3.7 W3D1: Discussion: Marketing Research for Better Decisions

Post ID: 3179578

Overview

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Introduction

By now, you should have reviewed this week’s required reading material and have an understanding of the important concepts.

You will now take part in the week’s discussion by creating your own post related to one of the discussion topics mentioned here.

You SHOULD view the discussion assignment and supporting tips in the attached PowerPoint Download PowerPoint.

Instructions

Select ONE of the given topics and post your answers. Please make sure to state your topic in the subject line.

Baby Food Company: If you worked for a company that sold baby food, what ideas would you suggest for gleaning external sources of data in the macro-environment and improving Marketing Intelligence Systems tracking? What type of data would you want to collect for your internal systems, that is, sales information systems and internal databases? How would you obtain that data?

Subscription Service Company: Pick any subscription company (e.g., meal kits, Cyclon, Trunk Club, shave clubs, entertainment, etc.) and discuss a subscription business model. What interaction points, or “touchpoints”, are there with customers? How can the company customize the customer journey and use internal records to enhance their personalized interactions? What external sources of data or trends might inform and augment the subscription service company’s strategy? What new developments should they introduce based on macro-environmental changes?
TWU Coffee Shop: Design a marketing research plan that Texas Wesleyan University could use to examine the possibility of installing a coffee shop on the campus. Would it be secondary, primary, exploratory, descriptive, or causal research, and what type of research would you use? Also describe the marketing metrics and sampling plan you would use.

Directions

Create your own post. You also need to comment on at least two of your classmates’ posts/threads.

Initial Posting: Keep your messages original, intelligible, concise, and effective within 350-400 words per post (Thursday Due).

Responses: Respond to two of your fellow students' remarks on other threads. Your responses (at least of 150 words) should be thoughtful, challenging examples or materials supporting your argument. Note that responses such as "I agree" or "That’s a great point" do not count towards discussion thread participation points (Sunday Due).

Your posts will be evaluated on both the quantity and quality of your contributions, the quality being more important than the length of each posting.

Consider quality tips. Did you:

Help solve a problem or lend support?

Challenge an idea or offer some alternatives?

Come up with a creative solution or ask pertinent questions?

Assist someone in clarifying their ideas or offer examples from your personal experience?

Contribute with sound evidence to support your opinion?

Show respect or acknowledge and affirm someone else’s ideas?

Bring a derailing dialogue back on track?

Evaluation Criteria

This discussion is worth 30 points. Here is the Discussion Rubric.pdf Download Discussion Rubric.pdf for this course.

Selected Topic:

Respond to two of your fellow students' remarks on other threads.

Response 1: Subscription Service Company-HelloFresh

Discuss a subscription business model.

HelloFresh is a E-tailer implementing business-to-customer service. HelloFresh operates on a subscription-based model, where customers sign up for a weekly or monthly plan to receive a predetermined number of meals. This model ensures recurring revenue and builds a loyal customer base. By offering flexible plans, HelloFresh caters to the diverse needs and preferences of its customers. (Larsen, 2023) HelloFresh uses a direct-to-consumer approach. They have a variety of options to choose from and takes the grocery shopping out of meal prep.

What interaction points, or “touchpoints”, are there with customers?

HelloFresh seems to always keep its customers at the center of every business decision. By doing this it allows for improvement of the brand reputation, operational performance, product strategy, and understanding of the user experience across platforms. HelloFresh has an interaction point of the pillar approach allowing flexibility and utilizing great packaging. HelloFresh uses easy-to-read packaging and logos. Another touchpoint is that is targets its customers based on social media platforms it is on. Each platform has a different audience, and it allows feedback from them to improve business.

How can the company customize the customer journey and use internal records to enhance their personalized interactions?

HelloFresh can analyze its data analytics, customer segmentation, and personalized marketing strategies to customize the customer journey. Internal records can be utilized to track customer preferences, behaviors, and feedback to give a more personalized experience. With customer segmentation it allows HelloFresh to deliver more targeted and personalized content and offers. Predictive analytics can be used as well. This will allow HelloFresh to predict customer needs and preferences so customers can get offers based on their preferences.

