Plan for Market Research

Student Name : Durga Raghuram Sashank Tadinada(AIBL191057)

Professor : Erdem Celik

TASK-1

1. Whom you should discuss with the role of market research in enterprise operations?

The role of market research should be discussed with management and then directly with the stakeholders involved, such as marketing managers and administrative staff.

2. When planning market research, you will need to ensure that you can communicate the role of the research to various groups of people both internal and external to the organization?

• Who do you need to communicate with internally and why?

Internally, it is important to communicate with mid-level managers about the proposal and research required.

• Who do you need to communicate with externally and why?

Externally, it is important to communicate with the supply chain and customers. The supply chain affects the movement of the product while customers emphasize the market trend.

3. The general purpose of market research is to provide an enterprise with the information and data needed to solve a problem. What are the other areas which gets benefited from the information collected through market research?

On the basis of the information collected, it is possible to plan the vision of the organization and ensure better human resource management strategies. The other area that benefits from information gathering is stakeholder engagement.

4. What are the five steps involved in identifying and defining a market research problem?

– problem definition

– Information gathering

– Determination of the causes

– Definition of the goal

– Identification of the research method

5. What documents or other information would you need to see to define the management problem that will enable you to draft a research proposal for a client?

The main documents needed to identify a research problem are:

– Sales information

– Organizational plan

-Customer feedback forms

– Correspondence information

– Compliance statistics

-Financial report

6. What are the three main types of market research methodologies?

Explanatory, descriptive and informal are three methods of market research

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7. When creating a research need statement, the hypothesis you develop for the research should take the form of a statement to prove or disprove. While there are no definitive rules for creating this statement, you should consider the overall purpose of your research and keep this in mind when creating your statement.

Provide an example of a search need statement and some suggestions on the type of information that might be included in your statement for different search situations.

Children prefer flavored pralines in individual shapes. To better understand the needs, it is important to collect information such as demographics, competitive analysis, consumer buying behavior and demand rate.

8. Draft research objectives are first created during the identification of the research needs of a market research project. Why you need to further define your research objectives before proceeding with your research project? (Mention 2 Requirements)

Research objectives should be defined for two reasons:

-Give instructions to stakeholders for future project processes

-To process the right data without inconsistencies or redundancies

9. When reviewing your objectives against the initial brief provided to you, you should consider the process undertaken to determine the objectives. What 3 things you should focus on while reviewing those objectives?

When reviewing goals, it is important to note the following:

– Organizational needs

-The relevance of the goal in relation to the organization’s vision

– Infrastructure analysis

10. How will you make sure that the research objectives prepared by you are relevant for your market research?

To ensure the relevance of the market research, a cross-check is proposed which involves stakeholders in confirming relevance to meet needs.

11. Provide a list of items that can be included in the project scope.

– hypothesis

– Inclusions and exclusions

– Research methodology

– test measure

12. For a marketing project, “the project scope” may also be referred to as “the draft research proposal” and is used mainly to establish what 3 things?

– research objective

– approach to data collection

– data analysis process

13. Provide a list of 6 different types of data that can be obtained from different sources.

– Test report

– government statistics

– Manual and biography

– Personal file

– Database

– surveys

14. Why should you always examine all available secondary data before proceeding to primary data?

Secondary data is reliable and is checked by experts. You can then build a detailed hypothesis and prove it with secondary data before moving on to the primary data.

14. Identify the sources of quantitative data

Questionnaires, statistical reports and sales documents

14. Give 4 examples of qualitative research methods.

Observation, interview, focus group and experimentation

17. When identifying the quantity of data required, the first question you need to answer before collecting data is, ‘Do I have to contact everybody in the population of interest, or do I contact a small section?’ In most research situations, you would collect the data from a sample of the population of interest. What is meant by sampling?

Sampling refers to an approach in which a population meets the search criteria in order to meet the research objectives.

