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Marketing Research Project for BDO Seidman
Transcript of Marketing Research Project for BDO Seidman
Lack of Local Marketing Strategy
Little Local Advertising and Promotion
BDO's reputation for being high profile and internationally based BDO Seidman has fewer clients than it desires to have in the Grand Rapids area, and management believes that its market share is too low Information Objectives for the Research What is the awareness of BDO Seidman (relative to competitors) by firms in Grand Rapids?
What is the image of BDO Seidman in Grand Rapids?
What criteria are used to select a new firm?
When and why do local business select new accounting firms?
What has been the impact of the national BDO Seidman campaign, and can this be leveraged locally?
Why did former clients leave BDO Seidman Research Methods 1.Research Design Telephone Questionnaire administered by MKT 352 Students to local businesses 2.Scope of the Research The study included only firms (not current BDO clients) in the Grand Rapids metropolitan statistical area.
Firms with annual sales of $20 million to $250 million were the respondent target for survey
3. Sample Size and Sampling Frame The intended final sample size was recommended to be 100 respondents - due to some response rate issues the final number of respondents was 64
Of the 323 businesses contacted approximately 19.8% responded
This is less than we would have liked but we were able to still take some important points away from the study 4. Variables to be Measured Top-of-mind awareness of BDO Seidman
Aided awareness of BDO Seidman
Satisfaction with current accounting firm
Choice criteria for selecting an accounting firm
Media through which potential clients learn about accounting firms
The time and occasion for selecting a new accounting firm
Firm size in sales; number of full-time employees in the Grand Rapids MSA Analysis Plan Results Once the data was collected, it was entered into PASW Software Program (formerly SPSS.)
With the data in PASW we can run many different tests to check our hypotheses
We used a Chi-Square Test
The null hypothesis that we made is: There is no correlation between the companies who have heard of BDO through an ad and their top of mind awareness of BDO Conclusion We can then conclude that there isn't a significant correlation between companies who have heard of BDO through an advertisement and their top of mind awareness of BDO
That isn't to say there is no correlation, but for the Grand Rapids area not very many companies became aware of BDO by seeing an advertisement Suggestion We believe that the best course of action is to increase the local advertising efforts