Marketing research plan for a multichannel men's clothing retailer

Marketing Research Plan

The objective of this work is to prepare a research plan to gather basic information for a multichannel marketer of men's clothing. Presently the marketer has a database of 250,000 current customers who have completed purchases in the last 12 months with an average order of $120.00. This work will address the customers, competitive customers and customers that use individual as well as multiple channels for their purchases. The marketing research plan will contain a statement technique best suited to meet these objectives.

Market Research

Market research is the process of gaining information about the market and this information is specific and includes the primary factors that affect the customer purchase decisions. Primary market research may occur through various types of information gathering including: (1) focus group discussions; (2) customer surveys including existing and potential customers; and (3) the competition. (Mplans.com, 2010) Market research may also be derived from secondary sources which includes: (1) trade associations; (2) small Business Administration; (3) Service Corp of Retired Engineers; (4) U.S. Bureau of Census; (5) educational resources; (6) Chambers of Commerce; and (6) market research firms. (Mplans.com, 2010) The Marketing Control Process consists of four specific steps which are those of: (1) development of marketing aims and objectives; (2) planned or budgeted performance expectations; (3) Measurement of performance; and (4) determination of adaptations and corrective actions. (Lewington, 1996)

II. Technique Utilized in Market Research Plan -- Customer Surveys

The technique chosen for the market research plan in this study is that of customer surveys which will be appropriately utilized to gain information about the customers and their purchasing habits, the competition, and the other various channels utilized by customers for their purchases. The marketing research plan involves specific objectives which include those as follows: (1) the marketing research plan should be measurable in quantitative terms, such as number of visitors, sales volume, etc.; (2) the marketing research plan should be framed within a specific time period; and (3) the marketing research plan should be outcome based. (Meel and Romans, 2010)

Meel and Romans (2010) write that database marketing is a process that involves the identification, collection and analysis of "significant information from all sources, internal and external, about your customers, leads and prospects to drive strategic marketing and sales decisions." Database marketing begins with organization of customer information into a retrieval marketing database which is "compiled from internal sources, such as orders, catalog inquiries, email requests for information, trade show leads, warranty cards, and other promotional efforts. It is not enough just to build a database of names and add external demographic information." (Meel and Romans, 2010)

Database marketing has as its primary goal the increase of "the profitability of the marketing investment." ((Meel and Romans, 2010) Four primary reasons for implementation of database marketing are: (1) to improve profitability; (2) to increase sales; (3) to improve communications with customers; and (4) to improve product development. ((Meel and Romans, 2010) Database marketing can be used for the purpose of: (1) designing targeted and customized communication with customers; (2) identification of best customers and development of programs to reward these customers; (3) increases in renewal and/or repeat business improving lifetime value; and (3) market research, surveys, sampling and focus groups. ((Meel and Romans, 2010)

The present database marketing plan will examine the database and discover the following: (1) what information is in a customer file? (2) What internal information exists that can be linked to a customer file? (3) Is the information up-to-date? (4) What information exists externally?

V. Evaluation

Following quantitative as well as qualitative evaluation of the answers provided by customers the answers received will serve to inform the focus group discussions which will be the second step in the marketing research plan geared toward obtaining useful and pertinent information to inform the company of its future marketing strategies.

VI. Focus Group Discussion

The sampling in this study will be a randomly selected group from among customers who respond to the customer surveys. The focus group studies will serve to hone in on relevant information that will serve to inform the company's marketing strategies as well as identify internal and external factors that should be considered when developing the marketing strategies and for targeting new customers while retaining existing customers and increasing the purchasing habits of existing customers.