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Miles Media Inc, is an advertising agency renowned for market research. Market research is defined of testing the market to determine the acceptance of a particular product or service Market research allows companies to learn more about past, current and potential customers, including their specific likes and dislikes. Market research is used to determine how often the target audience will buy a particular item, how much they are willing to pay for it, and their overall satisfaction with it. By analyzing market research information, manufacturers and service providers learn where to focus their resources most effectively. Through the market research data collected, the company can learn how to make the product more attractive to other audiences, or how to advertise it better. Market research allows businesses to make decisions that make them more responsive to customers' needs and increase profits.
Miles Media was given a project by Jeevan Departmental Store which sells multi brand products. The departmental store has 10 branches all over the city and they plan to open more stores in Chennai. The task is to perform an analysis of the existing advertising strategy of the departmental store. Miles Media Inc. has to do an in-depth analysis of the existing strategy, its effectiveness and recommend future actions.
The existing advertising strategy involves visual ads in a local popular channel and also in the area wise newspapers like Annanagar Times, Moggappir Times, Koyamedu times and so on. The Chennai city is divided into four zones and the advertisement is telecasted in the prime time of 6 pm to 6.30 pm twice. The advertisement is being aired for the past one month in the local cable network.
Objectives of the Study:
- To study the popularity of the existing advertising strategy.
- To study and find whether the advertising campaign has a direct impact on the sales.
- To study and find out whether their promotional strategy is reaching a wider audience
Null Hypothesis: Advertising campaign has no positive effect on sales. (Ho= µ0 = 0)
The null hypothesis predicts no difference between comparison groups or association among tested variables.
Alternate Hypothesis: Advertising has a positive impact on sales. (Ha=µ > 0)
The alternative hypothesis predicts either a simple difference or a difference in a particular direction
Sampling design and Data collection tools:
Miles Media Inc plans to use convenience sampling for the study. The study will be conducted on the customers who visit the branches of the store in the respective frame. The data will be collected over a period of two weeks. A minimum of 30 samples will be taken from each branch. Miles Media Inc. plans to use both primary and secondary data for the study. Primary data is collected through survey method using questionnaire, personal interview and via telephone. The questionnaire will contain questions from areas such as the popular television channels, most viewed timings, demographic profile of the people watching the channels, frequency of watching advertisements, recollect ability of the advertisement, views about the aired advertisement. The past sales data of the stores before the advertisement is aired will be obtained from the stores.
The data will be analyzed using Wilcoxon Matched Pairs to find out the existence of relationship between advertising and sales. The Wilcoxon signed-rank test is a non-parametric statistical hypothesis test for the case of two related samples or repeated measurements on a single sample. It can be used as an alternative to the paired Student's t-test when the population cannot be assumed to be normally distributed. It is often used to test the difference between scores of data collected before and after an experimental T Rank Correlation will be used to rank the popular channels which can be used for further advertising campaign. Graphical representation will be used to tabulate and present the collected results for easier understanding.
Possible findings of the study:
After the conduct of the study,
- The popularity of the advertising strategy of Jeevan Departmental store is known.
- Most popular channel in which the advertisement can be telecasted and the time slot will be known
- Existence of relationship between advertising and sales, if any will be seen.
The recommendations based on the data collected during the conduct of the study will be given to Jevons Departmental store.
Limitations of the study:
- The samples are selected using Convenience sampling which might not be a true representation of the customers.
- The study is conducted using the customers of Jeevan departmental Store. So, it cannot be generalised to other stores.
- The results obtained rely solely on the responses collected from the respondents. The authencity of the data lies on the respondents.
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