Researchers and Laboratories, Market Researches - Essay Example

Researchers and Laboratories Executive Summary A market research is carried out on the researchers and laboratories including schools and colleges toascertain the expectations of the people here in making use of postal services. The postal services will optimise the usage of the airline industry and would also cater to the needs of the researchers. Taking this lead, researchers, schools, colleges and the labs are taken to be a major or key customer. A survey is conducted on the key customers by employing a questionnaire which has both qualitative as well as quantitative questions in them. The results are subjected to both quantitative and qualitative analysis and the deductions are presented here. Overall, there is an expectation from this key customer group that there be a cost effective and guaranteed delivery mechanism in the postal services. Time is critical for them. But they are more particular about the time of delivery being committed rather than just being fast. In short, a fast, reliable and economical delivery mechanism is what is expected out of the postal services from this key customer group. Table of Contents Executive Summary 1 Table of Contents 2 Introduction 2 Aims and Objectives 3 Key Customer Group 3 Research Methodology employed 5 Survey Results and evidences 6 Analysis and Discussion 7 Qualitative Analysis 7 Quantitative Analysis 8 Conclusion and Recommendations 10 References 10 Appendices 11 Introduction The courier service has been picked up as the business for consideration. This would work more like the postal services and would make use of the airline industry which would also benefit by introducing such a service. With the changing and dynamic scenario of currency exchange rates and international travel playing a major role in the airline industry, the courier or postal services will bring in a semblance of stability to the industry. Also, there are gaps in the airline industry which could make operation of the postal services profitable. Based on all these conditions, the airline industry is chosen to support the postal services that are planned for the purpose. In order to evaluate the possible impact of such a postal service on the using customers and the major or key customers and what they look for in this business, a survey is planned. The following groups of people are considered key customers for the business: 1. Researchers and two, Laboratories. These industries require delivery of a message or information from the researcher to the lab and vice versa swiftly as well as without any ambiguity. Therefore, the possibility that these people would become a key customer is high. Aims and Objectives The aim of this work is to ensure that an appropriate survey is conducted on a key customer group resulting in gathering relevant information that will help the management to make appropriate decision. The objectives of this project are to conduct a market research and survey on the usefulness and acceptability of a postal service. In order to achieve both the aim and the objectives, it is important that an appropriate target or key customer group is identified. Secondly, a proper questionnaire is also designed for the purpose of conducting a survey. In line with this need, the following jobs are subsequently done. Key Customer Group Many of the schools and colleges have research fellows working under their stewardship. In addition, there are also researchers in private and public labs who are also on the job of research. It will be impossible for the researchers to share their work with their other colleagues without having appropriate communication methodology. Though with the large scale increase in technology, namely internet and email, it is still found that there is nothing that would equal printed paper sharing and the ease with which one can share the printed paper. Therefore, it is imperative that this group of people make use of the postal services more than any other group of people and it would be important for the postal services that is planned to appeal to these people. The researchers and the labs associated with research are considered the key customer group in this case. There is no specific targeted marketing that has been done with this group by any of the postal services. That would also explain why this group is still migrating to a new and a better service whenever it happens. This group is large enough to take care of the basic working margins required for the postal services. But then, it is important to understand and appreciate their requirements and then produce a service that is tuned to their needs. This way, meeting up their needs and growing subsequently to meet up to their requirements will improve the business with this key client group. The target group will not only comprise of the researchers and the laboratories concerned, these also would include schools and colleges that are also part of the laboratories most researchers work in. The key customer group can be viewed as comprising of these three segments of people: one, laboratories, two, schools and colleges and finally, the researchers themselves. The key customer survey will be conducted on all of these three people. Research Methodology employed There is a large sector of researchers, schools and colleges including the laboratories existing in every part of the country (Groves et al, 2004). In order to judge the needs of this group, it is not possible to conduct an hundred per cent survey. A sample lot of this group is taken and the same are evaluated. Apart from this, the sampling can also be done on a segmented market space created by this group of people. The market space is further segmented into two as: researchers who are working in the labs and those that are working away from their labs (Wedel & Kamakura 1999). For our current consideration, these two segments should be portraying different requirements of the same key customer group. The method employed will be a hybrid method comprising both of a quantitative as well as a qualitative method. A questionnaire is prepared for the purpose which will have a quantitative portion that employs a Likert Scale of five points. The questionnaire will stress on the delivery that is liked by the person who is responding. In addition to the eight questions that make up the quantitative questionnaire, there will also be one qualitative question trying to elicit the nature of expectations that the people will have on such a service. A sample of twenty people is taken from the entire group comprising of ten each from both the segments. This selection of sample will be randomly distributed and no specific logic for selection of sample will be done. This is to ensure appropriate randomization that would enable the results to be more dependable. Subsequent to this, analyses of the results are carried out; both quantitative as well as qualitative methods are employed for the purpose. The quantitative values are cast into a spread sheet and graphs relating specific results are drawn for easier analysis. Qualitative analysis is carried out in line with the answers provided by the respondents. The