The paper "Contemporary Marketing Issues" is a perfect example of a Marketing Research Paper. D.A. Garden Supplies is a firm that has been operational for thirteen years. The management of the business is divided between the owners, David and Alison. They employ five members of staff in full time and part-time basis to run the garden supply and nursery segment of the business. The firm has prospered as a result of good rapport with customers, dedication to quality, affordable costs, and professionalism. The good performance coupled with a strategic location has prompted the owners to expand the business through the addition of a café .
The café was subsequently expanded, but it faces competition from a new business that opened in a nearby location. It is evident that David and Alison have come up with a unique business concept that should perform well. However, there has been a continuous reduction in the overall net profits, with the gross revenue remaining at acceptable levels. Market research is an ideal solution to this problem as it would allow the owners to mitigate the causes of the reductions in overall profitability. According to Hague, Hague & Morgan (2004, p.
11), market research defines the methodological gathering, evaluation, and interpretation of data that applies to market decisions. It is evident that there have been changes in the environment in which D. A. Garden Supplies operates. The business needs to understand these changes and adopt strategies that will allow them to maintain high levels of sales and profitability. Therefore, one of the draft research objectives should be to determine how the Bunnings store and the new café impact the business.
An additional objective should be to examine the conditions within the business and how these conditions might have affected the overall profitability. Resources D. A Garden supplies operate with five members of staff in the garden supply and nursery section and three employees in the café section. David, Alison, and their daughter can also be considered as part of the human resources available to the business. The firm operates throughout the week meaning that current employees will not be in a position to participate in the research. The business will have to contract four qualified research assistants and a supervisor to conduct market research. When it comes to financial resources, the firm continues to generate profits despite the trend towards a reduction in its profitability.
This implies that the business is in a financial position to meet the cost of the proposed market research. The market research will need significant financial resources owing to the scope of the project. First, there will be remuneration for the researchers with each of them getting at least $35AUD per hour for the duration of the research which will range from five to eight weeks.
There will also be the cost of materials and tools that will be used to carry out the research. The available physical resource at D. A Garden Supplies includes the current production and distribution facility that is located next to a suburban shopping center. The business has expanded over the years, with the café adding more seating space. This indicates that the present facilities will be able to act as a base for the researchers. In addition to the production and distribution facilities, other relevant physical facilities will include the IT systems used to manage interactions between the business and its suppliers and customers.
The IT systems will be critical in the research as they will be the source of data on sales and profitability.
Boone, L, & Kurtz, D, 2011, Contemporary marketing, Cengage Learning.
Hague, P, Hague, N, & Morgan, CA, 2004, Market research in practice, Kogan Page Publishers.
History: The Bunning’s Story, 2015, Bunnings, viewed 23 September 2015
Kolb, B, 2008, Marketing research: A practical approach. Sage.
Sarstedt, M, & Mooi, E, 2014, A concise guide to market research: the process, data, and methods using IBM SPSS statistics, Springer.
Silver, L, Stevens, RE, Wrenn, B, & Loudon, DL, 2012, The essentials of marketing research, Routledge.
Wrenn, B, Stevens, RE, & Loudon, DL, 2007, Marketing research: text and cases, Routledge.
Zikmund, W, & Babin, B, 2012, Essentials of marketing research, Cengage Learning.