Marketing Research Strategy Essentials †MyAssignmenthelp.com

Question: Discuss about the Marketing Research Strategy Essentials. Answer: Research approach In this paper, a deductive approach of research is followed and it is involved in developing a hypotheses based on the existing theory, and then a research strategy will be designed for testing the hypotheses (Miller et al. 2013). In this research the deductive approach has been taken to avoid the risk factors in the research, because, this approach explores a theory that is known and then tests whether the theory is valid in that particular circumstances or not. Research method In this paper, the research would be in a quantitative approach and in this research one or more hypothesis can be found. Data is collected and a proper statistical analysis is provided (Lai, Chan and Lam 2013). This analysis allows determining to what extent there is a relationship between two or more than two variables (Vong, Lai and Li 2016). In this research, objectivity is the key, the research ensures all the measuring has been done for the assignment, and those are considered prepared and controlled in advance. The focal point of this research is on the deductive reasoning that tends to move from general to specific (Vong, Lai and Li 2016). It is worth mentioning that in this research, almost 800 people are involved and they are the representative sample of the research, as they were interviewed for the research work. These people were questions regarding the position of the casino as whether the casino would be able to attract gamblers or not, and whether the managerial body should retain the old name considering the brand value of the previous organization. Apart from that, some general inputs were taken from them so that the management can work on them to make the organization reach the height of success within a short span of time (Prentice and Woodside 2013). Sample size and selection For this research, total 800 interviews were taken and the average interview length is 20 minutes and the average completion rate is 0.62 per hour. No open-ended questions were asked (Prentice and King 2013). The questions were asked in the interview were based on the factors like whether the position of the new casino is good to attract customers or not. whether the previous name Fun City should be replaced with a new one, or it should be retained for its brand value, and finally if the name has to be changed what could possibly be the new name for the organization (Lee 2013). Quantitative research In this paper, usage of sampling technique is followed where the findings are expressed numerically and the mathematical manipulation enables to determine or estimate the future quantities or events (Lee et al. 2013). As the casino is redeveloping this quantitative research method would be best suited for this paper to take the correct decisions at accordingly. The advantage of quantitative research is based on the deductive reasoning that moves from general to specific (Tian, Zhang and Zou 2014). Research tools In this paper, interviewing 800 people is used as a tool of research and the questionnaire is provided in the appendix. Each individual was asked a few questions that took nearly twenty minutes and no open-ended questions were asked in the process. After evaluating the answers of the questions asked, the strategists should consider the views of those comments and strategize their work accordingly (Prentice and Woodside 2013). The local residents were interviewed in this process and some gamblers were also asked questions for the best outcome. It is a matter of fact that using sampling and data collection from the local residents and big or small gamblers might not be very effective in every case (Prentice and King 2013). It is a matter of fact that, these people have no professional experience regarding how to run a casino that is been redeveloped aiming to get commercial success instantly. The responses gathered from these people may not be right all the time and that can lead the d ata collection and sampling suffer as there might me some responses those are not valid in this case. Proposed method of analysis In this paper, a thorough factor analysis has been done and in the process a mass of data is collected and those were put in to a smaller data set that would be more manageable (Hair et al. 2008). It is a way to get the hidden patterns and how those patterns overlap with each other and what are the characteristics of those patterns. A factor is a set of variables that have similar response patterns as those are linked with variable that is not directly measured. In this case a confirmatory factor analysis is done for the verification as there is a specific structure of the data is given (Baloglu, Zhong and Stanford 2017). A thorough research has been done collecting samples from the residents of the area where the casino is being redeveloped. Apart from them, a number of gamblers who are big shot gamblers or gamblers with medium capabilities (Lee 2013). It is not always obvious that the answers of these people are apt for strategizing on them. Thus totally depending n the answers of the interviewees may not serve the purpose of strategizing the business of the redeveloped casino. Budget While conducting the research the budget has been restrained within the previously allocated budget and it is seen that the primary costs were due to travelling and recording the interviews and the printing costs (Lai, Chan and Lam 2013). There were some other expenses due to emergency purposes to get the best results or outcomes after the thorough research was made. A thorough process of interviewing 800 people was a part of the data collection and for that, transportations costs were needed and useful devices were purchased so that the sample collection faces no interruption. The people who collected the data had to ensure that no data gets missing to ensure that the research is accurate and after getting the sample data the managerial body would be able to strategize the way of doing business in a correct way to get the most profitability. As it is seen that the major expenses were behind transportations and buying technologically advanced gadgets, thus it can be said that keeping the necessary back up files of all the audio files of the interview was necessary, and for that purpose there was some expenses made. After collecting the sample data, it was seen that all costs were under the budget though there were some unplanned expenses. Expenses Amount ($) Gadgets 3000 Transportation 1000 Printing 500 Emergency 450 Total 4950 The allocated budget for data collecting was 5000 US dollars and all the sample collection was done within the budget. Proposed outcomes The probable outcomes of this paper are whether the position of the newly developed casino is good or not. What is the brand value of the previous name Fun City and whether the old name should be retained or the management should give it a new name, and rebrand the organization. The outcome from the samples would be if the management decides to rebrand the organization then what could possibly be the new name of the organization to achieve most profitability. Not only have these after considering the views of the gamblers, the management strategized their way of doing business in a way that the organization reaches the height of success. From the answers of the questions asked to the residents and some gamblers of the area of operation of the casino, it is seen that the management may retain the old name Fun City considering the brand value of the name. In todays economy, brand value does matter for retaining the profitability of an organization. References Baloglu, S., Zhong, Y.Y. and Tanford, S., 2017. Casino loyalty: The influence of loyalty program, switching costs, and trust.Journal of Hospitality Tourism Research,41(7), pp.846-868. Hair, J.F., Celsi, M.W., Ortinau, D.J. and Bush, R.P., 2008.Essentials of marketing research. McGraw-Hill/Higher Education. Lai, J.Y., Chan, K.W. and Lam, L.W., 2013. Defining who you are not: The roles of moral dirtiness and occupational and organizational disidentification in affecting casino employee turnover intention.Journal of Business Research,66(9), pp.1659-1666. Lee, C.K., Song, H.J., Lee, H.M., Lee, S. and Bernhard, B.J., 2013. 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