Guidelines

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Guidelines

  1. 1. Marketing Analysis & Research University of Central Florida MAR3613, Spring 2007 College of Business Administration Group Project 1: Business Portfolio and Market Structure Analysis Introduction: Why do we need to study marketing research? Considering the definition of marketing as “managing profitable relationships with customers by delivering superior value and customer satisfaction” (Kotler and Armstrong 2004), marketers should provide a right product, along with the proper design of marketing mix, that is designed to meet needs or wants of their customers. However, how do we know that the product and the marketing mix are the right ones for their target customers? That’s why marketing research task is important. Marketing research is a primary channel to provide accurate, valuable, and timely information. In other words, marketing researchers should provide the accurate, valuable, and timely information to marketing managers so that they can make right decisions for developing an effective marketing strategy that is designed to satisfy their target customers. In this regard, two group projects are prepared in an attempt to develop students’ ability to gather right information to assist marketing managers in making their right decisions. Goals: During this semester, students will be given two group projects. Basically, an ultimate goal of both projects is to make students develop their skills of completing marketing research tasks to gather accurate, valuable, and timely information. To this end, this class prepares two separate projects. Thus, the goal of the first project is to diagnose current marketing environment surrounding their chosen company by implementing three small research tasks. Specifically, the first mission of this project is to diagnose current performances of the chosen company’s strategic business units (SBUs) by constructing a Boston Consulting Group (BCG) Growth-Share Matrix as one of the popular business portfolio analytical tools. The second mission of this project is to describe the current status of marketing structure by developing a market structure map that allows marketing managers to know how many segments exist, what kinds of needs customers ask to be filled in each segment, who are major competitors in each segment, and what is the average profiles of major customers in each segment. Finally, the third mission of this project is to develop a positioning map that allows marketing managers to know current position of a selected brand of your chosen company against several competitors. Directions: It is recommended to take the following steps for the completion of this project.  Each group chooses a national or local company to complete two projects during this semester.  To complete three small missions for the first projects, it is necessary for students as marketing researcher to understand the chosen company’s historical and/or current courses of actions by gathering relevant background information, as mentioned below. If students believe that only selected information is relevant to the project’s goals, just utilize those information. - Gather mission statement and goals/objectives of the company to understand their current and future business directions. - Identify company’s major strengths and weaknesses to understand the sources of their competitive advantages over the competitors (e.g., competitive analysis). - Analyze marketing environment surrounding the chosen company such as nature of market (i.e., market structure analysis), nature of major customers (i.e., customer analysis), product lines or business units (i.e., product portfolio analysis), and current marketing objective(s). • Once students gather relevant background information to be familiar with the chosen company, it is time to gather the detailed information to construct BCG matrix and market
  2. 2. structure map. Specifically, for the construction of BCG matrix, students need to gather information to fill out the entries of the input table, as shown in the BCG worksheet. By doing this research task, students are able to understand the intention of the BCG matrix, develop their skills of how to diagnose their current status in terms of business performance, and learn how to design an optimal business portfolio with an introduction of a new business or product as an outcome of the environmental situation analysis. • Regarding the market structure map, students need to determine the number of segments along with the names for each segment and then, identify major needs, major competitors, and average profiles of major customers in each segment. By doing this research task, students can develop their skills on how to segment the product market, how to choose a specific segment to target, and how to position a new product. • Given the findings of BCG matrix and market structure map, students need to choose a segment as a target market to introduce a new brand. Using single criterion or several criteria together shown in the worksheet, students should select a segment to target in the market structure map. Then, with this target segment, students need to draw a positioning map. Specifically, students, first of all, need to identify two or more than two important attributes to represent each dimension of the positioning map. Then, students should prepare a survey questionnaire to let customers evaluate all the competing brands across identified attributes and draw a positioning map using the data gathered from the survey. By doing this research task, students can develop their skills on how to identify major dimensions, how to position competing brands, and how to identify the