What external sources of data or trends might inform and augment the subscription service company’s strategy?

Market research data can help inform and augment HelloFresh company's strategy. If there is a trend for more vegetarian diets, then it can expand the vegetarian options. HelloFresh can also monitor social media trends to help identify popular trends and diets. They should also utilize competitor analysis to keep an eye on competition it may even adopt a new strategy from what its competitors are doing. Economic factors such as disposable income, employment rates, and food prices can help HelloFresh be more price-sensitive and offer more budget-friendly options. They need to understand the demographics in which they serve. This will also allow them to tailor their offerings.

What new developments should they introduce based on macro-environmental changes?

We believe that sustainability means caring for the planet and its people. We're committed to helping eliminate food waste, fight climate change, and innovate sustainable packaging—but our efforts extend beyond the environment. Through community impact programs, we provide fresh, nutritious meals to people experiencing food insecurity while building the foundation for a more sustainable and equitable food system. (HelloFresh, 2024) HelloFresh focuses on sustainability, health and wellness trends, and technological advancements that will help introduce new developments based on macro-environmental changes.

References

HelloFresh. (n.d.). Sustainability. https://www.hellofresh.com/about/sustainability

Larsen, R. (2023, November 27). Understanding the HelloFresh Business and Revenue Model: A Comprehensive explanation. Untaylored. https://www.untaylored.com/post/understanding-the-hellofresh-business-and-revenue-model-a-comprehensive-explanation#:~:text=Core%20Components%20of%20the%20Business,a%20predetermined%20number%20of%20meals.

Response 2: TWU Coffee Shop:

To design an effective marketing research plan for Texas Wesleyan University to examine the feasibility of installing a coffee shop on campus, primary research methods would be most appropriate. Primary research allows for the collection of specific data directly from potential customers and stakeholders, providing insights tailored to the unique context of the university community. Survey research is particularly suitable, as it can assess the knowledge, beliefs, preferences, and satisfaction levels of students, faculty, and staff regarding the installation of a coffee shop on campus (Kotler et al., 2022).

Various survey methods can be employed to gather this data. Online surveys distributed via email or the university’s learning management system can reach a broad audience and include questions about current coffee consumption habits, preferences for coffee shop features, expected frequency of visits, and willingness to pay. Additionally, panel surveys, can utilize an ongoing panel of students and staff who regularly participate in university surveys, and can provide continuous and comparative data over time. End-of-service surveys added at the end of customer service interactions, such as at the campus bookstore or dining services, can capture additional feedback from students already engaging with campus facilities.

Descriptive research will help understand the current state of coffee consumption and preferences among the campus community. This type of research involves collecting data that describes the characteristics of the population without manipulating the study environment (Kotler et al., 2022). Various marketing metrics should be employed to measure the potential success of the coffee shop. Customer awareness and perception metrics can be measured through surveys to assess the awareness of the coffee shop initiative and the overall perception of the university's dining options. Behavioral metrics such as expected foot traffic, purchase frequency, purchase conversion rates, average transaction value, and repeat purchase rates, will provide insights into potential financial performance. Post-launch surveys can measure customer satisfaction with the coffee shop's offerings and service quality. While using metrics like customer satisfaction scores, Net Promoter Scores (NPS), and loyalty indices to assess long-term success.

A stratified sampling plan would be effective for this research. The campus population can be divided into different strata, such as undergraduate students, graduate students, faculty, and staff. A proportional number of participants from each stratum should be surveyed to ensure the sample represents the entire campus population. This method helps in obtaining insights that reflect the diverse needs and preferences within the university (Hayes, 2024).

In conclusion, primary research, specifically through survey methods, is the optimal approach to examine the feasibility of installing a coffee shop at Texas Wesleyan University. By using descriptive research and carefully selected marketing metrics, the university can gather comprehensive data to make informed decisions. The stratified sampling plan ensures representation from all segments of the campus population, leading to reliable and actionable insights.