18. What are the 4 main steps involved in designing samples?

– Identification of the sample size

– Identification of inclusion and exclusion criteria

– Design of the sampling method

– Approach to data interpretation

19. What are the 4 factors that needs to be considered when deciding how to process the gathered data?

– Resources required

– Type of data and analysis required

– Budget supported for treatment

– Period of time

20. What are the requirements to design and execute market research operations?

– Resources that are required for the design and implementation of market research activities

– Ideal program

– infrastructure needs

– Market report on customer requirements and trends

21. How you can check the progress of market research projects?

Compare progress against the proposed project plan, including resources and results

22. Mention different areas that need to be assessed before starting any market research project.

– Suitability for the organization

– Budget planning and feasibility

– operability

– Availability of human resources

– Technological needs

TASK-2 to TASK-5

Summary

KFC is one of the leading fast food chains in the world and is known for its fried chicken. The recent vegan wave has changed consumer needs and prompted fast food chains to introduce the vegan product line. McDonald’s was an early adopter and the time has come for KFC to roll out the new product line. It will take about two months and the budget is $ 7,500.

introduction

KFC is a Kentucky-based fast food chain and has expanded its branches to over 22,000 locations worldwide. Due to changing customer preferences, the brand has consistently introduced rice bowls and other vegetarian products to developing and developed countries. After the recent vegan wave around the world, fast food chains like McDonald’s have already launched a vegan version of their quick-sell burgers. However, KFC continues to do market research to understand the demand and thus introduce vegan burgers.

Project requirements

Ecological and vegan products are revolutionizing the needs of the market. At £ 3.99, KFC’s first vegan burger launched in early 2020. Meanwhile, competitor McDonald’s has introduced vegan sauces. Sales in the United States exploded when KFC sold vegan chicken in less than five hours.

1. According to Stewart (2020), customer orders increase by 80% after adding vegetarian options to the menu. Plant-based Whoppers have also seen a significant increase in sales and customer loyalty following the introduction of vegan options. With KFC already distributing vegetarian options in India, it’s time to move on to vegan burgers and vegan chicken.

2. Quick meal vouchers are increasingly recognized and supported by activists and consumers thanks to the availability of plant-based menus. In keeping with the market trend, KFC should focus on vegan product lines in order to generate better income with the existing infrastructure.

Role of market research in business operations

To meet the project’s requirements, it is important to conduct detailed market research on background information, stakeholders and sustainability practices. The customers of the new product line are vegans and existing customers looking for a vegan option to try new products. The regulatory and political environment in India is stable enough to accept further changes (Pointing, 2020). The only need is to separate the infrastructure to prepare vegan products within the same unit.

The main stakeholders involved in the project are customers, suppliers, managers, employees and supervisors. The business landscape is evolving towards cruelty-free and environmentally friendly options for consuming products. Fictitious meat is coming to the vegan market in India due to the increase in the vegan population. From its competitors, KFC must understand the operational feasibility strategy and products that can be manufactured in the factory.

The main documents required for the transition are organizational plans, sales information, comments and financial reports. The brand is already planning to launch vegan products this year and this could be the right opportunity. A combination of qualitative and quantitative data is needed to understand market needs and define a sustainable development strategy (Kahn, 2012). The involvement of a country manager and a business analyst in this process makes it possible to evaluate the market study.

Targets

The evaluation of market studies aims to:

-Evaluation of local market demand in India for vegan burgers

– Assess the competitiveness of the Indian vegan food market

When analyzing the market, it’s important to know the list of KFC products that are already in high demand, then run some vegan pilot options to see the differences in sales and customer service.

The research approach for this project is explanatory thanks to statistical information and customer feedback in market research. The trends observed in the market are presented in the report.

Project deliverable

There are two final results of this project. The first is a market research report that outlines the demand for vegan options and the breadth of products introduced by KFC in the vegan range. The second result is the order of the product from the KFC menu, which can be converted into plant-based, gluten-free, cruelty-free and vegan models (Pointing, 2020). The financial need to complete this project is approximately $ 0.5 million to ensure a nationwide menu change and improvement. Since bread is already investing in vegetarian options, the budget required can help get the product to market right away.

Dedicated human resources of two per store are required to manage vegan production and distribution to customers. The ideal time frame for this project is 9 months during which market research and pilot projects can be carried out.

receiver

The business model and the project evaluation show that the target group are both regular KFC customers and vegans (Kahn, 2012). Since both vegetarians and non-vegetarians are already customers of the brand, the introduction of vegan options is also catering to the needs of vegans.

