Marketing Research Proposal for Stock Market
| March 31
| MARK 2052
Table of Contents
1. Stock Markets Background
2. Literary Review
3. The Management Decision Problem:
4. Market Research Problems and Objectives:
4.1Market Research Problem 1
4.1.1Market Research Objective 1
4.1.2 Market Research Objective 2
4.2Market Research Problem 2
4.2.1Market Research Objective 3
4.2.2Market Research Objective 4
Time Table of Research Report
1. Stock Markets Background
Stock Market (SM) is a health centric food outlet located within the University of New South Wales, upper campus in Mathews Food Court (MFC). SM entered the UNSW market in February 2008 simultaneously to its’ neighbouring competitors in MFC. In order to attain a competitive advantage SM management’s stated focal objective is to enhance its ‘customer value for money’ offering through the continual evolution of its products, services, and layout. At present SM selling value concept is based on management’s perception of its juice, smoothie, soup, pasta and salad products as premium quality offered at an affordable price, averaging $8.20 per transaction. However management has no clear understanding of how its customers perceive SM’s value or SM’s customer demographic to form a customer profile.
The research proposed intends to ultimately inform management of the attributes of SM’s general customer demographic, intentions and perceptions to facilitate their capacity to add customer value and market its value concept to the appropriate demographic to enhance customer retainment and satisfaction.
It must be understood that Stock Market operates as a small confined stall constricted by physical growth, bequest of financial limitations and grounded to parameters set out by management. Namely, the capping of staff at 13 employees due to the physical confines of the store, and the competitive driven prerequisite to attain specific food suppliers and critical ingredients (freshly made soup stocks). For this reason, we identify that the framework of our marketing research project is informed primarily by the scope set out by management. 2. Literary Review
The most widely used definition of customer satisfaction is that it is a transaction and performance based evaluation that may result from incongruity between prior expectation and perceived performance (Oliver, 1980; Pizam, 1999; Kwun, 2010). It is a customer’s evaluation of how well a product meets or exceeds their expectations at the post-purchase point (Vesel & Zabkar, 2009). An understanding of the customer base’s customer satisfaction is essential as it greatly affects the customer’s intention to return (Weiss, 2003), as well as customer retention and positive word-of-mouth endorsement (Ranaweera and Prabhu, 2003). Several studies have been dedicated to investigating the various attributes of university foodservice which contribute to customer satisfaction. Previous studies yield varying results and it is in the ranking of attributes in particular that these studies conflict. An early study by Almanza et al. (1994) found that the most important attributes of university foodservice were food quality, convenience of location, cleanliness and price respectively. A recent study by Kim et al. (2004) however found that the most important attributes considered by consumers were service, menu, atmosphere and then food quality. In a local study of an Australian university campus, Shanka & Taylor (2005) recently also presented a different finding: that food quality was most important, followed by service, price and food variety. Despite varying rankings of attributes, these and other studies of the foodservice industry both on and off campus by Law & Hui (2004), Lee (2004), Andaleeb & Conway (2006) and Kim & Ng (2008), all commonly list food quality, food service and price as factors which affect customer...
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