Market Research: Convenience Stores in Washington College
Verified
Added on 2021/04/21
|6
|1333
|20
AI Summary
The assignment is a market research study that aims to determine which convenience store (Royal Farms or 7/11) is preferred by students at Washington College. The study will analyze various factors such as proximity to the outlets, brand recognition, and unique motivational methods used by each store to attract customers.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Market research1 Name: Institution: Date:
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Market research2 Background information Convenience in service delivery in various service delivery points in colleges such as library, cafeteria, canteens and others facilities is of great importance. Since students always have limited time and resources, they would always require quick services and at an affordable prices. This is always to ensure that they save time, money and energy. This research survey will focus on two stores in Washington College which sell majorly fast moving consumer goods to students such as snacks and household items. The two stores are 7/11 and Royal farmers. To be specific, some of the products being stocked by these two outlets are toothpastes, plates, drinks, ready foods and toiletries. Previous researches on the same topic supported by secondary data has shown that over 80% of students from various colleges globally have always preferred buying from outlets that have shown efficiency in service delivery in terms of speed, quality and affordable cost(Huang & Sarigollu, 2014)and (Romano, 2009). Statistics has it that the many outlets that are within the college’s neighborhood have recorded the highest number of customer students compared to those that are a little far away (Kotler, 2012). It is therefore for this reason that Convenience Store Marketers are conducting a survey tofind out which convenience store between Royal Farms or 7/11 is a more favorable option for Washington College students and the United States market in general.Through this research therefore, we will be able to determine which store people would rather purchase goods such as fast food, toiletries, and any other product that 7/11 or Royal Farms offers. Research objectives The main research objective was;
Market research3 1.To establish which convenience store is a more favorable option for Washington College students and United States market between the Royal Farms and 7/11 The other specific objectives included; 2.To know the students’ opinions or ideas of a convenience store. 3.To establish the factors that affect student choices’ on which convenience store to buy from. 4.To establish the buying behavior of the students from the two stores. 5.To identify some of the methods used by the store owners to lure students into buying from their stores. Methodology This research survey will employ the use of questionnaires to collect data from the students. Data collection through this method was found appropriate as information could be collected from a large number of respondents within a short span compared to other methods like one-on-one interview or observation. To add on due to financial constraints and convenience of reaching more students, it was relatively cheaper when it came to collecting information from across the student body as the questionnaires could be emailed to the respondents for filling then emailed back to the researchers. The research will incline much towards qualitative design since most of the questions the respondents will answer will be seeking their opinions or feelings on their buying behavior therefore not measurable. To ensure that the data collected was not biased, the research survey will employ simple random sampling or non-probability sampling. This is a sampling method that ensures respondents are picked from the target population without employing any trick. In other words, every respondent will have an equal chance of being
Market research4 selected to the sample. The survey will employ both descriptive and inferential statistics to explain the findings. Descriptive statistics will be used to analyze the demographics of the sample such as gender, age and faculty. Measures of dispersion such as mean, median and mode will also be established using descriptive statistics. Measures of dispersion such as variance and standard deviation, range and variance will also be established. Inferential statistics such as measures of association between variables will also be established. For example, if there exist an association between gender and store preference or buying behavior. The data collected will be analyzed using excel and statistical package for social sciences, SPSS. Action standards Proximity to the outlets will be one of the major variables the research survey will concentrate on due to the fact that not every student on campus has a car or their own personal form of transportation(Khan, 2014). The act of actually getting to the convenience store as easy as possible will affect students decisions on which one they would prefer to go to. Another importantconstructwewillmeasureisthebrand,thetwomainconveniencestoresin Chestertown being 7/11 and Royal Farms. Most of the products the two stores sell are very similar, ranging from snack food to household appliances to hot and ready food. One of the main differences between the two are Royal Farms offers their “World Famous Fried Chicken and Western Fries” as well as other chicken products. 7/11 offers hot food as well; such as pizza, hot dogs, chicken wings, tacos, etc. Both corporations sell a variety of drinks, such as milkshakes, Slurpee’s/ICEE’s, sports drinks, energy drinks, juices, etc., but due to the fact that Royal Farms is larger in size, they have a broader variety. A third construct to take into consideration is the fact that Royal Farms doubles as a gas station, where 7/11 does not. This makes it possible for consumers to choose Royal Farms and for them to bring in more consumers over 7/11.The
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Market research5 research survey in a bid to establish whether age and gender are factors when it comes to brand choosing, will compare customer loyalty to the two outlets based on gender and age. Unique motivational methods of the two outlets to customers will also be assessed and resultant effect be analyzed. With this kind of information, the research will able to communicate to the customers and store owners the major reasons why buying behavior of students are the way they are. Additionally, this research will help the convenience stores to understand the facilities that the general people include in the preferences while choosing the stores for their daily needs. This will help in healthy competition and improvement of facilities in the stores from the feedback gained from the customers. The findings from this research study will also go a long way in filling the gap in previous research that had been done on the same topic. It will also give chance for other researchers to critique it and come up with its weaknesses thereby provoking further research on the same topic hence coming up with better findings and recommendations that will help. Lastly, the findings will form part of literature in consumer purchasing behavior.
Market research6 References Huang, R., & Sarigollu, E. (2014).How brand awareness relates to market outcome, brand equity, and the marketing mix In Fashion Branding and Consumer Behaviors.New York: Springer. Khan, M. T. (2014). The concept of ‘marketing mix’ and its elements (a conceptual review paper). , 6(2), p.95.International journal of information, business and management, 6(2), 95. Romano, C. (2009). Research strategies for small business: a case study.International Small Business Journal, 7, 35-43. Kotler, P. (2012).Marketing Management: Analysis, Planning, Implementation and Control. Prentice-Hall, Englewood Cliffs, NJ.