Module 8. (This Dropbox basket is linked to Turnitin.) You will also submit an audio-narrated presentation of your report. Your presentation should be designed as if you were presenting your report to
Running Head: ZEN MOTORS 0 ZEN Motors Student’s Name Institution Due Date Module 1 Internal Memo To: Nick Thomas, ZEN Motors CEO From: Sales Representative Date: 13 January 2021 RE: Low Sales Crisis The process of carrying out market research is vital as the secondary sources you claim are helpful are out-of-date. It requires a fresh look into the customer base to find out if their demand trends have changed. It will help the company reduce the risk of dead stock as the cars brought to sale do not reflect values and policies that the business has been known for (Sarstedt and Mooi, 2014). Making informed decisions makes it necessary for the sales team to make rounds either through the internet or through one-on-one interviews to identify emerging trends that will influence vehicles’ sales. The market research compatible with the business goals involves a combination of surveys, interviews, and observation research. A well-constructed questionnaire will be prepared for respondents to fill. They will provide firsthand information into the market’s needs without any bias that might influence the results. Since interviews involve the user of the cars sold, insightful techniques will be easily accessible. The exploratory research technique will ensure the business’s flexibility to accommodate any changes identified either through operational costs or customer demands (Koners et al., 2012). Once the trends and patterns of purchase are identified, a plan that incorporates all the business stakeholders will play a vital role in any decision made by the manager. Visualization tools can be utilized by management during the presentations of the trends and gaps in the market to ensure the message reaches those responsible. The action plans that follow must remain within the budget set to reduce operational costs from skyrocketing. Conclusively, the primary concern will revolve around evaluation and performance analysis for the marketing strategies used, given the company has used funds to ensure the market research occurs (Koners et al., 2012). The launching of new car models in the market is also a concern as the data collected needs to meet all the demand and patterns; otherwise, the company will be looking at a loss. The questionnaire to fill will follow the below set-up. Statement, strongly agree, Agree, neither agree nor disagree, Disagree, Strongly, Disagree Global warming, is it a real threat? Are you worried about pollution and Global warming? Do you feel it a necessity to reduce pollution ? Do you feel that alternative fuel such as electricity should be used to decrease pollution? 1. You prefer to buy a vehicle that utilizes nuclear energy. 2. You prefer to buy a vehicle that utilizes electricity. 3. You prefer to buy a standard size vehicle that utilizes synthetic fuel. Yes/No Answers 4. Have you taken steps in reducing your impact on global warming? 5. The cost of gasoline affects to type of vehicle you want buy. 6. You drive to school every day. 7. You prefer to have your own vehicle to drive around. 8. You prefer standard vehicle to mini size vehicles. 9. You have already made up your mind on the type of vehicle you are going to purchase. Choose an Answer Where are you traveling from?  home  work  other school  other ______________ How long does it take you to travel to school on a typical day (minutes one way)?  0 to 15  16 to 30  31 to 45  46 to 90  90+ How many hours are you usually at college each day?  Less than 1  2 to 7  6 to 9  9+ How many kilometers (one way, approximately) do you travel to college on a normal day?  0 to 12  11 to 22  21 to 42  41 to 62  62+ Module 2 TO: Nick Thomas, ZEN Motors CEO FROM: James Marshall DATE: January 24, 2021 SUBJECT: Research Process The five steps in carrying out a successful market research exercise are identifying and defining the problem, developing a plan, collecting information, analyzing the data, and putting research into action. The first step involves the senior management, which identifies the need for the organization’s study, particularly the decline in sales (Tomasetti, 2019). The information needed, where to obtain the information, and the purpose of each data will make it easy for the researcher to complete the exercise on schedule. The researchers are worried that the sources of information might be biased or provide irrelevant information that might jeopardize the company’s decision. The next step to take is to determine if the environmental concerns that most sources gave will have any adverse impact on our sales or any bias in the information provided that might influence the company’s decision purposively (Tomasetti, 2019). The environmental issues might negatively affect our sales as we sell diesel and petrol vehicles known as major city pollutants. Clarification of the mentioned concerns, exploratory research techniques are vital and useful in proving or confirming the hypothesis. The other concern the researchers had was to find out how consumers see us in the automobile market. The market is flooded with various sellers; thus, descriptive research might help the feedback be honest and pinpoint the areas the company needs to improve on to reach its level. If the descriptive research shows that consumers believe our services are superior, our policies and strategies will continue (Meng et al., 2020). The descriptive analysis will pinpoint who is our biggest competitor is, what they are doing differently, how we can catch on with them, and where they operate from. Descriptive research gives a holistic understanding that ZEN will benefit from, particularly with the case study analysis that contains both qualitative and quantitative data. The final step revolves around primary research or data collection exercises. The exercises are comfortable as they involve experts from the environmental protection agency that will provide us with details regarding the link between pollution and its services. The information provided is backed with evidence to increase its reliability; otherwise, it might be concluded to