Merril/ Lynch Co. Survey Analysis of the survey proved difficult to keep the client's attention or interest. Overall, it took six days to successfully reach each client and conduct the survey to those willing or available Most of the problems, as stated earlier, were a result of the inexperience of the researchers. The survey, although in proper order, could have had clearer questions accessing the effectiveness of the research reports. Perhaps if some of the problems and limitations with the project had been anticipated, the researchers could have properly avoided them. Experience, however, is a great teacher. For example, questions such as number twenty one, which asked whether the investor was aware of the alternative services offered by Merrill Lynch, could have been eliminated. This question really had no impact on the analysis of the data. Correspondingly, questions such as "Do you prefer to allow your financial consultant to make most decision concerning your financial management" would have more accurately defined our More questions in greater detail assessing the level of involvement and specific questions about the actual report should be considered if any further analysis is to be done
Merrill Lynch& Co Survey Analysis APPENDIX A MARKETING RESEARCH PROPOSAL DR MICHAEL HYMAN MARKETING 310 SEPTEMBER 11. 1998 TOPIC Assess client responses to receiving research reports mailed to clients of Merrill Lynch Co The reports consist of company updates on equities already held by clients. The reports are done every Tuesday and Thursday, and the key points are highlighted for the benefit of the clients RESEARCH QUESTION Whether or not clients give importance to the reports Whether or not the highlighting is effective and useful to the clients To identify areas of improvement METHOD OF RESEARCH Select a universe of clients who regularly receive the reports, and who have more than two equity positions held with Merrill Lynch Co. We shall contact these clients and ask them to espond to a survey of questions over the phone or in person. Since Emly presently an employee of Merrill Lynch Co, she shall be the one to contact the clients. both the researchers shall be responsible for collating and analyzing the data received. Merrill Lynch Co. do not require any sort of disclaimer for the project, in that no confidentiality would b breached. and the information will be valuable to select local brokers ANAL YSIS OF DATA Rayna Kellams and Emily Constantini shall collate all information developed from clients pertaining to the survey and tabulate it in a way that is easy to read. A formal report shall be written indicating our recommendation on any improvements for the mailing of the research reports. The final analysis will be delivered to Dr. Michael Hyman of New Mexico State University lo n VP, of Merrill Lynch SAMPLE QUESTIONS ( Subject to change) Please rate your awareness of research reports of equities presently mailed from Merr‖ Lynch? Very Aware Somewhat Aware Somewhat not Aware Not Aware Are you aware that these reports are prepared uniquely for you? Very Aware Somewhat Aware Somewhat not Aware Not Aware Do you find the reports you receive useful and relevant? Very Useful/Relevant Somewhat Useful/Relevant Somewhat not Useful Relevant Not Useful/Relevant Often the reports are highlighted, please rate the helpfulness this provides Very Aware Somewhat Aware Somewhat not Aware Not Aware
Merrill Lynch Co Survey Analysis APPENDIX B COVER LETTER Merrill Lynch& Co 425S. Telshor Las Cruces. NM 88011 (505)521-5110 November 10, 1998 Your financial consultant with Merrill Lynch Co, Louis O. Constantini, VP, periodically mails out research reports about equities that you own in your account. These reports are produced by Merrill Lynch analysts and normally contain recent information pertaining to the equity. Such information includes stock price and valuation, Merrill Lynch opinions and estimates, as well as company news and quarter results You are one of Louis Constantini's clients selected to answer a questionnaire measuring the effectiveness of these research reports. This questionnaire is being conducted in conjunction vith a New Mexico State University marketing research project. We have chosen your name randomly from our client database. In order that the results will truly represent the thinking of Louis Constantini's clients, it is important that each questionnaire be completed. It is also mportant that the main decision-makers regarding any of your joint accounts be the one to complete the questionnaire You may be assured of complete confidentiality. The questionnaire has an identification number for tracking purposes only. This is so that we may check your name off of the database when completed. Your name will never be placed on the questionnaire The results of this research will be used to measure the effectiveness of the research reports mailed to clients. You will be benefited by being better served by Louis Constantini regarding your equity positions in your account se would be most happy to answer any questions you may have. Please feel free to contact her of us at(505)521-5110. Thank you for your assistance NMSU Student Administrative Assistant
Merrill Lynch Co Survey Analysis APPENDIX C RESEARCH REPORT QUESTIONNAIRE 1. If you have a joint account with Merrill Lynch, are you the main decision-maker regarding the joint account? No If the answer to #1 is yes, please continue on with the survey. If the answer is no, please discontinue the survey 2. Periodically ni VP mails research reports produced by Merrill Lynch analysts on equities owned by his clients. How often do you remember receiving these 12345 Very frequently Frequently Neither frequent nor infrequent Very infrequently 3. Relative to your number of stock positions, please rate the sufficiency of the frequency of receiving these reports 1. Very sufficient Sufficient Neither sufficient nor insufficient 4 Not really sufficient 5. Insufficient 4. The report usually consists of three sections. Please circle which sections you normally give your attentio Investment highlights 2. Fundamental highlights Company update 5. The first page of the report contains statistical data concerning the equity. Please circle which aspects of this section you give your attention 123 Fundamental Data(such as book values, return on equity, long term liability, etc Merrill Lynch Opinion(such as near term or long term) Merrill Lynch Corporate Estimates(such as EPS and price earnings) 6. Please rate to what extent you give your attention to this first page of the research report 1. Very extensively 2. Somewhat extensively 3. Neither extensively nor In great detail 4. Glance through 5. Skip it
Merrill Lynch Co Survey Analysis ormally highlights pertinent information throughout the report for your convenience. Please rate your satisfaction level with the highlighting Very satisfied 12345 Satisfied Neither satisfied nor dissatisfied Dissatisfied Very dissatisfied 8. The Investments Highlights Section usually contains information about the company news, EPS estimates, stock valuation updates, and other information as assessed by the merrill Lynch analysts. Please assess on a scale of one to ten (one being very valuable and ten being least valuable) how valuable each general topic is to you 2.Fpcpany News 3. Stock Valuation Updates 4. Merrill Lynch Opinions 9. Fundamental Highlights usually contains information about the company as a whole, and long term effects of decisions and strategies developed by the company as assessed by the Merrill Lynch analysts. Please assess how valuable you find the information contained in this Very valuable Neither valuable nor valueless 4. Valueless 5. Very valueless 10. The third section is usually a text summary of Investment Highlights and Fundamental Highlights. Please assess how valuable you find the information contained in this section 1. Very valuable 2. Valuable 3. Neither valuable nor valueless 4. Valueless 5. Very valueless 11. Sometimes Merill Lynch includes the financial statements(Income Statements, Balance Sheets, Sales Figures, Etc. )for the quarter in the reports. These statements are normally omitted before mailed due to their length and complexity. Would you prefer to see these financial statements? 1. Yes, I would like to see these financial statements 2. No, they are not of interest to me 3. I have no preference 12. Please indicate which of the following, if any, you would like to see omitted from the research repo Stock Information Investment Highlights Fundamental Highlights Company Update