area to introduce a new product. Again, refer to the worksheet distributed in the class. • Once students finish all the data collection procedures, it is time to prepare written report and presentation slides. To prepare two documents, it is recommended to take the following steps by considering the entire steps of marketing research process. In fact, the followings are an example of the organization structure of written report or presentation slides. - Research Background and Managerial Problems: It is necessary for students as marketing researcher to be familiar with the chosen company in terms of its historical and/or current courses of actions by gathering relevant background information, as mentioned above. Then, using the information collected, develop a list of managerial problems and research problems. Using a list of research problems, students need to identify a list of research objectives for the first research project. These are the necessary tasks for the stage 1 and 2 in the marketing research process. - A list of Research Objectives: Next, given the list of research objectives, students need to develop research design that tells us how to collect the data to answer each research objective. Specifically, consider how to collect the data to construct BCG matrix, market structure map, and positioning map. These are the necessary tasks for the step 3 in the marketing research process. - Research Design: Once you determine a blueprint (i.e., research design) that tells how to collect the data, students need to collect the data to be able to construct BCG matrix, market structure map, and positioning map. Students can collect primary and secondary data, depending on the nature of the data to be required for each model. These are the necessary tasks for the step 4 in the marketing research process. - Data: After collecting all the required data, students need to actually construct the BCG matrix, the market structure map, and the positioning map. And then, they can find the results from the analysis. These are the necessary tasks for the step 5 in the marketing research process. - Findings, Conclusions, and Recommendations: Finally, using the findings, students can provide any recommendations or make any conclusions. If students summarize all the details of each step, the summary will be the written report or presentation slides. - For the written report, students may add supporting materials in the Appendix. 2
  3. 3. • Make sure that all the information mentioned above will be used as the input of second project. Specifically, all the information will be use to implement concept testing to identify an optimal design of a new brand and design an effective marketing plan to maximize consumers’ share of wallet. In addition, it is very wise of starting with the consideration of what new brand should be introduced to which segment in the market structure map, since new brand idea will be the main topic of the second project along with the concept of “share of wallet.”  In sum, this class asks the students to activate their creative ideas in gathering the background information and making a story for an effective presentation and written report. This class prefers applying the lecture materials (i.e., models or theories) to the marketing situations that the chosen company faces to just presenting the gathered information. Thus, this class will take a look at the diagnosing skills or analyzing skills that each group will make in this project. In other words, this class hopes that students utilize their own creative ideas or approaches. For instance, if students make just replicating the approaches that the class introduces, they will make only a C+ grade. However, if they introduce improvements over the existing methods or approaches, this class will give them higher grade. Each team will:  submit a hard-copy of the report on due date (i.e., February 19, 2007).  make a PowerPoint presentation on the designated date. Presentation should be based on an organized summary or story with the information gathered. Make a fun and interesting presentation. Grade for presentation will be based upon the following guidelines: - Understanding of the project direction. - Quality of information provided. - Presentation skills. - Organization skills of slides. - Time management. - Overall efforts.  let each slide include the detailed written script that will be inserted into ‘note window’ of the PowerPoint program. The note window is the window at the bottom of the program in which students can type some statements. In fact, students can write what they will address in this note windonw.  make a brief oral presentation to the class (less than 20 minutes) and turn in a floppy disk or CD that contains your presentation material(s) to instructor. Every member should participate in the presentation, but does not necessarily take equal amount of time for presentation. Utilize own talents. If students do not attend all the presentation times, individual students who miss will receive penalty (e.g., deduction of some points) per each presentation time.  may utilize hand-outs or other stuffs (i.e., visuals) to class if appropriate.  The information must be cited or referenced in a manner that the instructor could find the source. Information from web sites is cited by the web page address. All web site addresses should be typed. Note: Each team receives a grade for the project and all members will share the same grade unless information provided in the peer evaluation form at the end of the course indicates otherwise. If students have any questions regarding any steps for this project such as writing a final report, making a presentation, and so on, feel free to contact the instructor. Grading Criteria for the Report: It is recommended that students take the steps of marketing research process when they design a research report and group presentation. Specifically, students need to remember several critical check points to achieve better grade in conducting two projects: 1) Being able to identify managerial problem(s) from the marketing situation analysis (e.g., background 3
