Marketing management scenario analysis on: Commonwealth Bank for Australia
Scenario1: You are the marketing manager of Commonwealth Bank for Australia. You want to determine what consumers on the market feel about your performance in relation to other banks in the market. You also want to see if the new advertising campaign you have been running is getting noticed. You have a big market research budget.
In this particular scenario, in order to conduct a survey for Commonwealth Bank, Australia to determine as to how the customers feel about the performance of the bank as compared to the other banks would be the existing customers, investment bankers as well as the potential customers who are willing to join this particular bank (Fischer, 2005).
Since, it is mentioned in the scenario that the bank has a big research budget, therefore, the bank could use both qualitative as well as the quantitative marketing research methods which would help them in order to measure its performance as compared to the other banks in the market. This scenario would majorly consist of an exploratory research as a fair understanding would be required in order to measure the performance (Denzin & Lincoln, 2000). This type of marketing research would help the bank to have clarity on the various issues which need to be taken into consideration while measuring the performance of the bank. One of the major qualitative research methods which should be used by the bank refers to the in-depth interviews. This would be one of the most advantageous methods for the Australian Bank as it would help in determining various problematic areas which would help the officials to focus in near future (Fischer, 2005).
The other method which would be used by the bank refers to the online survey methods, wherein the customers would be required to fill in the questionnaire or answer certain relevant questions. The questionnaire should consist of various open ended & close ended questions which would help the bank officials to record the exact words of the respondents, use it while measuring its performance & comparing it with other banks in the market on various parameters. It might appear to be one of the costliest research methods but as mentioned above that the bank has a big budget, hence would be able to use the following method (Denzin & Lincoln, 2000).
Since, the Australian bank would be using the various qualitative measures in order to compare its performance, hence, it would be considered to be a reliable source which would help the managers for reference in near future. Hence, it must be noted that the bank officials should notice that the research methods i.e. qualitative or quantitative should be constructed depending upon the various measures of the organization. It must be noted that the research should be able to used correlate with similar measures of the same construct in the given organization.
Scenario 2: You are the marketing manager of the Wallis Mainline Drive in movie theatre at Gepps Cross in Adelaide. You want to see if there is going to be demand for babe in arms’ sessions in Adelaide, where parents can bring their young children to nominated sessions of current movies (and not have to worry if they cry or make a noise or run around). You have a moderate research budget.
In this particular scenario, the demand for babe in arms’ sessions in Adelaide is to be notified. It should be seen that various research methods should be used which come under the moderate budget kept by the Wallis Mainline Drive at the Gepps Cross in Adelaide (Turner, 2011).
The various types of research methods which would be used in this particular scenario would comprise of the face to face interaction/interviews, survey methods, which would help in measuring the demand for the babe in arms’ in a theatre (DeWalt & DeWalt, 2002).
The target audience for this particular scenario would consist of the baby boomers, those couples who have a new born baby, etc. The survey method would be very helpful in measuring the demand for this particular scheme which would commence in the theatres once a positive demand would be measured.
Another research method which could be used in this scenario would be discussion forums, focus group study. These two tools would also help the Wallis Mainline Drive at the Gepps Cross in Adelaide to see whether fair demand would occur or not & whether the couples would like this idea and would be willing to handover their child to an unknown person during the normal movie hours (DeWalt & DeWalt, 2002).
As mentioned above that, there is a moderate budget with Wallis Mainline therefore; handful surveys & face to face interviews with the customers who generally come with their kids to theatres would help them to find out the demand in this particular segment also (Turner, 2011).
By using the certain cost effective measures above Wallis Mainline would be able to conduct a valid as well as a reliable marketing research. All the data collected by the Wallis Mainline would be reliable in all respects & would help them to capture a wide range of people towards it. The marketing research methods opted would be at par with the target population selected in this particular scenario (Creswell, 2003).
Scenario 3: You are operating a new hair salon on Rundle Street and want to understand how loyal your new customers are and how to attract new clients to the business. You have a very limited research budget.
In this particular scenario, since the hair salon is new & would be facing enormous amount of competition from the already existing hair salons in the same area. The hair salon is new & has very low budget for the purpose of conducting marketing research therefore, the salon would use various cost effective research methods which would help them in order to attract more number of customers towards its newly opened salon (Turner, 2011).
For this particular salon, the target audience would vary from females to males of different age groups. With a limited budget, the newly opened hair salon would not be able to hire some good marker researchers which would help them in order to do a fair research of the market area in which they would be serving in the near future. Hence, most of their research would be done on secondary basis which would prove to be cost effective for the hair salon (Denzin & Lincoln, 2000).
The majority of the research methods which would be used by the newly opened salon would refer to the secondary research methods & limited primary research as it would turn out to be very costly (Creswell, 2003).
Some of the marketing research methods i.e. qualitative as well as quantitative which would be used by the newly opened hair salon are discussed in the following paragraph. The first methods which would be used by the salon would be to organize customer discussions. The newly opened salon should ask their previous customers who were loyal to them & ask how the salon was successful in meeting their clients’ needs (Turner, 2011). The second research method which should be used by the salon in order to attract more number of customers would be through conducting customer surveys. This would prove to be one of the inexpensive methods for the salon & would help in getting significant information such as price, level of satisfaction, etc (Fischer, 2005).
The new hair salon should keep them acquainted with the competition in the existing market by subscribing various magazines, books & be a part of the online forums, blogs, etc. The new hair salon should take into consideration the high levels of competition prevalent in the market area. In order to attract more of visitors towards the new hair salon, the salon should keep its prices a bit low as compared to the other salons operating in the existing place (Creswell, 2003).
By using the certain cost effective measures, th hair salon would be able to conduct a valid as well as a reliable marketing research. All the data collected by the newly opened hair salon would be reliable in all respects & would help the salon to capture a wide range of people towards it. The marketing research methods opted would be at par with the target population selected for the newly opened hair salon (Creswell, 2003).
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