showed that none of the respondents bought their books from friends or even classmates. The majority of individuals will purchase their books from the CU sponsored stores because of the availability and ease of purchase resulting in lesser time consumption. This data also shows that majority of books are bought from stores and not from other individuals, a high percentage of the books purchased are from the CU book store and not from other sources, this therefore makes it difficult for the students to dispose their books to others when the semester ends and books are not required any more. When asked” What is most important to you in the textbook buying process? The statistical analysis was done depicted as under: Satisfaction of personal use of books compared to the price: From data collected, it was palpable that the respondents were discontented with the utility derived from the books compared to the price or the value of purchase, the respondents viewed these books as expensive despite having used them for a whole semester their post purchase cognitive dissonance was clearly reflected in their feedback. Appendices CU Textbook Survey Dear Respondent,          Thank you so much for taking the time to fill out this questionnaire. We are conducting research for our Marketing Research 3350 class. Our objective is to research how CU students feel about the current textbook system at CU and to explore alternative methods for purchasing textbooks that could be offered through our university. This survey will be handed out to CU students from a variety of majors so there is limited bias from different schools within CU. Therefore, your individual input is extremely important to us. Your responses will remain anonymous and will be strictly be used for this research project only. Again, we appreciate your time and effort and do not hesitate to ask any questions.       Sincerely,       Emily Steider       Jana Lefsrud       Chris Carroll       Zach Meints QUESTIONNAIRE 1. How do you primarily pay for your books? (check one only)  Parents  Yourself  Scholarship  Student loan 2. In total, about how much did your books cost last semester? (check one only)  $0-200  $201-400  $401-600  $601-800  $801-1000  $1001+ 3. What is the most you have ever spent on books for one semester? (check one only)  $0-200  $201-400  $401-600  $601-800  $801-1000  $1001+ 4. Where do you buy the majority of your books? (check one only)  CU Bookstore (UMC or on The Hill)  On-line  Non CU-sponsored bookstore  Friends, Roommates, or classmates 5. How often are your required texts available for you to purchase at CU-sponsored bookstores? Never Not often Sometimes Very often Always 6. How often are your required texts available for you to purchase from non-CU sponsored bookstores? Never Not often Sometimes Very often Always N/A 7. How often are you able to find your required textbooks for purchase online? Never Not often Sometimes Very often Always N/A 8. How satisfied are you with your personal use of your textbooks during the semester compared to their cost? Very Dissatisfied Dissatisfied Neutral Satisfied Very Satisfied 9. What do you most often do with your textbooks at the completion of your course? (check two)  Sell it back to the bookstore  Sell it online (ex. Amazon.com)  Sell it to a friend/classmate  Keep it  Throw it away/get rid of it  Other (Please specify) _____________________________ 10. What is most important to you in the textbook buying process? (check one only)  Price  Convenience (close location)  Have books before classes start  Having the latest edition  Other (Please specify) _____________________________ 11. Overall, how satisfied are you with the current textbook buying process at CU-sponsored bookstore? Very Dissatisfied Dissatisfied Neutral Satisfied Very Satisfied 12. Do you think that the current textbook system used at CU is fair? Very Unfair Unfair Neutral Fair Very Fair 13. Do you think textbooks are affordable for the average college student? Very Unaffordable Unaffordable Neutral Affordable Very affordable 14. In using an outdated edition of a textbook, how often did you perceive a difference in the material covered when compared with the up-to-date edition? Never Not often Sometimes Very often Always N/A 15. Rate your level of interest in purchasing an e-Book, which is a textbook that is viewed online, rather than in a bound form. Not Interested At All Somewhat Interested Interested Very Interested 16. Rate your level of interest in using a textbook exchange program sponsored by CU in which, at the beginning of the semester, you would exchange last semester’s books for the current semester’s required texts. Not Interested At All Somewhat Interested Interested Very Interested 17. Rate your level of interest in using a textbook renting system where CU would sponsor a program in which you would rent your textbooks for the semester and then return them at the end of the semester. Not Interested At All Somewhat Interested Interested Very Interested 18. Rate your level of interest in using a textbook renting system where CU would sponsor a program in which you would rent your textbooks for the semester and then would return them at the end of the semester at a flat rate applied to your tuition bill every semester. Not Interested At All Somewhat Interested Interested Very Interested 19. Rate your level of interest in using a textbook exchange program sponsored by CU in which, at the beginning of the semester, you would exchange last semester’s books for the current semester’s required texts at a flat rate applied to your tuition bill every semester. Not Interested At All Somewhat Interested Interested Very Interested 20. In using an outdated edition of a textbook, did you perceive a difference in the graphics (tables, pictures, examples, etc…) when compared with the up-to-date edition? Never Not often Sometimes Very often Always N/A 21. What is your age?  17-19  20-22  23-25  26+ 22. What is your current student status?  First Year  Second Year  Third Year  Fourth Year  Fifth Year  Sixth Year + 23. What schools at CU are you currently enrolled in? (check up to 2)  Arts and Sciences  Engineering  Architecture  Journalism  Education  Business  Music 24. Are you currently a paid employee?  Full-time  Part-time  Not a paid employee Thank you so much for your time! Your input is greatly appreciated! Regression Statistics Multiple R 0.316643 R Square 0.100263 Adjusted R Square 0.077769 Standard Error 0.904913 Observations 42 ANOVA   df SS MS F Significance F Regression 1 3.650045 3.650045 4.457428 0.041047 Residual 40 32.75472 0.818868 Total 41 36.40476         Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 1.660377 0.442832 3.74945 0.000561 0.76538 2.555375 0.76538 2.555375 Q13 0.471698 0.22342 2.111262 0.041047 0.02015 0.923247 0.02015 0.923247 REFERENCES: 2001, Market research, Wikipedia, the free encyclopedia, modified on 10 April 2008, 2008, Questionnaire, Wikipedia, the free encyclopedia, modified on 15 April 2008, < http://en.wikipedia.org/wiki/Questionnaire> Farlex, 2008, Co-relation, The free dictionary by Farlex, Viewed on 18 April 2008 Read More