  4. 4. information), 2) Being able to translate managerial problems into a list of research problems to identify a list of research objectives, 3) being able to design an appropriate research design, 4) being able to collect right information that help marketing managers solve their managerial problems, and 5) finally, being able to provide critical analysis with the results and suggest appropriate recommendations for the company. Grading: Group performance will be evaluated based upon both the quality of information in a completed report or presentation slides and the quality of the presentation that is given in the class. Specifically, each group should turn in a completed research report for all two projects. Additionally, each group needs to make two presentations using the powerpoint slide that include the results of each group project. The points for two projects are shown below:  Project 1: Presentation for BCG matrix and market structure map (20 points) and a completed research report (50 points).  Project 2: Presentation for positioning map, concept testing, and demand forecasting (30 points) and a completed research report (50 points). 4
  5. 5. Marketing Analysis & Research University of Central Florida MAR3613, Spring 2007 College of Business Administration Group Project 2: Designing Marketing Plan to Maximize Customers’ Share of Wallet Goal: An overall intention of this second project is to develop an effective marketing plan (or strategy) that is centered on maximizing the share of customers’ wallet with a new product. To this end, students need to complete two small tasks. First, each group needs to implement concept testing procedure using the conjoint analysis technique. To this end, students, first of all, should have a positioning map in hand and identify an interested or empty area to introduce a new brand. Then, students identify all the possible alternatives for a new brand concept and design a survey questionnaire to let the respondents evaluate which ones are most preferred among all the possible alternatives of new product. Using the survey results, students should identify an optimal concept of a new product using the regression analysis in the SPSS program. Second, students should design a marketing plan that attempts to achieve the ultimate goal of maximizing share of customers’ wallet with the new product concept developed. This class will provide detailed explanations using worksheets to complete all the steps required. Directions: It is recommended to take the following steps for the completion of this project.  Each group will use the same national or local company to complete this project.  To complete two small missions, it is necessary for students as marketing researcher to be familiar with the nature of target market using the collected background information again, as shown below. - Gather mission statement and goals/objectives of the company to understand their current and future business directions. - Identify company’s major strengths and weaknesses to understand the sources of their competitive advantages over the competitors (e.g., competitive analysis). - Analyze marketing environment surrounding the chosen company such as nature of market (i.e., market structure analysis), nature of major customers (i.e., customer analysis), product lines or business units (i.e., product portfolio analysis), and current marketing objective(s).  Once students gather relevant background information to be familiar with the target market, it is the time to gather the detailed information to implement concept testing procedures. Specifically, for the implementation of concept testing procedures, students need to follow the steps in the worksheet. By doing this research task, students are able to understand the intention of concept testing, develop their skills of how to utilize the conjoint analysis, and learn how to identify an optimal brand concept with the SPSS analysis results.  Using the identified optimal (or best) concept for a new brand, students need to design marketing plan toward the goal of maximizing consumers’ share of wallet. To this end, it is necessary for them to understand what the concept of share of wallet is. Given this understanding, students need to design details of each marketing mix such as product strategy, price strategy, promotion strategy, and place strategy.  Once students finish all the data collection procedures, it is time to prepare written report and presentation slides. To prepare two documents, it is recommended to take the following steps by considering the entire steps of marketing research process. In fact, the followings are an example of the organization structure of written report or presentation slides. - Research Background and Managerial Problems: It is necessary for students as marketing researcher to be familiar with the chosen company in terms of its historical and/or current courses of actions by gathering relevant background information, as mentioned above. Then, using the information collected, develop a list of managerial problems and research 5
