Assessment Task 1: Written Assessment
Q1.
Marketing research is "the process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications."
It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.
Q2.
Project management is the discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or add value.
The primary challenge of project management is to achieve all of the project goals and objectives while honoring the pre-defined constraints. The primary constraints are scope, time, quality and budget. The secondary and more ambitious challenge is to optimize the allocation of necessary inputs and integrate them to meet pre-defined objectives.
For a successful project, the following principles are necessary assets when charting a path to completion. These principles of project management can be applied to any level or branch of a project that falls under a different area of responsibility in the overall project organization
Q3.
Relevant legislation, codes of practice and national standards that may affect aspects of business operations includes, but not limited to the following:
- Australia Direct marketing Codes of Practice
-Federal Privacy Act
-Australian Environmental Code
-Intellectual Property legislation and Code of conduct
-Anti-spam legislation
-Duty of Care
-Equal Employment Opportunity Act
-Sex Discrimination Act
-Australian Association of National Advertising Code of Ethics
Q4.
Steps for Marketing Research process are as follows:
Q5.
Market Research helps define the business’ marketing options in terms of product, place, price and promotion. This way your offering would meet a specific customer needs or demand. It can provide insightful information about your market, product, audience, competition, and more. When you use a comprehensive research library, you can make decisions with greater clarity and confidence. By having research to backup your marketing decisions, you can optimize your brand strategy choices and minimize your risk for failure. It is an excellent way to find the best market or target demographic for a product or service. By focusing your efforts to the right markets, you can see faster results, improved efficiency, and greater overall performance from your marketing campaigns. In addition, if your target is already defined, you can use marketing research to better understand your target consumer and to uncover critical behavior drivers and attitudes that inform their purchase decisions.
Q6.
There are several ways to categorize the various market research methods. The vast majority of techniques fit into one of six categories: (1) secondary research, (2) surveys, (3) focus groups, (4) interviews, (5) observation, or (6) experiments/field trials.
Q8.
External consultant and service providers are separate entities that provides services such as consulting, software development — including system integration and application service providers (ASPs) — and outsourcing. ESPs supplement the skills and resources of an in-house IS department.
External consultant and service providers can do the data collection as well as the analysis in the market research, as to compare it with the one gathered by the company itself. As with this it would have a different or impartial view as to the matters, the organisation can then have a good grasp or understanding of the market or competition that they are in.
Q9.
In choosing external consultants, one must follow the following criteria:
Q10.
Market Research plan should involve gathering of information regarding the following:
1.industry and market environment
Research into industry and market factors will focus on information about any political, legal, economic, social and cultural issues or trends that can affect your business.
Industry and market environment research might cover:
You can use customer research to gather information on who your customers or potential customers are and what, when, where and how they buy. Customer research can also give you valuable insights into your customers' attitudes towards your business and your products and services.
Customer research might cover:
Your competitor research will gather information about existing and potential competitors. You can use your competitor research to gather information such as your competitor's current market advantages, weaknesses in their promotional strategies, and how their customers view their products and service.
Competitor research might cover:
Q11.
Presentations usually used to present market research findings are as follows:
Tables are one of the most efficient ways of presenting data. The figures in the rows and columns show results that enable the reader to see the raw data and, if necessary, use the information for further calculations. A table can hold far more information than a chart
and remain intelligible. They do, however, require the reader to work on the data more than in a chart.
A picture has always been worth a thousand words. Graphs have more impact than tables because they simplify the data and pull out key findings in pictorial form.
Text forms the narrative in a written report and as such it is used to tell the whole story. Text is also used in tables and charts in PowerPoint slides to describe and add explanations to the findings.
A PowerPoint slide deck, that is prepared to report on the findings of a survey, will normally have text to sum up the conclusions or for an executive summary. Text should aim to clearly and simply present the findings and so needs to be written in short simple sentences. Frequent headings that break up the text will help people speed read and gut the report. Bulleted text can similarly be used to give impact to points.
BSBMKG607
Manage Market Research
Asessment Task 2: Projects
Q1.
Customer satisfaction is difficult to measure due to several reasons. Counting on customer satisfaction owing to their feedback is not the case because most people prefer keeping quiet when satisfied.
Methods that ABC company can use are as follows:
Q2.
The specifications that ABC company needs the external consultant to determine are as follows:
Q3.
ABC company can do surveys, either through phone interviews, face to face interviews or customer feedback card/ questionnaire. Also they can obtain information from customer’s complaint sheet or they could check from the sales figure whether customer’s keep coming back for more.
Q4.
Problems with data gathering represents several concepts that to the non-researcher may be quite complex. But basically validity boils down to whether the research is really measuring what it claims to be measuring. For instance, if a marketer is purchasing a research report from a company claiming to measure how people prefer the marketer’s products over competitors’ products, the marketer should understand how the data was gathered to help determine if the research really captures the information the way the research company says it does.
