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BSBMKG607 Manage Market Research Assignment Help
1. Read a document containing information from a range of sources. Analyse the information and summarise the relevant aspects.
1. Marks and Spencer are leading clothing, food and luxurious products in the UK with multiple chains spreads in many parts of the world.
2. The overall revenue of the organization is around £10.6bn in 2017 that consists of £5.6bn in the food sector, £3.8bn in clothing and home products, £1.2bn international revenue.
3. The objective of the organization mainly focuses on the satisfaction of the customers with effective planning and marketing, corporate governance, and active shareholder engagement.
4. The organization opens the door for digitalisation in several fields like marketing in order to foster the growth and sustainability (Marks and Spencer annual reports, 2017).
2. Prepare a report including the information from the previous question for a person in your organization. Use appropriate language and structure.
Designation: Marketing personnel (Trainee)
Joining date: DD.MM.YY
Probation period: 2 months
A marketing person of the organization is going under the probation period. He is provided with the information about the company financial position so that he gets to know about the current market position of the organization.
3. With another learner, roleplay a situation in which they are communicating information to you. Use active listening and questioning techniques to improve your understanding.
A meeting is conducted to communicate the marketing information of the organization. The learner is communicating the information to the stakeholder
Stakeholder: What is the current market position of the organization?
Learner: The organization is enjoying high competitive advantage and goodwill in the market.
Stakeholder: Are the current marketing activities sufficient for enhancing the revenue?
Learner: No, there is a need for some new marketing techniques for the promotion of main clothing and home products as the revenue from the sector is comparatively lower than other.
4. Analyze numerical information contained in a marketing document and communicate its meaning to another person in the workplace.
Total revenue (2017) = £10.6bn
Food sector = £5.6bn
Clothing and home products = £3.8bn
International Revenue = £1.2bn
The organization is earning maximum revenue from the food sector. There is a need for more marketing in the field of clothing and home products to maximize the sales.
5. Research two organizational policies that apply to you and demonstrate how you follow them.
The two organizational policies that will offer effective results are personnel practices and communication. The policies will help in improving my understanding of the organizational practices. Communication will lead to better marketing.
6. Create a communication plan for a revised policy. Consider how you would communicate it to different groups in the organization.
Identification of the audiences: Customers
Type of message: Promotion of the products
Delivery method: Digital Marketing
Message source: Management
The information will be communicated to the other groups of the organization through emails and messaging.
7. Evaluate market research results and identify at least two ways to improve the processes in future.
Digital marketing is highly demanded in the market as a wide number of customers uses digital methods of communication. It will help the organization in reaching a wide scale of customers in future.
1. Explain three different methods of data analysis
Data analysis is an integral part of research in which the collected data from various sources is analysed and presented in a simpler form. There are different types of data analysis such as the quantitative method of data analysis, qualitative method of data analysis and mixed method.
Quantitative method: Quantitative method of data analysis is used for the analysis of the information generated through sources such as survey questionnaire, interviews method. It presents the information in numbers and further develops it into the diagrammatic presentation (Peersman, 2014).
Qualitative method: Qualitative method of data analysis is used for the evaluation of the information generated through secondary sources like articles, journals, blogs, websites etc.
Mixed method: It is the application of both qualitative and quantitative method of data analysis.
2. Explain in detail how you would hire and manage a consultant.
The consultant is a professional who provides valuable information in different areas like financial and non-financial for the smooth sailing of the organization. A consultant can be hired both internally and externally. Internal consultant operates within the organization and the permanent consultant of the organization while the external consultant operates from outside of the organization and provides consultancy on a temporary basis.
3. List three pieces of legislation or national standards and how they affect marketing operations.
Marketing operations are affected by a number of legislation and standards that affect the marketing activities. Some of the legislation and code of conduct are discussed as under:
Misleading and deceptive conduct: It is important for the business organizations to provide correct information about the products and services which they are marketing in the eyes of the customers. False representation of the products and services comes under this conduct and the organization would be charged against it.
Pricing regulations: Pricing regulations also affect the marketing operations. It is mandatory for the organizations to disclose the price of the offered products and services.
Consumer protection laws: Consumer protection laws protect the interest of the consumers from cheating and misleading from the marketing campaigns.
4. What are new technologies affecting market research?
In the growing era of information technology, there have been numerous changes seen in the processes and activities of market research. The technological advancements carve new options and opportunities in the field of market research.
1. The landscape of market research is effectively affected by the entrants of digitalised methods of market research in the form of Facebook, Twitter etc.
2. There is a number of data collection technologies are emerging that makes the data analytics easier and smoother.
3. Technology has a powerful impact on the approach of market research where a pool of online and offline methods are available for the researchers (McQuarrie, 2015).
1. In a workplace environment, prepare a market research plan for implementation.
The market research plan of marks and Spencer are presented as under:
Problem definition: To explore effective marketing techniques for the organization.
Development of research plan: Information will be collected from various sources and analyzed in order to draw a conclusion. Quantitative research method will be used (Taylor, et. al., 2015).
Collection of information: primary sources
Analysis of information: Diagrammatic presentation
Findings: written presentation
2. Engage external consultants or service providers to facilitate the market research plan.
An external consultant and a market researcher are hired to provide effective information about the market. They will help in the successful implementation of the plan (Peersman, 2014).
3. Manage the market research activity according to the plan.
The research is going on as per the plan. The reviews of the customers will be recorded to collected market information (Maier, 2016).
4. Evaluate the research processes and prepare a report on them.
The findings of the research are presented in the form of a graph. It shows that digital marketing is a better option for the promotion of the products and services of the organization.
With the implementation of digital marketing such as marketing through online platforms like Facebook, Twitter will offer a maximum competitive advantage to the organization. The market value of the organization will change with the application of digital technology in the marketing activities.
Maier, M.V., (2016). The Internet of Things (IoT): what is the potential of Internet of Things applications for consumer marketing? (Bachelor's thesis, University of Twente).
Marks and Spencer annual reports, (2017). Marks and Spencer. Available at http://annualreport.marksandspencer.com/
McQuarrie, E.F., (2015). The market research toolbox: a concise guide for beginners. Sage Publications.
Peersman, G. (2014). Overview: Data Collection and Analysis Methods in Impact Evaluation. UNICEF OFFICE OF RESEARCH.
Taylor, S.J., Bogdan, R. and DeVault, M., (2015). Introduction to qualitative research methods: A guidebook and resource. John Wiley & Sons.