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MKT405 Research in Marketing Essay
MKT405 Research in Marketing Essay
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
MKT405 Research in Marketing Essay
Introduction
Marketing research is an essential concept for any company, and actually, each company must have a department exclusively for market research purposes. Through marketing research, JC PENNY Company will be able to know what customers want, how successful the company is, and identify problems and opportunities in the market so that they can refine their marketing strategies.
In this research paper, we are going to analyze and interpret the primary and secondary data collected. We will also look at the research findings and provide a summary, and lastly, we will make recommendations for JC PENNY Company and other companies in the same industry.
Data Analysis and Interpretation
Data analysis and interpretation are meant to give meaning to the collected raw data. Data collected was both primary and secondary data through qualitative and quantitative research. There are several ways in which primary data can be analyzed, including interviews, surveys, observational and generalizing results.
Secondary data is analyzed by trying to use the information provided by someone else to answer the research question. I also used qualitative and quantitative analysis. In qualitative analysis, I used subjective judgment to analyze the company’s value based on information such as experts in management, how strong the department of research and development is, and labor relations.
In quantitative analysis, I used financial instruments to analyze financial statements to try and predict events such as inflation and changes in Gross Domestic Product (Malhotra, Nunan & Birks, 2017).
Data interpretation helped to bring some sense into numerical data collected, analyzed, and presented. I interpreted qualitative data by giving codes to all the results and reviewing the themes to make sure they fit the data collected and getting familiar with primary and secondary data collected. For quantitative data, I used pie charts and bar graphs.
Regarding the question of what other challenges could Jc Penny be facing, 40% of the respondents said their biggest challenge is competition from other companies producing quality goods and selling them at an affordable price. 25% said that finance is another issue that has hindered the company from situating their stores in almost every state.
30% of the respondents stated that the company has unqualified personnel and has not had enough convincing power to ensure that consumers are more attracted towards buying the company’s product. Especially during this era of covid-19, raw materials is also another problem, as 5% of the respondents said.
(Goulding, 2015).
If you look critically into the sales margin, it is clear that it has been decreasing from the year 2018 up to now. The reason could be because of the challenges interpreted in the pie chart above. In 2018 they made a lot of sales, but they could not sustain that positive curve due to competition and other factors such as the emergence of COVD-19 that made so many people lose their jobs; hence they have no money budgeted for luxury purposes.
Research Findings
From this marketing research, I have realized that it is not that JC PENNY Company is not producing quality products; the issue is competition and challenge in meeting the needs of a specific target market. Since the company produces several products, they should be sold in different market segments. For example, I found out that the sales teams have been advertising and jewelry to those living in low-income areas, and their main concern is basic needs.
Products such as furniture should be the ones to be sold in such areas. Therefore, we have not identified our market segment and target and what they want. I have also noted that our products are high both in terms of quality and prices allocated for each of them due to the high cost of raw materials. We can also partner with upcoming companies that have established their foundations and convince them to become part of us to avoid the element of competition (Zikmund et al., 2017)
Conclusions and Recommendations
In conclusion, companies and other marketers should never forget that research is a going process, and they should make it part of their daily activities. Without research, companies would not know what their competitors are doing and what can make them gain a competitive advantage after identifying their weaknesses. Opportunity costs should not be ignored as they are part of production costs. Before marketers engage in any research, they must outline their objectives and conduct market research.
Companies should continuously study their customers to produce goods that will satisfy their wants and needs. Marketing research results should be shared with employees to ensure that their activities are geared towards accomplishing the objectives as to why the research was done. I would recommend that JC PENNY go online as it is a cheaper and easier way of doing business since they do not need ample space for more stores in different states; they will only be making deliveries to their customers at a small fee (Laudon & Traver, 2019).
The company should also conduct a study to identify what their competitors are doing best to make them successful. To succeed, they need to ensure they meet their customer’s needs in various markets to ensure an increase in customer satisfaction, making the company’s image in the marketplace more optimistic than before.
The management should ensure that the team in charge of sales and marketing of the company’s product receives enough training on handling different types of customers and how to convince them to make a purchase.
References
Goulding, C. (2015). Grounded theory, ethnography and phenomenology: A comparative analysis of three qualitative strategies for marketing research. European Journal of Marketing.
Laudon, K. C., & Traver, C. G. (2019). E-commerce. Boston, MA: Pearson.
Malhotra, N., Nunan, D., & Birks, D. (2017). Marketing research: An applied approach. Pearson.
Zikmund, W. G., D’Alessandro, S., Winzar, H., Lowe, B., & Babin, B. (2017). Marketing research. Sydney: Cengage Learning.
Sales competition finance sales personnel inadequate raw materials 0.4 0.25 0.3 0.05 sales Year 2018 Year 2019 Year 2020 Year 2021 60 45 28 4.5 Year 2018 Year 2019 Year 2020 Year 2021 Series 3 Year 2018 Year 2019 Year 2020 Year 2021
MKT405 Research in Marketing Essay
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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