Essay Sample on Strategic Market Analysis

Paper Type:  Essay
Pages:  5
Wordcount:  1201 Words
Date:  2022-11-10

Introduction

The next step utilized both experimental and observation research method. The company distributed information about the partnership with Visa and Bank One and directed people to the website. Observation research method has the advantage of giving a room for interaction with the people and it helps in making affirmative conclusions (Jorgensen, 2015). For example, the company interacted with the consumers in the web-page and got positive feedback. Indeed, many of them subscribed to the e-mail notification in case of any development in the company.

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Measuring Return on Market Investment

At this stage, Starbuck rolled out the card to the consumers and used qualitative research method to determine whether it is meeting its goals. For example, after the company launched the Starbucks Duetto Visa Card in October 2003, the company relied on qualitative strategies to determine success (Cooper, Schindler, & Sun, 2006). For example, they used brand enhancement to analyze whether the consumers were satisfied with the services. The qualitative research method is advantageous since it explores individual experiences and describing human phenomena when it comes to specific things (Cope, 2014). Hence, the approach opened up a chance to analyze the response of the consumers regarding the use of the card.

Management-Research Question Hierarchy for the Project

The management dilemma was whether the consumers would accept the card and a means of the transaction to replace the use of cash. Starbucks was looking at effective ways to enhance customer's satisfaction using the card without inconveniencing them in any way. The main questions in this case are;

  • What are the effective ways to use to achieve a desirable program that supports all the consumers?
  • Which financial institutions will support the used idea of integrating the card in their program?
  • Which factors will affect the success of the card in the market due to the competitors?
  • How efficiently will the consumer reload the card without inconveniencies?
  • What rewards do consumers expect when they use the cards?

The research questions help in setting a pace on how to manage the market and improvise the idea of the card in the transactions.

Choice of an Online Survey to Access the Objectives

The best online survey to use in this case is SurveyMonkey since it offers an effective way of creating and collecting data from different individuals all over the world. In addition, SurveyMonkey offers several survey strategies which include long, short, simple, and complex. Starbucks can engage the users in an online survey on how they perceive the services. The results facilitate qualitative analysis which makes it easy to make decisions and decide whether the company is meeting its goals and objectives.

According to Varela et al. (2017), SurveyMonkey offers a fast and efficient way to access information for all the participants. Secondly, the survey tool offers a different way of analyzing data without the need for accessing information about the client. Also, the survey is cost-effective since it has a constant fee changed on the service monthly. The different structure of questions also makes it easier to get quick feedback from the users.

However, the SurveyMonkey can be a lengthy process which can lead to a high dropout rate. Many people can see the process tedious hence dropping it (Varela et al, 2017).

Setting Up an Online Panel

Panel management is critical to ensure the best talent is picked prior to the survey. The research panel can also work in collaboration to access information and help in conclusion-making. Starbucks can selectively pick a panel from Greenfield online by taking the following factors into account:

Determining the recruitment channel- These are different methods to utilize the best approaches that support the candidates. For instance, technology has a critical role in the current world and it is also the fastest tool of communication. Hence, the company can use Email Lists, Social Media, and Website Recruitment. Greenfield online participants can use the channel.

Short and Simple Recruitment Process- The recruitment process should be short and simple to avoid contradictions of boredom. This is after the contacts commit to joining the panel. For example, one can gather only the essential information like names and email address of the respondents.

Sending a profile survey- The profile survey aims at collecting more information about the respondents. In addition, the process opens up a chance to learn about each member and how convenient they can respond to research. The process should also be short and simple.

Send a welcome email- The final stage is sending an invitation e-mail after the members have joined the panel. The e-mail includes the purpose of joining the panel and telling them how they will receive incentives and benefits. Also, the e-mail acts as a tool of how you will appreciate their feedback on the commitment to the panel.

The whole process should be simple and clear to enhance understanding of the key factors behind the operations of the panel.

The measurement questions to measure the success of Starbucks Duetto Visa includes:

  • Has the scope of the project been achieved?
  • Was the project able to hit the milestone on time?
  • Did the process deliver the project within the given budget?
  • Was the feedback from the consumer satisfactory?
  • Is the quality of the services as expected?

The above measurement questions help in determining whether the project was a success in the long run. In any case, before embarking on any project, it is important to plan in advance to help in setting goals and objectives. They help in deciding whether the project was a success or not.

Conclusion

In conclusion, a strategic market analysis helped the company achieve its goals and objectives to reach the consumers and give them quality services. The effective market analysis helped in understanding the needs of the consumers and also identify different partners to help in formulating the plan. In addition, consumers' feedback is critical and hence important to use effective online tools to analyze the response and the success rate. The online panel also matters to acquire quality talents and hence the need to use an effective recruitment process.

References

Colorafi, K. J., & Evans, B. (2016). Qualitative Descriptive Methods in Health Science Research. HERD: Health Environments Research & Design Journal,9(4), 16-25. doi:10.1177/1937586715614171

Cooper, D. R., Schindler, P. S., & Sun, J. (2006). Business research methods (Vol. 9). New York: McGraw-Hill Irwin.

Cooper, D. R., Schindler, P. S., & Sun, J. (2006). Business research methods (Vol. 9). New York: McGraw-Hill Irwin.

Cope, D. G. (2014, January). Methods and meanings: credibility and trustworthiness of qualitative research. In Oncology nursing forum (Vol. 41, No. 1).

Jorgensen, D. L. (2015). Participant Observation. Emerging Trends in the Social and Behavioral Sciences,1-15. doi:10.1002/9781118900772.etrds0247

Moon, Y., & Quelch, J. (2003). Starbucks: delivering customer service. Harvard Business School.

Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.

Shannon, D. (2008). The emergence of prepaid cards in Europe. Card Technology Today, 20(4), 11-12.

Talpau, A., & Boscor, D. (2011). Customer-oriented marketing-A strategy that guarantees success: Starbucks and McDonald's. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 4(1), 51.

Varela, C., Ruiz, J., Andres, A., Roy, R., Fuste, A., & Saldana, C. (2017). Advantages and Disadvantages of using the website SurveyMonkey in a real study: Psychopathological profile in people with normal-weight, overweight and obesity in a community sample. E-methodology, 77.

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Essay Sample on Strategic Market Analysis. (2022, Nov 10). Retrieved from https://proessays.net/essays/essay-sample-on-strategic-market-analysis

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