results are tabulated in both the cases and are presented here. Survey Results and evidences Twenty people were selected on a random basis and were requested to respond to our questionnaire. Please see appendices. This questionnaire is distributed to them over their email and the respondents were noted. Two of the respondents did not respond within the expected time of three days. Since they failed to respond, two more random respondents were picked up and the questionnaire sent to them. The responses from them have also been included in the data for further analysis. Finally, there are twenty respondents who have provided answers to the survey conducted. The same is used in the analysis done later. The data obtained from the survey is given below for quantitative questions in Appendix II as an excel file. The results identified from the respondents questions on the qualitative end indicated that the customers could migrate to a new postal service if and only if, the postal service has something more to offer them in terms of value. The value is realised if there is either increased speed of service. Or if there is an increased reliability in operation or the entire work is done swiftly within the said time limit with utmost reliability of the service. The third important requirement noticed, is the fact that they would like to have all this at a lesser cost. The lesser the cost there is an increased movement of people over to the service that is being rendered. This has been indicated by the qualitative question which has been present in the questionnaire. However, the overall statistic of the questionnaire has to be noted and is given in the subsequent paragraphs. Analysis and Discussion The entire analysis is based on the respondents from the key customer group already identified (Saris & Gallhofer 2007). 1. The key customer group feels that the postal service offered should be fast and on time every time. 2. In addition to this, the key customer group also feels that the whole thing should happen within the laid down cost. The existing cost is felt a little higher and lesser if it is, better the option is according to the survey. Qualitative Analysis In order to conduct the qualitative analysis, one question is included in the questionnaire which would provide the required fuzz area for the respondents to put in their thoughts. These qualitative questions need to be analysed using the qualitative methods. The response to this question indicates that the people do not mind to switch to another postal service provided it meets any of their criteria. This should be either it is less costly or more reliable or takes lesser time. There are instances when the respondents would take to a courier or a postal service at the last minute and might request for an emergency service. However, it is important that the postal service still offers reliable emergency service. Quantitative Analysis The quantitative analysis of the data is conducted and the information thus obtained (Harris 1972) is given in the appendix II. Based on the responses of the customers to these questions, the following graph is produced. The graph below indicates the average response of the customers to the standard expectations related questions on postal service. Though there are no specific reasons for the customers to prefer a specific postal service, they are more inclined to prefer the one that costs less or has more reliability or it is taking lesser time to transit. Though this might seem a wider statement particularly with non measurable qualitative figures like more reliable etc., with characteristics such as less time and more economical, the objectives are clearer. These are the customers who are in need of quality service in terms of reliability at the same time it should also be economical to the people. This point has been stressed by the quantitative response the customer group has shown. The graph for the same is given below. Figure 1: Cost Time Reliability Curve An average of the related questions to factors can be taken to be the response and the requirement of the key customer group. These numerical figures is a representation of the wish of the group (Birn 2002). As could be seen from the above graph cost, is an important requirement for most of the respondents. At the same time, time though important is still considered as a not a critical issue when it comes to deciding on the postal service. Reliability is another important factor for most of the respondents noted here. The curves fit to the respondents answers indicate that the respondents consider the cost as more important than any other factors. Some of the respondents have even indicated that the cost is 100% important to them. It has reached a high of 15 for all the three cost related responses. No other factor could bring out such an high response. It is therefore, clear that cost is primary for the respondents; followed by the reliability of the postal service. They just do not want a service that will not deliver at all. The speed of service is final and is considered not so important as the other two factors listed above. Conclusion and Recommendations Taking these factors into consideration, it can therefore, be concluded that the key customer group in this case, is more cost conscious. They are liable to change sides if the costs increase or decrease. It is primary for the postal service to be cost effective; ideally, lesser than the other services. Secondly, the postal service has to be highly reliable. In line with these conclusions, it is recommended that the postal service proposed is cost effective and reliable and should also try to reduce the time in transit as much as possible. However, importance should be given to the cost and the reliability factor more than the time factor in making management decisions. References 1. Birn R 2002, The International handbook for Market Research Techniques. Kogan Page. 2. Groves RM, Fowler FJ Jr., Couper MP, Lepkowski JM, Singer E, Tourangeau R. 2004, Survey Methodology, Wiley - Interscience, New York. 3. Harris PT, 1972, Opinion and Market Survey Methodology. The Statistician, Vol 21, No.2, pp 114 - 125. 4. Saris WE & Gallhofer IN, 2007, Design Evaluation and Analysis of Questionnaires for Survey Research. Wiley - Interscience. New York. 5. Wedel M & Kamakura WA 1999. Market Segmentation: Conceptual and Methodological Foundations. Streamline Hardcover. ISBN: 0792386353 6. Appendices Annexure I Questionnaire on the expectations of the Customer Name Location Date Current responsibility S No Description Not at all No May Be Yes Very Much 1 Does the postal service currently exist in line with your needs 2 Do you think economy is the primary factor when choosing postal service 3 Are you always in a hurry when you deliver a cover to the postal service 4 Should Postal service be more time Critical 5 Is reliability more critical than money 6 Is cost of delivery important to you 7 Have you ever had any delays in postal deliveries 8 Have you ever felt that postal service is costly What will be reason if you were to select a different postal service from the current one Signature Thank you for your response. Annexure II Read More