Mixed method

The research will use a combination of qualitative and quantitative data to achieve the goals. While customer preferences and trends are critical to the value creation of this project, the data must also be statistically quantified in order to plan the infrastructure and operations of KFC. The source of the qualitative data is the questionnaire, which contains 20 closed questions. On the other hand, the sources for quantitative data are the company sales report and the industry condition report. You can identify the needs for the project and make the environmental improvements necessary to complete the project. Information from quantitative data sources is presented in the form of a literature review. The results of the survey are presented in the form of statistical charts and bar graphs.

The questionnaire asks questions about the existing product line, future requirements and purchasing behavior. The sample size is 600 respondents (100 for each key city) and the data is collected via the online mode. The online questionnaire is created and then distributed on the social media platform so that respondents can express their opinion. The respondent must be between 20 and 50 years old and from India. In addition, there are no gender restrictions, but the search is restricted to respondents from one of six key cities: Delhi, Mumbai, Calcutta, Hyderabad, Bangalore and Chennai. The respondent must have visited KFC at least once in their life so that the business model or offer does not appear new to the public.

Research budget

There are three steps to conducting this research.

-The first step is to create a literature review that includes sales reports, industry conditions, needs of the fast food industry and its customers in India, and trends in consumer behavior. Accessing and submitting information costs less than $ 1,000.

-The second step is to conduct an online survey. It can cost up to $ 2,500. Reaching KFC visitors via Facebook ads and direct distribution can cost the aforementioned value.

-The third step is to analyze and identify the results of the information collected. This can result in the higher amount. This implies dedicated involvement of researchers in analyzing the data and delivering results for management review. The budget for this step is approximately $ 4,000.

If the results are satisfactory and management wishes to conduct further research, an internal employee survey will be conducted to identify customer needs as well as internal experiences and problems. These details can be helpful in planning a smooth transition (Kanagal, 2015).

The market research plan must be approved by the KFC board of directors in order to be disseminated with the approval and ethics rules set by the brand. KFC must hire staff for each city to facilitate in-depth data collection and analysis. The proposed timeline for this project is shown below.

Task code	Task name	Duration (in days)	Resources
1	Requirement definition	4	Project manager
2	Preliminary research design
2.1	Identification of literary sources to support the research	5	Researcher
2.2	Obtaining consent from the management for using company reports to perform futuristic prediction	4	Senior business analyst, researcher
2.3	Preparation of literature review	4	Researcher
3	Secondary research design
3.1	Request for allocation of personnel	4	Researcher, senior business analyst
3.2	Preparation of questionnaire	3	Researcher
3.3	Questionnaire dissemination	6	Researcher, employees
3.4	Collection of completed results	10	Researcher
4	Data evaluation
4.1	Report development	15	Researcher, employees, senior business analyst
5	Project closure	3	Researcher, senior business analyst

Conclusion

The project’s mission is to introduce a new line of KFC products in India that will primarily appeal to the vegan audience. The net budget forecast for this project is $ 7,500 and the net consumption is 58 days. Once the research is complete, management can make a decision about the product launch and pilot program.

References

Kahn, KB. (2012). The PDMA handbook of new product development (3 ed.). Hoboken, New Jersey: John Wiley & Sons Inc.

Kanagal, N. B. (2015). Innovation and product innovation in marketing strategy. Journal of Management and marketing research, pp. 1-25.

Pointing, C. (2020). India set to be epicenter for vegan meat and dairy development. Retrieved from https://www.livekindly.co/india-vegan-meat-dairy-development/#:~:text=Home%20Food%20%26%20Health-,India%20Set%20to%20Be%20Epicenter%20for%20Vegan%20Meat%20and%20Dairy,set%20to%20grow%20in%20India.&text=India%20is%20well%20known%20for%20its%20vegetarian%20and%20flexitarian%20attitude%20towards%20diet.

Stewart, R. (2020). Finger lickin’ vegan. Retrieved from https://www.thedrum.com/news/2020/01/16/finger-lickin-vegan-can-kfc-mcdonalds-et-al-crack-the-plant-based-market