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BSBMKG607 Project Plan Assessment Task 1

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BSBMKG607 Manage Market Research

1. Introduction

Houzit is a homeware stores specializing in bedroom and bathroom fitting, mirrors and other decorative items. The company is located in Brisbane based in 15 stores. The refreshment of the company wants to broaden the assortment of products to increase profits and improve sales.

To reach this objective the strategy plan is to include lighting fixtures in the variety mix. But to this change the board would like to carry out a market research to understand the possibility to add the new product in their existing assortment mix.

The company’ policy required to outsource the market research to a competent and credible organization, which could give to the company great results with knowledge in different types of research, then they believe that an external consultant would add content of impartiality in the decisions to introduce the new product in the sales line.

2. Purpose

  • To extend the store offer by including lighting fixtures in the assortment mix

3. Scope

  • Understanding the target market to create a new product in the assortment of products.

4. Objectives

The research project has the following objectives:

  • To broaden the store offer by creating lighting fixtures in the assortment mix undertaken by a specialist market research company in the greater Brisbane area.
  • To increase and to improve the sales in the company by showing that the new product has a profitable target market
  • To focus on the information during the research by respecting the timeline.

5. Target Market

In this part of the plan the team will identify the target audience. The group will be identified as a research in the existing buyers of homewares including lighting fixtures. In that research the descriptions of people, their behaviour, geographic, demographic and psychographics factors.


People

Primary audiences

Secondary audiences

Others potentially audiences

Demographics

Age

How much are their income

Socio- demographic factors

Are they single, married, divorced

Have they got children?

Geographic

Where they live?

Behaviour

What they do?

Why are they our buyers?

6. Sample Plan

After identify the target audience is important breakdown each group to understand better who is being target. To create the contents of the sample plan is important choose which kind of research is better go through: qualitative, quantitative and multi-method.

Target group 1

Estimated population size:

Value

Sample size:

Value

7. Timelines/ Milestone

Step

1

2

3

4

5

Preparation of research plan

Step 1- Preparation of the plan

1 week

Step 2- Choice of external consultants

2 weeks

Step 3- Resources identification

1 week

Step 4- Work on plan summary

1 week

Step 5- Conclusion of the project

8 weeks

8. Research Method

Primary and secondary research are the two technics which are used to describe data collection. (Manage Market Research, 2010). Although the secondary research has good data collection, the primary research consists more in interviews and surveys which is the recommended research for this plan for the following reasons:

  • Has a large of examples to make the research significant
  • Results might be measured objectively
  • The question must be more specific and can be tested thought the surveys and interviews

9. Budget

The budget fixed for the project is $15,000 that includes fees for external consultants and

external resources. Since Lombard Consulting is assigned the task there is no need to spend on

external resources, as the firm has its own market research team. Moreover, since primary

research method is to be adopted, there is no need to access secondary external resources.

10. External Consultants

To conduct the task of market, research the company’ policy would like to contract a specialist external market research, because with the external consultant the results would be more objectivity in decision making. According to Reddy, 2016, that happen because external consultants can see convergent and divergently to solutions to the problem and come up with different results. In choosing the external consultant it is important have a look of timeline and budget have been taken into consideration.

External consultant

Costs

Ability

Limitations

Research method

Time required

Acworth

Accounting 27

Pitt Street,

Hawthorne

QLD

$11,500

Prepared

business plan

for the company, don` have specialist market

Does not have

specialist

market

research staff

Does not have in the description

10 weeks

Lombard

Consulting, 78

Queen Street,

Brisbane QLD

$12,000

Specialist

market

research plan

for homeware (have done some works before) and

have specialist

market

research team

for homeware

No limitations

All research

methods

8 weeks

Holt and Burrows, 58 Lonsdale Street Melbourne Vic

$14,500

Branding and

marketing for

all industries,

specializes in

fashions,

cosmetics, and

consumables

The research staff come from Melbourne

All research

methods

8 weeks

According to the analysis of competence, ability and budget of the 3 external consultants, it is clear that the Lombard Consulting is the best option to fit within the timeline, budget and competence when compared with the other two external consultants. Therefore, it is decided to consign the market research project to Lombard Consulting.

11. Monitoring and Reporting

The team will be monitoring the process and the steps to make sure that everything is working and the objective is being reach to identify the target market. The external consultant will have a contract to be assign and then the company is ready to start the research job according to the timelines and objectives.

References

Manage market research. 2010. Innovation and Business Industry Skills Council Ltd. 1st edition.

Reddy, C. 2016. Internal vs External Consultants. Retrieved from https://content.wisestep.com/internal-vs-external-consultants-advantages-disadvantages/ on 22 August 2018.

BSBMKG607 Project Plan Assessment Task 1

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BSBMKG607 Manage Market Research Assessment Task 1

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