Marketing Research and Information Technology (MKTG 3710) Summer 2003 Research Project – Part I Objective: The goal of this project is to gain hands-on experience in the process of exploratory research. Specifically, it is about identifying, collecting, analyzing, interpreting, and presenting basic information and making decisions in a real-life setting. You will need to conduct an exploratory study - primarily secondary data, to describe and analyze the market, competition, etc., for the Dallas Museum of Arts. Your group is being asked to help the Dallas Museum of Art (DMA) market itself in a more effective and efficient manner. Instructions: Essentially, you will gather and use information and data for getting a good understanding of Dallas Museum of Arts market and other related factors. Based on the information gleaned from this secondary data first create a business model – some understanding of its business, market, market size, etc. Then, you will analyze your information and formulate marketing research questions or problems. The project requires a thorough and exhaustive exploration of secondary data sources, evaluation of these data sources, collection of relevant data from these sources, and arriving at some key marketing decisions. This will be followed by formulation of research questions and questionnaire design. If you are done with your research questions and bring it to me or to the class (earlier than the due date), then we might be able to conduct exercises in class to practice designing questionnaires for your research questions. During this process you want to accomplish several things: 1. Explore and examine various secondary data source (both internet and library based). Exactly how many sources you should look at it is up to you. If you bring what you have found and talk to me about it, I might be able to give you some guidelines, but the decision about which data source and how many will have to be made by you. 2. Review these pieces of information and data. It is not enough to identify the data/information source. You need to internalize the information. 3. Decide which data or information is relevant and useful. Once again, this is your decision. If you bring what you have found and talk to me about it, I might be able to help you decide through a question and answer session, however, the decision about what is relevant and useful is up to you. 4. Collect that relevant and useful data or information. You may put the actual printouts at the end as appendices. However, the pertinent and relevant data and information must be included as a part of your project document in the form of tables, charts, etc. Remember that you will experience a lot of uncertainty during this process. You may not have all the information needed for making various decisions. You may not even know whether the information is reliable or not. I want you to understand that this is reality. If businesses can have all the information needed for decision-making and the information is reliable, then there will be no need for managers. Computers can be programmed to make decisions. Managers are needed because we can make decisions with incomplete and imperfect information. So uncertainty is part of this process. I want you to learn to deal with it by actually making decisions under such uncertainty, right here, during this semester. 5. Interpret and present the data, information and your findings in a manner that makes sense from a business perspective. In addition to presenting the tables, charts, etc. you also have to translate these charts, and tables into information and decisions. In other words, explain to the 1 reader what the charts and numbers mean. Please use language carefully. There will one point deduction for each grammar and spelling mistake. 6. Be careful about the objectives and research questions/goals. They need to be precise and not too verbose. 7. In summary, the goal of this project is to expose you to various secondary data sources; exploratory research tools and techniques; the process of collection, analysis and interpretation of secondary data and information; and the process of making decisions using data and information. Another goal is to enhance learning by applying what is being discussed in the classroom. In addition, a final goal is to expose you to the decision-making uncertainty faced by managers in industry and let you experience the process of making decisions under such uncertainty, with imperfect and incomplete data and information. You may work in groups (maximum size 4). Please turn in a typed report including the information and analysis outlined below. The report will be graded on Completeness, Use of secondary data resources, Quality of analysis, Logical flow of presentation using data/information, Written presentation, and Language (grammar and spelling). At this stage, you may like to look at any secondary data (internet, newspaper, journals, business magazines, electronic data sources, and others) source. Be sure to list all references used at the end and use these resources in your document. Assume you are writing this report to your boss. Please do not take his/her knowledge about DMA or the Art and Entertainment industry, for granted. Be sure to explain where necessary and simply report if explanation is not required. 2 Research Project Report – Part I (100 points): Outline: I. II. III. IV. Cover page Contents page Executive summary Brief introduction – state of marketplace, key definitions, and key industry issues (size, growth, etc.) V. Background (examples of some key topics that need to be discussed)*: What, specifically, is DMA’s business? (Do not say “Art and Entertainment,” but EXPLAIN the business). What services are offered? Who are key customers? How is the industry organized? What do key players in each segment do? What is DMA’s industry segment? With respect to this “sub-segment:” What is the market size? What is the growth rate? Who are the key players? What are their market share, size, and key advantages? VI. Analysis What are key trends (positive and negative) facing DMA and the Art and Entertainment industry (the industry overall and DMA’s segment)? Remember, these may not specifically be trends in Art and Entertainment per se, but trends in related industries (e.g., the rising cost of gasoline). Conduct a SWOT analysis for DMA Other key and relevant issues. Note: You may need to touch on issues associated with the recent terrorist attack, but this should not be the main thrust of your report. Instead, take a longer-term view. Note that you might take information reported in the previous section and analyze it here (e.g., extrapolate growth rates or shifts in market share, analyze growth or costs in