While research validity is measured in several ways, those evaluating research results should keep asking this simple question: Is the research measuring what it is supposed to measure? If the marketer has doubts about the answer to this question then it is possible the results should also be questioned.
To establish a method of measurement as valid, you’ll have to use all three validity types, which are:
Q5.
Comparing the results or findings of a market research to your research objectives is a way to determine whether result is useful or relevant. The first step in making a market research is to identify or define your objective, as such when doing a research it is to determine whether your product and its price is acceptable to the market. So long as the research you have done aims to achieve your goals, then it is likely that the findings you have would be relevant or useful to you.
Any conclusions you reach should align with your initial research objectives and business goals in general. Review all the data collected and ensure that there aren’t any gaps, examine the major trends or problems within your industry, analyse any strengths, weaknesses, opportunities and threats and use your research to make decisions about your marketing mix.
Q6.
The final report should have the following:
Project 2
Market Research plan
ANEW Clinical
Avon newest anti-aging cream
Summary
Avon Products, Inc, known as Avon, is an American international manufacturer and direct selling company in beauty, household, and personal care categories. Avon had annual sales of $10.0 billion worldwide in 2013.It is the fifth-largest beauty company and, with 6.4 million representatives, is the second largest direct selling enterprise in the world .
Avon Products launches its newest anti-wrinkle serum called ANEW Clinical. This market research project hopes to discover more information regarding market trends in Anti-wrinkle serum.
Objectives:
This research aims to answer the following questions:
Existing Knowledge
ANEW Clinical Anti-Wrinkle Line Erasing Serum with A-F33 is a fragrance-free serum, with groundbreaking A-F33, formulated to help double collagen levels in just 24 hours. After two weeks, crow’s feet wrinkles show a dramatic improvement.
Previous research shows that there are a lot of anti-wrinkle serums or creams that are out in the market. With tremendously abundant selection, companies that sells such creams, compete with each other not only on the level of product quality, but also on being able to anticipate and accurately assess consumer needs and attitudes towards it. Knowing these factors would assist the company to improve satisfaction levels which would lead to increase in revenues and market share.
Intended Outcomes
Research would show that consumers nowadays are keen on buying anti-wrinkle/aging products. Both men and women will likely buy this kind of product. ANEW Clinical would get a good share in the target market.
Target Demographics
Our general approach is to target a number of individuals with specific questions that we believed would be able to satisfy our research objectives. Since our research focuses on anti-wrinkle products, our target demographics are those that are above 40 of age, regardless of sex.
Data Collection
Our methods of data collection will be best suited to the project at hand. Online surveys, delivered via emails were used for data collection. Phone interviews were likewise use by researchers to those that doesn’t have access to the internet.
Research Methodology
In conducting our research, we mainly used online surveys. Survey questions were delivered via emails and an online data collection tool was used to collect data, by doing so it is highly efficient and speeds up things a bit. Phone interviews by outsourcing to call centers were likewise use. As a direct selling business, we also got answers from some of our clients.
The series of questions on the survey would be as follows:
Timeline
Task 1 Online Survey
Once email has been sent to the correspondents, a period of 30 days will be waited so that all the correspondents would have time to answer the questions.ollated.
Task 2. Phone Interviews
Same amount of time was likewise spent by call center agents to get all the necessary answers by several correspondents.
Task 3. Tabulation of Results
A day will be given to the researchers to tabulate the results from both online surveys and phone interviews:
Task 4. Analysis
Once all results are to be gathered, 5 days will be given to the researchers to analyse the data collected.
Task 5. Conclusion and Recommendation
10 days will be given to make a conclusion and recommendations.
Proposed Budget (during the research)
Researchers’ Salary $10,000
Phone Bill $1,000
Internet $500
Materials for drafting report $100
Printing Cost $50
Total $11,650
Ethical Consideration
Confidentiality are clause included in the survey form. No personal information are to be asked during the survey or interview. All information containing personal information that might arise during the conduct of the interview will be deemed as confidential as such any use against the correspondent would be a violation to privacy law and as such would warrant a criminal charge against the person using it. No wiretapping is to be used during the phone interviews. In case, the interview is to be recorded, consent from the interviewee should be taken, otherwise interview became invalid.
Consent should be demonstrated through answering of the survey forms or phone interview. No coercion is allowed to happen. Once survey forms are sent, and no reply from correspondent meant that correspondent doesn’t want to be interviewed and that should be deemed as final.
Further Outcomes
By having this market research, Avon Products would know how they fare in the market of anti-aging cream. They would be able to know how to improve their product so that it would get a better share in the market, as well as how to make their products more available to their consumers.
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