Research Proposal

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THE LONGSTANDING BANK OF CANADA Research Proposal Virginia Anderson Katie Bice Susan Paul ADMC153-02 Anna Santilli- Finn January 29, 2014

Transcript of Research Proposal

Page 1: Research Proposal

The Longstanding bank of canada

Research Proposal

Virginia AndersonKatie BiceSusan Paul

ADMC153-02Anna Santilli-Finn

January 29, 2014

*Contents Authored by Virginia

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Initial Research Analysis

Group 6 Research – The Longstanding Bank of CanadaWednesday January 22, 2014

OverviewThe Longstanding Bank of Canada was founded in 1904 in New Brunswick as a

building and co-operative society. With a strong representation in the Atlantic

provinces, LBC has expanded across the country and beyond with 300 locations in

a total of 7 countries. The Longstanding Bank of Canada has a rich history to its

name, however recent shifts in the market are raising questions about the

opportunity for rebranding to portray the more consumer-friendly side of LBC and

the implications of doing so. is pleased to submit this proposal

for research to support in investigating the

market landscape and the potential outcomes of a change in branding.

Problem DefinitionThe Longstanding Bank of Canada wants to capitalize on profit and clientele by

potentially changing its name and branding. LBC hopes to update its image in the

consumer banking landscape but require information on its current position and

the position of its competitors before it can move forward. An analysis will be

performed to address the financial implications of a rebranding, the position of

the current brand in the market and the consumer attitude towards it, as well as

to the qualities most sought-after in a bank today.

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Market Research Objectives

The objectives of market research for The Longstanding Bank of Canada are to

examine the current position the bank holds in the market and the potential

ramifications of rebranding.

1. Discover what the current perceptions of the brand are.

Identify the consumer response to the company’s products.

Examine the consumers’ needs and expectations. Is the bank fulfilling

these needs?

Evaluate the reputation the company holds in today’s market.

Survey clients and non- clients to find out how the bank is perceived.

2. What is the competitive landscape like

Analyze what other competitors are offering their clients.

Compare the advantages and disadvantages of the banks’ products versus

those of the competitors.

Research why other competitors may be more favorable when clients are

choosing a bank.

Perform qualitative research on how other Banks are doing in the market

3. Which brand leads in terms of market share, consumer impressions,

and favourability?

Examine what makes this brand favourable?

Discover what the first impression of the brand is to their clients?

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Market Research Objectives (continued) What are their market shares and why have they become so successful.

Conduct research on which bank is favoured by the public.

4. What do consumers look for in a bank today?

Analyze services provided to customers that fulfill all needs.

Conduct surveys to find what clients look for when joining a bank. (Hours,

Fees, Number of Branches, Online Banking, etc.)

Conduct surveys on current customers to find out what they enjoy about

the bank and what they would like to see change.

5. How to differentiate itself without losing its current customer base.

Identify what will attract consumers to the Bank and make it stand out from

the others.

Develop new and innovative ideas for the branding of the bank.

Collect opinions from current customers as to what promotions they would

like to see from the bank/any incentives

Conduct surveys to ensure the current customer base would like to see

change or not.

Methodology Sampling information is available on page 5

Online survey

Email and in person

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The Longstanding Bank of Canada requires focused research on their current

client base as well as potential consumer bases that are neglected by the bank’s

current structure. This

Methodology (continued)

will require both internal surveying of current customers as well as external

consumer opinion polls.

Online Survey (Personal and Small Business Clients)

Prior to customers utilizing the online banking functions of The Longstanding Bank

of Canada, they will be asked to complete a survey for the bank. The survey will

be about 2 to 5 minutes long to complete and will offer the incentive of $500

towards the customer’s savings account OR a Samsung Galaxy phone as a prize

for completing the survey (up to 10 will be given between email and online

surveying).

Email (Personal, Small Business and Investment Clients)

Customers that do not use online banking but receive emails from The

Longstanding Bank of Canada will be asked to complete the same survey on the

bank’s secure server. They will also be offered the opportunity to receive $500

towards their savings account OR a Samsung Galaxy phone as a prize for

completing the survey (up to 10 will be given between email and online

surveying).

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In person (Personal Clients)

The bank will set up in high turnover public areas positioned near current bank

locations (such as a mall setting) where they will ask consumers who are neutral

to the bank (may or may not be members) to do a survey. The survey will be

done on an iPad or similar tablet device. They will be offered the incentive of a

Samsung Galaxy phone as a prize for completing the survey (5 will be given in

this line of surveying).

Sampling

As the main customer base of The Longstanding Bank of Canada is based in

Canada, but primarily in the Eastern half of the country, the majority of research

will be performed there. Information on current interactions with the bank and

opinions on current facilities will be collected in major urban centres and areas

with high involvement with the LBC. There will be three spheres of customers that

will provide information for the research; large investment partners, small

business owners and standard personal banking customers.

Personal Banking Customers

Research will be conducted to show how average customers feel about the bank

and how their opinions of The Longstanding Bank of Canada could be affected by

a name change. In particular the LBC will be interested in the opinions of young

married couples and students, both of which are under-represented groups in

consumer banking.

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Small Business OwnersResearch will be conducted to show how small business owners feel about the

bank and how their opinions of The Longstanding Bank of Canada could be

affected by a name change. They will also be surveyed to gain insight into the

tools that could be offered by the bank to support their business endeavours.

Large Investment PartnersResearch will be conducted to show how investment partners feel about the bank

and how their opinions of The Longstanding Bank of Canada could be affected by

a name change. They will also be surveyed to gain insight as to what investment

partners are attracted to in the market and how LBC compares in terms of

opportunities and profit margins.

Reporting

In the final report, the client will receive a detailed report that will answer the

Longstanding Bank of Canada’s questions on the market landscape and the

potential ramifications of a name/image change. The final presentation of the

information will be in the form of a PowerPoint that will include summarized

information from the research.

Budget

The budget for this project is zero dollars.

Authorization

The Longstanding Bank of Canada has given authorization to Katie Bice, Susan

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Paul and Virginia Anderson to do research for the company in order to form the

market research plan.

_______________________ ________________________ ______________________

_______________________ Date: Wednesday, January 29, 2014