related industries such as. You might also report new information relevant to DMA and the industry. Summary of key issues leading to the identification of a list of relevant research problems. * This list is not all-inclusive. Do not report your findings as a laundry list of answers to these questions! Also remember that visual aids (e.g., a perceptual map, charts, etc.) could help in this section. VII. Research Problem Identification: Evaluate your list of research problems and make a recommendation as to which to pursue first. Justify your position—why should DMA management care about these issues? Why should they fund research along these lines? VIII. Information Needs What information will be needed to research the top problem you identified in section VII? What type of information (e.g., demographic, behavioral, etc.) is needed? How should this data be gathered? Note: we will be conduct a questionnaire design exercise in class based on the research questions you turned in. IX. Conclusions. X. References 3 Marketing Research and Information Technology (MKTG 3710) Summer 2003 Research Project – Part II Objective: The goal of this part (II) is to gain hands-on experience in the process of descriptive research. Specifically, it involves formulation of marketing and marketing research goals, formulation of hypotheses or research questions, knowledge of variables and constructs involved, understanding of scales used for measurement, identification of appropriate statistical tests (difference and association), and analysis using these tests (using SPSS), interpretation, and presentation of your findings in a written and oral format. Instructions: Having conducted the exploratory research on DMA, your team is now being asked to provide relevant recommendations for DMA mangers, based on the primary data (collected using a survey attached). This project revolves around making marketing decisions using primary data to help the Dallas Museum of Art (DMA) market itself in a more effective and efficient manner. The project requires a thorough and exhaustive knowledge of DMA (acquired during the Part I of this project). This will help you in the formulation (or reformulation) of research questions and hypotheses. If you are done with your research questions and bring it to me or to the class (earlier than the due date), then we might be able to conduct analyses related exercises in class. This process should involve the following steps: 1. Review the data set, making sure you understand what was measured and how it was measured and get a feel for what kinds of questions you might be able to answer or recommendations you might be able to make for DMA. The decision about what is relevant and useful is part of the learning process and will have to be made by you. 2. You may have to conduct some exploratory study - secondary data as well as other exploratory study techniques, if needed (beyond part I). You have been exposed to the exploratory research tools and techniques, including personal interviews, etc. Use all that you know and I am quite sure that you can achieve a lot. Based on your understanding of the Art Industry and DMA you need to formulate marketing research question or problem and using the primary data arrive at answers to these research questions or test the hypotheses. 3. Formulate research questions or hypotheses that will help you in your marketing planning process. 4. Analyze the data using SPSS and making sure that your analysis is appropriate, relevant and useful. 5. Interpret and present the results and your findings in a manner that makes sense from a business perspective. In addition to providing tables, charts, etc. you also have to translate these charts and tables into information and decisions Note: As with Part I, you will experience a lot of uncertainty during this process. If businesses can have all the information needed for decision-making and the information is accurate and reliable, then there will be no need for managers. Computers can be programmed to make decisions. Managers are needed because we can make decisions with incomplete and imperfect information. So uncertainty is part of this process. You have the chance to practice dealing with it by actually making decisions under such uncertainty, right here, during this semester. 4 This is where primary data and statistical analysis comes in. It should help bring some semblance of certainty into future uncertainty. In order to do this you will have to select the right variables for the right test. It is not easy, but if you think like a decision maker then the statistics part should fall into place. This project should help sharpen your skills in decisions making using hard data as against pure speculation and gut feeling. Imagine two scenarios, one where a manager goes to his/her boss or client with ideas and plans without sound logic and hard data, and other where the same plan is backed by sound logic, hard data and tests of significance. You can guess which manager will succeed in getting approval, and I hope you will strive towards being that type of manager. In summary, the goal of this project is to expose you to activities involved in descriptive research – primary data, analysis, interpretation and decision-making. Another goal is to enhance learning by applying what is being discussed in the classroom. In addition, a final goal is to expose you to the decision-making uncertainty faced by managers in industry and let you experience the process of making decisions under such uncertainty, using data and statistical analysis. You may work in groups of 3 or 4 (or by yourself but it is a lot of work). You do not have to stay in the groups you worked with for Part I, however, I would like to be informed of any change in group composition Please turn in a typed report including the information and analysis outlined below. The report will be graded on Completeness. Appropriate use of primary data, statistical analyses, interpretation and decisions made. Relevance of research questions investigated Quality of analysis, interpretation, and recommendations (including justification) Logical flow of presentation and readability, and. Language (grammar and spelling)—up to a letter grade deduction for sloppy mistakes! Assume you are writing this report to your boss. Please do not take his/her knowledge about DMA or the Art and Entertainment industry, for granted. Be sure to explain where necessary and simply report if explanation is not required. 