Research Proposal on "Business Research Purpose"

Research Proposal 6 pages (1729 words) Sources: 3 Style: APA

[EXCERPT] . . . .

Business Research

Purpose of Business Research

Included in the variety of reasons for conducting business research is the fact that with valid research available to business managers, decisions can be made concerning the profitability of products, brands, departments, divisions and even entire companies. Business research is conducted to assist the business manager in ascertaining the effectiveness of branding, whether consumers will likely purchase a product and at what prices the consumers are willing to do so and to determine how long consumers will likely be loyal to a particular brand or product. Managers can also use research to determine whether customers are receiving service, whether that service is considered quality service, how much time is spent on servicing different aspects, and even how much it costs the company to service customer's needs and desires. Business research can be used to analysis business theories, and can also be used to determine whether a company's image is burnished or varnished. One study shows that "brand image, company image and employee trust have a mediated influence on customer value through customers' perceptions of service quality" (Roderick, Whittome, Brush, 2009, pg. 345). In other words, customers will purchase product from companies that they perceive as having high quality service.

Additional reasons for business research can be to investigate the roles and interactions between employees, prospective employees, departments and divisions. One recent study used business research to determine what were the reasons behind the driving success in UK financial services brands.

What the researchers discovered was that "Organizations should abhor power struggles as no one department is critical - rather working together is key" (Chematony, Cottam, 2009, pg. 297). This discovery might seem rather superficial, but managers can now walk into a departmental meeting with facts and figures to show the employees and supervisors how effective working together can be. It could be an effective way of motivating employees in regards to working with their colleagues instead of against them.

Many business experts believe, and studies have shown their beliefs to be valid, that customers develop a relationship with the product, and viscerally through the product a relationship with the company that can be a motivating factor in product purchases. Business research can be used to help ascertain, develop and maintain that relationship for as long as possible. Business models are created directly from that research, which is evidenced in a recent study that espouses, "Case study research illustrates how this model helps in the design and management of the brand relationship experience for an innovative new product" (Payne, Storbacka, Frow, Knox, 2009, pg. 379).

Research can assist business managers in day-to-day decisions, in determining long-range goals and whether to develop a particular product or not. The majority of the time, benefits derived from business research far outweighs the cost and time it takes to conduct the research.

Research, however, is not just for the specific company, department or individual intiating the research, it can also be useful for the entire business community, and the consumers who benefit from the end products.

Despite the many valid reasons for conducting business research, there are a number of drawbacks that need to be considered before beginning such research. One of those drawbacks is the cost and time consuming factors to complete the research. Many thousands of dollars can be spent gathering consumer feedback on a potential new product, time and energy can be employed in analysing that data, the go-ahead can be given to ramp up production, and vast sums of money can be spent advertising the product to those consumers most likely to purchase, and the product can still fall flat on its face, oftentimes failing to produce enough revenue to justify the expenditures. Research, business or otherwise, is not infalliable.

The business process itself can be addressed in a relatively simple manner, however, the methods used in the process, as well as the analysing of the data can be much more complex. The process begins by determining what the specific question is that the study will address. This can be hyposthesized or just stated as a question that needs to be answered. The format of the question will determine how the researcher will design the study. After determining the question, the researcher will need to elucidate the factors that need to be considered in order to gain an answer to the question.

Research methods will similarily have to be determined based on what type of methods will work the best (quantitative, qualtative or mixed research). One recearcher states though there are a number of methods that can be used (especially in research regarding branding) "research to date tends to be qualitative" (Roderick, et al., pg. 62).

Qualitative research is the study of human thoughts, ideas, perceptions, beliefs and ideals and it works well in determining the how's and why's of specific product purchases by consumers, but lacks the quantitative statistics to back up important decisions.

After studying some of the above mentioned cases, the research proposal asked for in this paper is one that will seek to determine the viability of a new form of sports advertising. A study on this type of advertising could be important in determining whether a business employing this type of advertising would be successful enough to entice venture capitalists to provide funding for a new company. Gaining the necessary funds could lead to a company that employs a large number of people, and could possibly evolve into a national type of industry employing thousands of individuals.

Business Proposal

It is hypothesized that consumers would use advertising delivered directly to their home via a local sports magazine that focuses on high school, college and community sports events in their specific geographic area.

It is further hypothesized that usage of the advertising would be profitable enough for the advertisers that such a sports magazine would be able to charge advertising at a profitable rate.

There are currently few, if any, local sports magazines that are delivered to every home in a specific area. There are even fewer magazines that are four-color in nature, deal entirely with local high school, college and community sports and whose profitability is based entirely on advertising. In fact, a recent search showed that no magazines meeting these requirements were currently in circulation. Yet the sports industry is bigger today than it has ever been based upon the observable sports trend in newspapers, national magazines and the plethora of sports available for fan consumption on television and radio stations throughout the country.

There are more opportunities available today for both young men and women who are interested in sporting activities, whether those sports are team or individually oriented. Certainly, almost all sporting individuals are not adverse to seeing their accomplishments in print, and oftentimes will be found scouring the local newspapers (in print and online) for mention of their name or accomplishments.

Taking advantage of that desire might be a profitable endeavor if a method can be found to deliver the information directly to their residences, as well as the residences of their loved ones, friends and colleagues, in print form.

It is hypothesized that creating a magazine that focused on these local individuals, whether they be youngsters winning a local tournament, high schoolers winning a state championship, or college student-athletes competing at a high level (for example) all would benefit by providing enticing articles extolling their virtues. Not only would the athletes themselves enjoy seeing their names in print, but it is also assumed that their parents, loved ones, colleagues and friends would also enjoy reading articles on their behalf.

Mailing the magazine to every home in a specific geographical area would ensure of two things happening that would not otherwise happen with this type of advertising. Because the magazine's focus would be very localized, more people would likely find it interesting, and because it is in a print format, the magazine would also be held onto for a longer period of time, allowing moms and dads (as well as others) the opportunity to read the articles. This is an advantage over other forms of media, especially in regards to a focus on men, who increasingly shy away from reading magazines. One study concluded, "anyone working in the paid-for magazine sector knows that it is increasingly hard to reach men through the traditional newsstand route" (Teddington, 2008, pg. 17). Mailing the magazine free to homes would bypass the need for men (or women) to purchase the magazine.

In order to validate the hypothesis, a qualitative survey will be sent to approximately 1000 addresses in a specific zip code.

The survey will be comprised of approximately 20 questions focusing on the respondents likes and dislikes in regards to direct mail magazines, sports (on the local level) and use of advertising via the printed format. The respondents will be asked to give a point value of between 1-10 (with ten being the highest or most likely) to each question. The points will then be totaled and scaled as… READ MORE

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