Business Decision Analysis

Question: Discuss on the Market Research Methodology. Answer: Introduction: Redrow Plc is one of the most leading construction business organizations in the United Kingdom based in Flintshire. It has also listed in London Stock Exchange top 250 stock indexes. It aims to become the first choice in construction industry for its stakeholders. The company has a reputation for imaginative design, build quality and customer service, with the skills needed to complete a wide range of developments - from large Greenfield sites to complex Brownfield regeneration schemes (www.thinkap.com, 2016). Steve Morgan was former site agent in Redrow who brought and started the organization on 1977 in a new phase. It operates all over the UK through its 13 divisions covering the England Wales (www.thinkap.com, 2016). In the recent market research, Aspiration 2018 conducted with the objective to reduce water usage and maintaining quality standards in construction projects. The research also focused on the demand of the customers in reference to housing preferences. In the twenty first century, as the pollution level rises and the stress in daily life began to increase customers are opting for more environment friendly residences. The new hype in the construction industry is going green and building eco friendly houses. From improving indoor air quality to mitigating global climate change, green buildings help people live a more resource-friendly and sustainable lifestyle ("Reasons to Build an Eco-Friendly Home", 2016). According to a journal published in International Journal of the Sustainable Economy, attitudes and social principles bring sustainable actions among individuals. Using energy efficient and durable resources also helps to save revenue. Thus, construction of energy efficient homes and buildings are the new trend in infrastructural industry. Therefore, to diversify in the new market, Redrow conducted the market research. It is a lucrative market for Eco-Entrepreneurs to invest. The strategy of this research was to understand the customer demand in building eco friendly houses and buildings. Market research can also help you develop your products and services and make sure they meet the needs of y our target audience . The limitations of this research are the method of sampling. The interviews are conducted on telephone, so the sample can be hampered by some technique failure in the telephonic system that can tamper the research data. Again, individual answers can be influenced by other external afactors, which can manipulate the research data. Qualitative research may have revealed some doubts about peoples attitudes to a particular brand . Research Methodology: Formulating the problem is the initial stage in any market research. When a business organization faces challenges and difficulty then they decide to conduct a market survey to identify the problem area getting direct feedback from the stakeholders or customers. After the organization approach the problem from a research angle, it can formulate a solution. Management problem is the challenges faced by the business organization where as research problem is the information needed to solve the challenge. The research Aspiration 2018 was conducted by adopting a qualitative research methodology. A qualitative research is the analysis where a business organization needs to have an in-depth study on the factors affecting customer behavior. This kind ofstudygives prominence on the rate of variables in their usual situation. According to market researchers, if the management wants to get into the brain of the customer, they should conduct a quantitative market research. Direct and face-to-face interviews are generally the modes of conducting quantitative research methods. It is conducted to let customers express their perception about a certain product and service and the reasons for motivation of customer behavior. The main objective of this research was to identify the direct and indirect factors, which are affecting customer-purchasing behavior so that the business organization can identify the opportunities and limitations to increase the sales and revenue collection. The surveys were conducted through personal contacts in the organization and were usually conducted over phone or face-to-face interview. The market research survey conducted by Aspiration 2018 resulted in assessing the customer trends and market demand. In the research, it was found that the customer are inclined in getting environment friendly homes and buildings. Environment friendly buildings are more efficient in energy and revenue saving. According to customers, environment friendly homes are more concerned about the wellbeing of the residents and pocket friendly. There is a subsequent demand for eco friendly buildings in the market. However, there are little initiatives taken by builders in building new energy efficient eco friendly building construction. In addition, in the recent economic market, the construction organizations are facing turmoil regarding fluctuating land price and lack of good investors. Plan Development: In the contemporary competitive market, it is necessary for every business organization to strategically plan about future business agendas to get competitive market advantage. After reviewing the report of the conducted survey to assess the market demand the management have taken some key issues to work on the business plan of the company. Firstly, Redrow has strategized to concentrate on the construction of new eco friendly homes that will attract the potential buyers. The new constructions will concentrate on low water and heat consumption and with more open public place according to customer demand. The Eco-Friendly home will be build with durable resources so that the construction will last for ages thus reducing the cost of renovating and new construction of the customer. Promoting the construction as more pocket friendly and ecologically well balanced will attract more customers. The organization also taking steps to promote itself as a more socially responsible organization. The construction sites are using plans and techniques to reduce the consumption of water and energy in building sites and making sure to lower the waste materials formed from construction activities. The main objective is to decrease the carbon footprint and to increase awareness of environ protection for the betterment of the society. The management is also giving importance on recruiting local labor to increase the employment rate among the locals. The market trends show that they prefer business organizations that are more socially responsible. The promotional activities should involve more emphasis on protecting environment and awareness and relating how Redrow homes are build to protect the customers from the harshness of environment pollution and stress. The promotional campaign should be as if the customer would live in the natures freshness and it will bring sustainable stability in the fast life style of the contemporary competitive market. The above market strategies and plans will give Redrow market advantage, as they will be the pioneers in building the eco friendly building constructions. As projected a socially responsible business organization and building eco friendly buildings Redrow will increase the customer loyalty in the market. Conclusion: In the above study the market demand for the new concept of eco friendly buildings conducted by Redrow organization to strategically analyze potentiality of the business penetration. For that, the organization conducted quantitative survey with personal contacts within the organization by conducting personal face-to-face survey or through telephonic appointments. The questionnaire focused on the different factors that influenced the purchasing decision of the buyers for opting for eco friendly homes. In the survey, it was observed that though there is a gap between the demand and supply in the industry, there is a potential growth for business development which Redrow can take advantage for sustainable business growth. Reference: Poynter, R., Williams, N., York, S. (2014).The handbook of mobile market research: Tools and techniques for market researchers(1st ed.). GB: John Wiley Sons Inc. Franz Horn, C., Brem, A., Ivens, B. (2014). 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