Saturday, June 4, 2016

Market Research Plan for U-Drive Transport


Market Research Plan for U-Drive Transport

Introduction

U Drive Transport was idealized in June of 2008 by siblings, Jen and Carl. The idea was to create a car sharing business that would serve the needs of people living in densely populated areas throughout the United States making their lives easier by allowing them to rent vehicles by the hour, day and/or week. This would be done without having to stand in line at a car rental location center, but instead renting from a parking site kiosk. By 2009 UDT had headquarter its business in Chicago and acquired 10 mini cars from Europe and set up next door to the University of Chicago. Today UDT has around 500 employees and is operating in 20 major cities throughout the United States and is still growing.
Purpose statement
            U Drive Transport Company was able to determine that there was a need for eco-friendly cars near colleges as well determining that their services would be appealing to families with one car and tourist (Lamb, Hair, & McDaniel, 2014). U Drive also acquired secondary research that helped them determine the target marketing. The information also helped them by giving them a marketing strategy of what areas to focus that would acquire the best for their business to be expandable.  U Drive looked at these different areas to determine whether the company is going to thrive in a new country and city.  The company will determine with the information if their expansion or business will be successful or if it will be welcome.
Marketing Research Process
            Upon approval by U Drive Transport leadership, this marketing research project will be assigned to the expansion manager for completion, and the budget will be finalized for consideration. This proposed research design is cost efficient and can be executed with in six months to a year time period if funded.
Research Questions
            The following marketing research problem and opportunity questions inform the research design specification for this project:
1.     Is there a demand for car sharing in market?
2.     What type of customers will be utilizing the car sharing opportunities?
3.     What geographic location will result in a mass customer acquisition?
Planning the Research Design
            Both quantitative and qualitative analysis will be conducted using the following types of data:
            Secondary Data. To be collected from the outside resources as well as resources from within the company, this data will help assist with research questions. Secondary data deriving form inside the company will consist of current sales and which market geographically is the company dominating and how this is being done. Outside secondary data will be collected from government agencies, competitors, resources on the Internet, reports from marketing research, academic journals, and current economic demand for car sharing (Lamb, Hair, & McDaniel, 2014)
            Primary Data. The collection of primary data is essential to answer the research problem opportunity questions for the study. Primary data, or data collected for the first time, are used for solving the particular problem under investigation (Lamb, Hair, & McDaniel, 2014). Two methods of primary data collection will be used to inform this study, including:
Focus Group. A type of survey of personal interviewing, a focus group can be used to gauge consumer response to a service or current service and how the service can be improved.
Survey Research. The most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes (Lamb, Hair, & McDaniel, 2014, p. 149).
Specifying the Sampling Procedures
            Not knowing if the large population will use U Drive, they will gather information from a small sample of people that either thinking about carpooling or use public transportation and that will be there sample for the larger population (Lamb, Hair, & McDaniel, 2014, p. 155).
Collecting Data
            The collection of data will occur in the current cities were U Drive is being utilized as well as Liverpool and the current competition that is in Liverpool. The collection of data will occur in major cities that utilize car sharing as their main way of transport.  The collection data process will require the service of various researching firms that specialized in expansion of countries in different countries, a field service firm (Lamb, Hair, & McDaniel, 2014, p. 156).
Analyzing Data
            After the data has been collected the marketing team will analyze it using data techniques common to research including one-way frequency counts, cross-tabulations, and more sophisticated analysis (Lamb, Hair, & McDaniel, 2014, p. 156). This analysis will help decide of expansion of U Drive Transport to a different country will be a smart business decision and if it will be cost effective as well as an opportunity to increase revenue and expand the brand.
Presenting the Report
Once the data is analyzed the presentation should begin with a clear, concise statement of the research objectives, followed by a complete but brief and simple explanation of the research design. A summary of major findings should come next. The conclusion of the report should also present recommendations to management (Lamb, Hair, & McDaniel, 2014, p. 157). Once the data is analyzed and results are formulated, U Drive marketing manager will generate a report and make recommendations to leadership based on the findings of the research study the report will directly address the research questions proposed in this document.
Follow Up
Upon the completion of the research report and presentation to leadership, U drive Transport marketing team will evaluate the information that was presented to determine if more information in needed to inform a decision making. However, conducting research in international markets can create a whole host of problems and challenges (Lamb, Hair, & McDaniel, 2014, p. 158).






Reference
Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2014). MKTG 7 (7th ed.).                                        Retrieved from https://online.vitalsource.com/#/books/9781305370128/pages/109773116

1 comment:

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