Problem definition
Edible arrangements is a business entity that provides clients with a unique and interesting way of making a gesture that can be used to express love, compassion and appreciation (Edible Arrangements (n.d) . Over the last three years, the market share has been declining at a rate of 5% every year in the consumer and business segments. As the new marketing manager for the franchise, it is my duty to develop a marketing research plan in order to understand the underlying problem.
Information Needs
Should the prices be lowered to match competition?
Should we launch marketing campaigns?
Is there need to add more marketing personnel?
Should there be product differentiation?
Research Objectives
To understand the needs of the consumers
To search new market opportunities
To understand the effectiveness of marketing campaigns
To understand the impact of a price change on the products.
To understand the contribution of the sales personnel
Type of Study
A secondary research will be conducted using quantitative and qualitative methods.
Test Instrument
Surveys on customer return frequency
Questionnaires
Interviews
Analysis Plan
Has the price of Edible arrangement products hindered you from buying the products?
Have you considered purchasing a competitor product because of price alone?
Would a decrease in the prices prompt you to purchase more?
On a scale of 1-10 how do you rate the marketing campaigns by Edible arrangements?
Do you know 5 products supplied by Edible arrangement?
What would you say is the difference between Edible arrangements and the competition
Do you know the two main reasons why you should purchase from edible arrangements?
Have you ever interacted with a sales representative from Edible arrangements?
How many times in a quarter does a sales representative from Edible arrangements visit you?
Did the sales representative from Edible arrangements convince you to buy the products in your last encounter?
Delegate your assignment to our experts and they will do the rest.
On a scale of 1-10, how would you rate the sales representatives from Edible arrangements compared with that of the competition?
Data Collection
Surveys on customer return frequency
Online and phone questionnaires
Financial trends
Sales figures
Industry product sales reports
Formal and informal conversations with customers about their satisfaction with your business.
Visits and reviews of competitors to understand their products and customer service practices.
Focus groups with customers and potential customers to understand their feelings and attitudes towards your products and services ( Hunt, 2010)
Analysis
Statistical methods will be used to analyze the data. The methods will include multiple regression, factor analysis, cluster analysis and multidimensional scaling(Devault, 2018).
Conclusions
The results of the data analysis are imperative in drawing conclusions. Thetop two needs of the customers are supply of quality products and timely delivery of the same to their friends. There is the possibility of new market opportunities in the corporate arena. Companies are always looking for unique gifts to reward employees and customers. Aggressive marketing campaigns that are coupled with increasing the sales force can be used to tap the new market and get back the market share. A reduction in the price of edible arrangements products will weaken the competition but will also have a significant impact on the profitability of the company.
Reporting
The emergence of a new competitor in the market has significantly reduced our market share. There is hope that we can rise above the storm by meeting the needs of our customers by supplying quality products and delivering on time. Increasing the sales force that will aggressively launch marketing campaigns will also be a quick win. By targeting the new corporate market niche, we will be sure of being the leaders in the industry.
References
Devault, G. (2018). Develop the Overall Research Plan: Market Research. Retrieved from
https://www.thebalancesmb.com/research-plan-and-tools-2297139
Edible Arrangements (n.d).Products. Retrieved from https://www.ediblearrangements.com/edible-savings
Hunt, S. D. (2010). Truth in marketing theory and research. The Journal of Marketing , 1-15.
