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Research proposal for management research methods

Herbal remedies industrial company limited is an Indian based company that specializes in the production of herbal products, herbal remedies also been producing a specific product known as Jai- ho pain reliever, which is organic and vegetarian, in order to ensure that its clients are satisfied with the product, it is essential for the company to find out what their clients are looking for in ideal pain reliever lotions. My research will be important in determining the success of the new product

Hypothesis

Information from this research will be important in determining the segment of target audiences

Research aims and objectives

Firstly the company needs to find out the right audiences for its specific product and to explore the market psychology of pain relievers prior to purchasing the commodity, market features such as price has to be considered and also the factors that consumers look into before buying a pain reliever

Reason for the research

Evaluating the factors that influence customer decisions to purchase a new product: An evaluation of Jai ho pain reliever.

Recently I worked for the distributor in Watford of herbal remedies who launched a new product known as “Jai- ho” and the sales have not met the target and I have been asked to research the reason, report my findings and suggest the demand in the same market of herbal products. My suggestion will be implemented and reviewed to see the need of the market and the right audience for the product.

Time scale level

A period of time taken to complete a project is known as time scale of the project.

The time allocated for the research is 8 weeks. Taking into consideration the time following action plan is devised

Time Allocated

Task

Week 1

Literature review to be conducted

Week 2

Develop questionnaire’s

Distribute questionnaires to the selected set of store

Week 3, 4 &5

Time allocated for receiving responses from store

Analyze data received

Week 6

Consolidate findings and research data

Work on presentation aspect of the data

Week 7

Review research findings for errors

Report findings to management

Research methodology

Market research can either be quantitative or qualitative survey methods. It always incorporates some form of data collection either secondary or primary. The purpose of any research project is to achieve increased understanding of the market. Qualitative and quantitative market research methods each provide different insights into customer behavior. My research would be done on the basis of quantitative and qualitative market research methods by visiting 8 stores selling herbal products and to design a questionnaire which will be distributed to the customers and the store managers which will be later recorded to publish my findings and also providing the summary and comments on hypothesis. Depth interviews will be carried among the members.

Resources needed

A detailed questionnaire and guidance for the same is required and here methods or process and their results will be ascertain that the right procedure is followed. Additionally, related stores and customers will be consulted so as to seek information from the questionnaire.

Task 2

My research

Information for the research will be done on the basis of hierarchy of needs

Competitor’s information

Information about the kind of features that make competitors successful in the market is soughed as the market is very competitive in today’s world and special emphasis will be given to the price offered in the market segment of this specific product as it was a serious concern of jai ho

Focus group

The focus group is essential in determining the factors the consumers consider for choosing pain reliever and also this will reveal the information the customers rely on before buying pain relievers

Pain reliever information

This section will show how the pain reliever is regarded by the customers in terms of the use. Such as backache, headache, arthritis and muscle pull. Ingredients used in manufacturing the product will also be considered

Evidence of collection of data

I visited 8 shops personally; my survey was carried out by combination of asking the store manager, frontline sales men and customers and my own observations.

Different stores

Stores

Location

Holland and barrette

Strand

G Baldwin’s &co

Elephant and castle

Archway clinic of herbal medicine

Archway

London herbal communist

Seven sisters

Med herb

Bethnal green

21 st century health

Warwick avenue

Sen

Bond street

Herbal apotherecary.co.uk

Broad stair Kent

Knowing what the client wants is the key factor to success in any type of business, government agencies, news media and political candidates need to know what the clients think. Associations need to know what their members want; large companies need to know measure the attitudes of their employees. The best way to find this information is to conduct a survey

Establishing goals

The first step in a survey is to deciding what one wants to learn. The goal of the project determines who will one survey and what will be asked. If the goals are unclear, the result will be unclear some typical goals including learning about

The potential market for a new product or service

Customer satisfaction levels

Rating of the specified product or services

Association member opinions

Following is the questionnaire

Name of the store

Place

How many brands of pain reliever is sold in the store

[ ] 2 [ ] 4 [ ] 8 [ ] 12

Which is the bestselling brand?

What factors influence the customer to buy the product?

Price

Very important Important Not important

Brand awareness

Very important Important Not important

What kind of pain is pain reliever used for?

Muscle pull

Very Important Important Not important

Arthritis

Very important Important Not important

Back ache

Very important Important Not important

All of the above

Very important Important Not important

What is the age of the customer using the product mostly used?

[ ] 20 – 30 [ ] 30 – 40 [ ] 40 – 70

What are the different brands of pain reliever and quantity sold per month?

Brand 1 brand 2 brand 3 brand 4

[ ] Q [ ] Q [ ] Q [ ] Q

Have u heard of jai ho pain reliever?

[ ] YES [ ] NO

Review from the questionnaire

The graph below shows the review of the above questionnaire distributed to the clients, frontline salesmen and managers of the mentioned stores

PRICE

USED FOR

AGE

BRAND AWARENESS

VERY IMPORTANT

5

5

7

5

IMPORTANT

3

3

-

4

NOT IMPORTANT

2

2

3

1

Task 3 - Present and evaluate

Recording of the findings

Presentation of the findings

Evaluate the methodology used and critically analyze the findings

Propose and justify your suggestions/recommendations for further future research

Recording of the findings

As recorded for Herbal remedies the company needs to do more promotions for the product, it should also maintain its quality and quantity for the market, and special offers can be added so that the customers can avail the benefits

Presentation of the findings

In order to ensure success of the research it is very important to choose the right research population as research population will be the basis upon which the samples will be collected and they should therefore possess the right qualities, in the research proposal families, frontline salesmen and managers were targeted .This was because the category shows potential in the market for pain relievers. Frontline salesmen and managers were chosen because they have real time experience in the sales and with clients so information given by them cannot be found anywhere else.

Certain market forces are also considered by consumers when making decision to buy pain relievers, price has always been a determent factor in process of purchasing a product and therefore it has to be considered when doing a market research in any industry.

In this research examination of data sources that have information about related topics to one considered. The process and the result will be thoroughly examined in order that the right procedure is being applied.

Questionnaire

In the research a structured questionnaire is designed so that a large number of people can be reached at one time and also it saves on time and allows a larger room for data analysis.

Depth interviews

The interviews will be conducted on individual who represent the new market segment that Jai ho is targeting i.e. family members, there will be 5 representatives from each section and each interview will last for thirty to forty five minutes

The findings

The findings show that mostly the bestselling brand was mostly used by age 40 to 70 mostly and it was also discovered that the pain reliever was not well known and more effort was needed to create brand awareness. My recommendation was to do more marketing and good offers to be provided. And also promote Jai ho in each store via promotional offers and trial packs for the customers and also by exhibiting it in the markets.

This idea was incorporated and so far 7 out of 10 stores shown an increase in sales with two weeks

Suggestion for future research

Marketing and promotions of a product plays a critical role in increasing the sales of the product because if the product is not targeted to right audiences then it is likely the sales to go down however there are other factors that influence purchases

Consumer behavior

A psychological process that consumers go through in finding ways to solve needs and recognizing needs and making purchasing , make plans and implement , interpret information

Brand awareness

Extent to which a brand is recognized by potential customers and is correctly associated with a particular product, brand awareness is the primary goal of advertising in the product’s introduction.

Money back guarantee

It simply means that if the customer is not satisfied with the product or a service the company will refund.

Right price

Right price can be defined as the customer value the price and is appropriate to the other competing products

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