be hearsay. The last action in data collection is interviewing customers, particularly from our customer base, to get their views on global warming and pollution. The biggest concern will come if the information matches the scientists; it will mean that the customers are informed and want change. The last problem will revolve around competition and their tactics which the researchers will carry out interviews at strategic places such as malls and mails to get feedback on consumers’ views (Meng et al., 2020). The information needed revolves around their preference for the company and why they believe we are superior compared to the other brand. Once the process reaches the end, the researcher will have a holistic view as the expert’s information combined with first-hand feedback from customers will mean that all gaps are tackled. The analysis of the results, if done on time, will save the business costs used in learning and development teaching employees selling techniques. Module 3 TO: Nick Thomas, ZEN Motors CEO FROM: James Marshall DATE: January 31, 2021 SUBJECT: Research Process Identifying the preference of the market, particularly those belonging in the age group between 25 to 34 years, is crucial. The researcher musty include the style and color of the car that the market wants. For example, some markets prefer business units rather than luxury automobiles. Identifying customers’ consciousness towards autonomous vehicles is also an excellent place to start as most people are aware of various campaigns aimed at protecting the environment. The use of the internet for information might be handy to obtain such information in a region. Secondary data is utilized as it is easy to apply, and if the sources are reliable, it will save the company operational costs (Helper and Henderson, 2014). The company can use the general motors websites to find the latest research they had done within the same region with the same concerns as the company. According to the manager, it was successful research, as sales were increased when using the problems that each group had for their car. The most popular vehicles for each age group made it easy for salespersons to make pitches. The secondary research article that I believe will help in this step is the review by Patino in the journal of Consumer Marketing that evaluates how different groups of people, including gender, are sensitive about nowadays (Patino et al., 2012). It will also offer pitching techniques on closing deals at the car yard. Using these tools of research and the two sources identified then the researchers will find it easy to further approach customers as their preference is known. There will be challenges when implementing the ideas put forward by the articles; therefore, tailor-made solutions will be a necessity. Furthermore, secondary access allows easy access and does not have bureaucracy tied to it. Therefore, the company will not be sued by the sources of information. The low cost associated with it puts the company in a prime position to increase its profits while operational costs remain steadily low. A lot of time will be saved, giving the company enough time to perform analysis and effect the changes leading to growth and development. It will also lower the bills that researchers incur while in the field, such as allowances and salaries. It also does not require external experts thus; outsourcing services is not necessary. The company can hire interns to improve their skills and, in turn, get valuable insight. The major disadvantage tied to secondary sources is its inadequate scope on the question at hand that needs to be obtained by the company. It is not timely as it took into consideration past technologies. The lack of clarity means wrong conclusions are a common occurrence, leading to poor decision-making. Since ZEN is not the owner of the information, it might get sued by the owner leading to hefty fines and penalties. It is, therefore, essential to understand copyrights attached to details before utilizing it. The data obtained might not have met the motor industry’s set standards, but ZEN motors will not be aware. It will give wrong impressions and conclusions on the motor industry. Module 4 TO: Nick Thomas, ZEN Motors CEO FROM: James Marshall DATE: January 17, 2021 SUBJECT: Establishing the Basis ZEN Motors’ challenges are not new in any industry and require immediate action from the management while strictly following the market research process that has proven effective. Suppose ZEN relies on the information it has collected for the past few years. It is not carrying out a comprehensive SWOT analysis that will pinpoint the areas they need to improve as the outdated information is irrelevant. Present problems and solutions will help the company to move forward. Identification of the Opportunities and Difficulties in the Market The process of SWOT analysis will allow the company to strengthen the niche we already have in the market and at the same time offer us a chance to tap into new markets. The business will also identify new emerging technologies it can take advantage of to reach the tech-savvy population. It might require the use of external experts to review the SWOT results and advise appropriately. The SWOT analysis is utilized to put the company in a strategic position in the Motor industry that will increase profitability and at the same time promote relevant community activities such as environmental concerns. Present Concerns The recent drop in revenue has made it difficult to convince the management to release funds for further research and analysis to pinpoint new solutions of a persistent difficulty. The primary concerns on environmental pollution and global warming have always existed but have not influenced business until now. I believe if the situation is not well managed, the business will further shrink in productivity. ZEN Motors must leap of faith and invest in market research to remain competitive in an already flooded market. Module 5 TO: Nick Thomas, ZEN Motors CEO FROM: James Marshall DATE: February 10, 2021 SUBJECT: Research Process If any research is declared successful, then it must have ensured that the sources of data and information obtained were trustworthy and