Managerial benefits of the study
The success of Michael Hill Jewellery is dependent on the managerial decision made by the executives. This study is of great importance to the decision making in Michael Hill Jewellery. Among the many benefits is the creation of a benchmark through the study that will help management keep track of the progress. The problem statement aptly states the causes of the low sales experienced by the company.
Through the data acquired from the study, managerial decisions can be made to ensure progress. Another benefit of the study is that it will aid on the identification of any other potential problems that are stifling sales volumes. The lack of synchrony between the product mix and the market expectations has also been established as a cause of low sales. The study will benefit the management by identifying new opportunities in the market. (Kolb, 2008, p.20)
Expected limitations of the study
Though it uses scientific methods, this study is not scientific. Therefore, the results of the study may not be very accurate. Consequently, any decision made has to be with a lot of discretion and caution. The research methodology seeks to establish the customer experience. Since the research is going to be undertaken on the customers, there is a prospective drawback in that the results may be vague.
This is because of the human characteristic of behaving artificially when they are aware that they are under observation. This study is set in an open market place where many variables affect the study settings. Consequently, the study may not grant a total solution to the issue of low sales volumes because of the numerous dominant variables between the market response and the study conclusions (Bradley, 2007, p.445)
The study is projected to incur a cost of nine thousand dollars over a period of six months. The preliminaries for data collection will be carried out in one month with the actual data collection going on for three months. The remaining two months will be used up in data analysis, presentation and report writing.
Bradley, N., 2007. Marketing research: tools & techniques. Oxford: Oxford University Press.
Kolb, B., 2008. Marketing research a practical approach. Los Angeles: SAGE.