As per Wiid & Colin (2010:196) “the population consists of a comprehensive number of individuals, units or items than can become objects for observation. The concept of population is defined as the total group of people from whom the information is needed. The population can, for example consist of a specific group of individuals, households, families, business, manufacturers and professional people from whom data is required. Population must be clearly defined in terms of the sample unit, sample element, extent and time”.
The target population for the purpose of this research is defined as the group of people between the age 14 and 50 and who have consumed energy drinks in the last 4 weeks. 1. Data Collection In order to quantify data, generalize results from a sample to the population of interest, and to understand the customer behaviour and emotions, a mix of Quantitative and Qualitative research methods will be used. Data will be collected based on techniques such as online questionnaires, on-street or telephone interviews (Snap Surveys, 2011).
Since the statistical data is in the form of tabulations, it is easier to draw conclusions which are usually descriptive in nature. 1. Quantitative Research Methods Surveying a large group of people will be the best way to find out about the frequency of energy drink consumption, the elements that drive the purchase decision, characteristics of the drink that the consumers considered important, post-purchase consumption experience, possible gaps from the customer’s point of view which will help in identifying ideas and opportunities for product development or innovation.
Surveys can provide reliable direction for planning programs and messages by revealing certain customer behaviours, behavioural intentions, and attitudes (Orise, n. d. ). The results of the research will help the management take corrective decisions. 1. Sampling Method Probability random sampling method will be best sampling method to carry out quantitative research. Online surveys can be accessed by a large number of users and these surveys can be displayed on some popular websites like New Zealand Herald and Trademe.
This method of sampling gives all members of the population a known chance of being selected for inclusion in the sample and this does not depend upon previous events in the selection process (Birchall, 2011). 1. Research Instrument Method Self administered online surveys are a fast, reliable and cost-effective approach to data collection and allows respondents to answer privately and at their own pace with little or no human assistance. This eliminates the interviewer bias associated with face-to-face interviews and has a higher response rate.
1. Sample Size The equation developed by Cochran (1963:75) to yield a representative sample for proportions will be used for determining the sample size, since the total number of people for the research is large (population of New Zealand). where, n0 is the sample size, Z2 is the standardized value associated with a confidence interval, e is the desired level of precision, p is the estimated proportion of energy drink consumers present in the population, and q = (1-p).
The value for Z is found in statistical tables which contain the area under the normal curve (Israel, 2009). For the purpose of this research, the value of Z for a confidence level 95% is 1. 96, given that the desired level of precision e = 3. Assuming that the proportion of population p, which consumes energy drinks, is 60% then percentage of population that does not consume energy drinks, q is 40%. Hence, the sample size for this research is 1024 people. 1. Data Collection Method
There are many ways for collecting data for research but when a marketer needs to achieve a better understanding of the issues related to their product(s), which are not known to them, they can use exploratory research. This approach works well when the marketer doesn’t have an understanding of the topic or the topic is new and it is hard to pinpoint the research direction. Exploratory research is more dynamic and flexible than descriptive research. In this case, experience survey of energy drink consumers will be used.
In addition to offering the marketer basic information on a topic, exploratory research may also provide direction for a more formal research effort. For instance, exploratory research may indicate who the key decision makers are in a particular market thus enabling a more structured descriptive study targeted to this group (Exploratory Market Research, 2011). 1. Analyzing the Data The process of analyzing the data to determine the key learning’s from the research begins when the data is in a form that is useful.
The method used for analyzing this data depends on the approach used for data collection. Essentially, there are two types of methods of analysis – descriptive and inferential (Exploratory Market Research, 2011). 1. 1. Descriptive Data Analysis Descriptive analysis, as the name implies, is used to describe the results obtained. In most cases the results are merely used to provide a summary of what has been gathered (e. g. , how many liked or dislike Red Bull or V drink) without making a statement of whether the results hold up to statistical evaluation (Exploratory Market Research, 2011).
1. Inferential Data Analysis While descriptive data analysis can present a picture of the results, to really be useful the results of research should allow the researcher to accomplish other goals such as: 1. Using information obtained from a small group (i. e. , sample of customers) to make judgments about a larger group (i. e. , all customers) 2. Comparing groups to see if there is a difference in how they respond to an issue 3. Forecasting what may happen based on collected information
To move beyond simply describing results requires the use of inferential data analysis where advanced statistical techniques are used to make judgments (i. e. , inferences) about some issue (e. g. , is one type of customer different from another type of customer). Using inferential data analysis requires a well-structured research plan that follows the scientific method. Also, most (but not all) inferential data analysis techniques require the use of quantitative data collection (Exploratory Market Research, 2011). 1. Benefits of the Research
The findings of the research study can help the management at Red Bull to gain insights into the causes for their declining sales and consumption. The findings will also help in achieving the objective of the research and will help in solving the management problem. It will also help in understanding what the consumers want the most and will help in identifying opportunities for growth and innovation. One of the major benefits of research is to minimize risks for future. It will also help the Red Bull management to set a benchmark to measure their progress as well as of their competitors.