  6. 6. problems. Using a list of research problems, students need to identify a list of research objectives for the first research project. These are the necessary tasks for the stage 1 and 2 in the marketing research process. - A list of Research Objectives: Next, given the list of research objectives, students need to develop research design that tells us how to collect the data to answer each research objective. Specifically, consider how to collect the data to construct BCG matrix, market structure map, and positioning map. These are the necessary tasks for the step 3 in the marketing research process. - Research Design: Once you determine a blueprint (i.e., research design) that tells how to collect the data, students need to collect the data to be able to construct BCG matrix, market structure map, and positioning map. Students can collect primary and secondary data, depending on the nature of the data to be required for each model. These are the necessary tasks for the step 4 in the marketing research process. - Data: After collecting all the required data, students need to actually construct the BCG matrix, the market structure map, and the positioning map. And then, they can find the results from the analysis. These are the necessary tasks for the step 5 in the marketing research process. - Findings, Conclusions, and Recommendations: Finally, using the findings, students can provide any recommendations or make any conclusions. If students summarize all the details of each step, the summary will be the written report or presentation slides. - For the written report, students may add supporting materials in the Appendix.  In sum, this class asks the students to activate their creative ideas in gathering the background information and making a story for an effective presentation and written report. This class prefers applying the lecture materials (i.e., models or theories) to the marketing situations that the chosen company faces to just presenting the gathered information. Thus, this class will take a look at the diagnosing skills or analyzing skills that each group will make in this project. In other words, this class hopes that students utilize their own creative ideas or approaches. For instance, if students make just replicating the approaches that the class introduces, they will make only a C+ grade. However, if they introduce improvements over the existing methods or approaches, this class will give them higher grade. Each team will:  submit a hard-copy of the report on due date (i.e., April 18, 2007).  make a PowerPoint presentation on the designated date. Presentation should be based on an organized summary or story with the information gathered. Make a fun and interesting presentation. Grade for presentation will be based upon the following guidelines: - Understanding of the project direction. - Quality of information provided. - Presentation skills. - Organization skills of slides. - Time management. - Overall efforts.  let each slide include the detailed written script that will be inserted into ‘note window’ of the PowerPoint program. The note window is the window at the bottom of the program in which students can type some statements. In fact, students can write what they will address in this note windonw.  make a brief oral presentation to the class (less than 20 minutes) and turn in a floppy disk or CD that contains your presentation material(s) to instructor. Every member should participate in the presentation, but does not necessarily take equal amount of time for presentation. Utilize own talents. If students do not attend all the presentation times, individual students who miss will receive penalty (e.g., deduction of some points) per each presentation time. 6
  7. 7.  may utilize hand-outs or other stuffs (i.e., visuals) to class if appropriate.  The information must be cited or referenced in a manner that the instructor could find the source. Information from web sites is cited by the web page address. All web site addresses should be typed. Note: Each team receives a grade for the project and all members will share the same grade unless information provided in the peer evaluation form at the end of the course indicates otherwise. If students have any questions regarding any steps for this project such as writing a final report, making a presentation, and so on, feel free to contact the instructor. Grading Criteria for the Report: It is recommended that students take the steps of marketing research process when they design a research report and group presentation. Specifically, students need to remember several critical check points to achieve better grade in conducting two projects: 1) Being able to identify managerial problem(s) from the marketing situation analysis (e.g., background information), 2) Being able to translate managerial problems into a list of research problems to identify a list of research objectives, 3) being able to design an appropriate research design, 4) being able to collect right information that help marketing managers solve their managerial problems, and 5) finally, being able to provide critical analysis with the results and suggest appropriate recommendations for the company. Grading: Group performance will be evaluated based upon both the quality of information in a completed report or presentation slides and the quality of the presentation that is given in the class. Specifically, each group should turn in a completed research report for all two projects. Additionally, each group needs to make two presentations using the powerpoint slide that include the results of each group project. The points for two projects are shown below:  Project 1: Presentation for BCG matrix and market structure map (20 points) and a completed research report (50 points).  Project 2: Presentation for positioning map, concept testing, and demand forecasting (30 points) and a completed research report (50 points). 7

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