5 Outline of Complete Report Note: This outline is purposefully vague. You must make the decision as to the types of questions you can answer with the given data set and which questions are most relevant. I have given you some direction as to specific questions you might ask. We may also discuss other possible questions in class as we learn about the relevant statistical analysis techniques, so it will behoove you to make it to class for additional guidance along these lines. VIII. IX. X. Cover page Contents page Executive summary XI. Part one will be the first section of this report. At this stage you may have to revise your contents page, executive summary, and may be parts of brief introduction. Research Objective: what is the purpose of this part of report, what general issues can be addressed, and what is (are) the key research objective(s) you have decided to focus on? Examples of possible research objectives include: How to improve customer service, How to better reach/satisfy customers, etc. Research Questions: these should be a list of research questions that need to be answered in order to achieve the overall objective stated above. We will discuss possible examples in class as we progress, but it will be up to you to decide what questions to ask, how deep into those questions to go, and how to organize your report around them. I suggest that you outline the data analysis and findings part of your paper in terms of these questions. In order to make specific recommendations regarding DMA, what do you need to know first? Next? Etc. Organize the list of questions into key topic areas that will lead logically to your recommendations at the end. XII. XIII. Some examples of potential research questions are – What are some of the needs and wants in the context of museum service? How well are these needs and wants being met? Which contingent factors influence these needs and wants, and to what extent? Can you segment the market and how? Does it make sense? How would you position DMA to various segment/s? Can you draw some conclusions related to the 4Ps? XIV. Methodology and Data: Overview of sampling issues that you can infer from the data (i.e., sample size, composition, etc.) Attach a summary copy of the survey in the appendix (be sure to refer to it in the text). XV. Data Analysis and Findings: This will be a large part of your paper. I recommend that you use a major heading of “Data Analysis” for this section and then organize the rest of the discussion with subheadings as described in point V above (i.e., by research question). For each research question or set of related questions you should do the following: State the hypothesis Describe what is being tested if necessary Indicate the appropriate statistical test Report results and interpret the meaning in a user-friendly manner. Discuss implications if relevant. Remember significant points can be deducted for inappropriate interpretation (e.g., “Gender causes shopping behavior”). A good way to report results is to say, “the data suggests…” or “the results indicate…” I suggest that you do not go on to make specific recommendations for DMA here but wait for the next section (see VIII below). Note: In this data analysis section, you might find tables, charts, and graphs useful to summarize the data in the report. However, you should still attach the actual SPSS printouts from your analysis in an appendix at the end (NOT in the body of the report). When discussing specific findings in the report, 6 be sure to refer to the appropriate printouts in the Appendix (e.g., “see Table 1a”) and highlight with a highlighter or bold text the key numbers of interest on the printout. You must attach the relevant printouts from SPSS even if you use summary charts and graphs so that I can check to see you pulled the right number, interpreted the results correctly, etc. XVI. Conclusions and Recommendations: Summarize the key findings from the analysis section and draw conclusions that will result useful recommendations for DMA. Examples include segmentation issues, promotion issues, product/service mix issues, etc. Essentially, you are making recommendations regarding what DMA should do to in order to achieve the objectives you identified in step IV. Consider that DMA may not have the resources to pursue each recommendation you have so prioritize your recommendations. Remember to justify this priority. This section has to be based on findings from both Part I and II of your report. XVII. Limitations of the Research: Discuss any problems you might have identified with the research that indicate caution should be used in interpreting or acting upon the data. Also identify gaps in the current research and provide future research direction (to fill this knowledge gap). For example, what type of questions do you wish had been asked on the survey so you could provide a better picture or recommendations to DMA? What customers do you wish you had data for? XVIII. References: You may have used information in your introduction section or in analysis (e.g., drawing from information from your Part I). Be sure to report those cites here. XIX. Appendix: This should include all SPSS printouts referenced in the text, in a relatively easy to read format (use titles, omit non-essential components of the printout, etc). Be sure to highlight the key numbers of interest (i.e., what was discussed in the text). Tables should be numbered in order of when they appear in the text. Additional Hints: Be careful about language, spelling, and grammar. I will deduct up to a full letter grade for excessive mistakes in any of these areas. Be sure to back up your statements with supporting data and analysis (be sure to cite any references). Unsubstantiated statements will cost you points. There is no set page requirement, but I’d guess 15 to 20 pages should do it. This is in addition to tables, appendices and relevant computer printouts. As a guideline, you should double-space paragraphs and single space bulleted items that go past one line. Double space between separate bulleted items. It may be a good idea to use a direct and to-the-point writing style (possibly with bullets) rather than long paragraph style. However, make sure your report flows smoothly. A good way to do this is to have a brief summary paragraph at the beginning of each major heading discussion to indicate what the section is about and communicate relevant general information (e.g., “In order to determine internet shopping behavior, questions were asked about the following 9 categories of products…”). Don’t forget to check Gallup’s website for examples of study summaries reporting data. There will be a copy of a previous report (analyzing the Online Shopping Study) in the main office for review. Feel free to check this out and copy to look over. Remember, however, this project was conducted for a different class and has different objectives. It may not be perfect, or exactly the style I want, etc.) **************************** 7