reliable; otherwise, it will render the full results and conclusion inconsistent and unapplicable. The primary data sampling types are either non-probability and probability sampling (Urena and Georgiev, 2018). Probability sampling is carried out when the researcher can select each member of the population; thus, there is no bias. In non-probability, the researcher biases, there is limited use of randomized selection, and members of the people do not have the same probability of being included in the study. In ZEN Motors, some research will apply non-probability techniques, while in others, it will apply probability. Flexibility in research is vital for success and goals set to come to pass. Cluster sampling and stratified methods are probability techniques that will prove efficient in carrying the research as they will ensure an all-around representation of samples (Urena and Georgiev, 2018). The better coverage will ensure the target population of all ages provides their views regarding pollution and global warming. The control that the company will have over the feedback means the company can create a tailor-made goal that is consistent with its objectives and goals. As each category of people and views will be represented, a 95% confidence interval will be achieved, leaving a very narrow gap for errors. I believe the combination of the two sampling techniques will save the company costs, and the best results will be obtained to guide the company in making informed decisions about production and the cars to sell. Module 6‒Research Process TO: Nick Thomas, ZEN Motors CEO FROM: James Marshall DATE: February 15, 2021 SUBJECT: Research Process The analysis of the group between the age of 25 and 34 then the company carried out a comprehensive research that has identified the income ranges, marital status, and gender. The females between25 to 34 have well settled jobs that bring them good income to afford state of the art cars and vehicles. Therefore, the company has pinpointed them as a potential client that will help the business to leap big. The male’s income is lower therefore, they are more conscious with their spending leading to low sales. Most females are married between the age of 25 to 34 compared to men thus they are likely to invest in family vehicles. There is a 15% probability of this age group buying a very small (1 seat) hybrid auto model within 3 years. TRUE There is a 15% probability of this age group buying a small (2 seat) hybrid auto model within 3 years. FALSE There is a 25% probability of this age group buying a standard size hybrid auto model within 3 years. TRUE There is a 25% probability of this age group buying a standard size synthetic fuel auto model within 3 years. TRUE There is a 30% probability of this age group buying a standard size electric auto model within 3 years. FALSE Module 7‒Final Data Analysis There is a belief that young people are tech-savvy are will prefer the use of vehicles that have installed the state-of-the-art technology. The belief that there are people using technology to steal data and sensitive information will prevent further investment in autonomous vehicles as the market will not be ready. The operational and production costs spent will not produce and profits. The attitude of most people is that self-driving cars are not safe particularly with increased technical and system issues that lead to deadly accidents leading to loss of life. The confidence level is at 95% allowing the business to make great strides. Only identify and interpret the independent variables that are significant at the 95% confidence level. The variables are attitude, lifestyle, and income. Module 8‒Research Project Final Report and Presentation The final part of the report is a representation of all the important facts and concepts learned that the enterprise can make use of in operations. There is an increased optimism that the business will make a turn around and increase profits to be made. The research and conclusions made are all from a professional perspective that does not practice or identify any biasness in the research project. The final results of the questionnaire are as follows. Global warming, is it a real threat? YES Are you worried about pollution and Global warming? NO Do you feel it a necessity to reduce pollution ? NO Do you feel that alternative fuel such as electricity should be used to decrease pollution? NO 1. You prefer to buy a vehicle that utilizes nuclear energy. YES 2. You prefer to buy a vehicle that utilizes electricity. YES 3. You prefer to buy a standard size vehicle that utilizes synthetic fuel. YES Yes/No Answers 4. Have you taken steps in reducing your impact on global warming? NO 5. The cost of gasoline affects to type of vehicle you want buy. NO 6. You drive to school every day.NO 7. You prefer to have your own vehicle to drive around. NO 8. You prefer standard vehicle to mini size vehicles. NO 9. You have already made up your mind on the type of vehicle you are going to purchase. NO References Goffin, K., Varnes, C. J., van der Hoven, C., & Koners, U. (2012). Beyond the voice of the customer: Ethnographic market research. Research-Technology Management, 55(4), 45-53. Helper, S., & Henderson, R. (2014). Management practices, relational contracts, and the decline of General Motors. Journal of Economic Perspectives, 28(1), 49-72. Patino, A., Pitta, D. A., & Quinones, R. (2012). Social media’s emerging importance in market research. Journal of consumer marketing. Sarstedt, M., & Mooi, E. (2014). A concise guide to market research. The Process, Data, and, 12. Tomasetti, B. (2019). The Five Steps Marketing Research Process. Retrieved on 27th February 2021 from, https://www.smartbugmedia.com/blog/the-5-step-marketing-research-process Tulung, J. E., & Ramdani, D. (2018). Independence, size and performance of the board: An emerging market research. Corporate Ownership & Control, 15(2). Ureña, C., & Georgiev, I. (2018, July). Stratified sampling of projected spherical caps. In Computer Graphics Forum (Vol. 37, No. 4, pp. 13-20). Zhou, Q., Meng, C., & Yuen, K. F. (2020). The impact of secondary market competition on refurbishing authorization strategies. International Journal of Production Economics, 228, 107728.