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Market Research Plan Assignment Help
Assessment 1- Develop a Professional Market Research Plan
Product – Finish Dishwashing Gel, Manufacturer – Finish
Finish Dishwashing Gel is one the most popular and sold products in the list of Fast Moving Consume Goods in Australia. The Product is highly preferred due to its features like concentrated gel formula effective for removing tough stains and food marks, shine and protect technology. The product occupies top positions in the list of Best Selling products in Australia. The Company generated a revenue of $35 million in the year 2015. (Data Retrieved from the Blog Insider monkey, July 2015, “10 Best Selling Consumer Products in Australia.”)
Marketing Research is related to focused studies to gain consumer insights relating to specific marketing decisions. The Marketing Research process has four steps as displayed in the following diagram:
The Marketing Research Process
The Marketing Research to be conducted is a ‘Descriptive Research’ as it deals with better description of market situations including market potential for the selected product and will also study the demographics and attitudes of consumers.
- Market Research Need or Problem Identification-To understand the consumption pattern and consumer preferences to increase the market share and customer base. So the research will help the marketing team and the company to understand the following questions:
- Who forms largest customer segment?
- Who can be prospective customers?
- Where do existing and prospective customers position Finish’s product in the market out of all the alternatives?
- What is the attitude of consumers towards the product?
- What innovation or additions consumers expect to be done in the product?
- To Study and measure Attitudes, perceptions, purchase intentions, beliefs, opinions, and, trends.
- To study the market share of Finish Dishwashing gel
- To understand the competition faced by the product
- Scope of the Research: 300 users from personal and commercial sector including housewives, working women, facility staff members from commercial organizations.
- Data Collection and Processing: Both primary and secondary data will be conducted online. Data will be collected online from the focus customer/respondent groups through questionnaire.
- Time period and cost: The period of research is 30 days. Data will be collected for the period of 1 year viz.January 2015-December 2015. The cost involved can be Au$350, if help of online survey providers is taken which is very low as compared other medium of contacting customers like telephone or interviews.
Market Research Components
- Consumers: The consumers for dishwashing gel or liquids will be classified into two categories namely personal and commercial consumers for the purpose of this research. Under the personal group both females and males will be contacted for data collection. And in the commercial sector the respondent will mainly be the housekeeping staff in corporate houses, restaurants, and, hotels. The age group targeted will be 25-55 years.
- Competition: The leading brands providing dishwashing liquids or gels like Aldi, Coles, Fairy and Palmolive are chosen for analyzing competition. The major idea to arrive at is brand awareness through this segment.
- Place: The respondents chosen will be primarily from four major cities-Sydney, Melbourne, Brisbane and Perth as these places have highest number of consumers.
- Price: Respondents will be provided questions regarding preference to price and their notion about features that result in value for money.
- Products and services: The respondents will be questioned on their views about existing products and the competitor’s products. What are the features that make them choose other brands over Finish?
- Promotion: How often can the respondents come across the product ads and what is the chances that they recall such ads while buying the product. What is the main reason that the buyers buy the product?
Sample Marketing Research Questionnaire
1 Which of the following you use for cleaning your dishes?
- Dishwashing Soap
- Dishwashing Liquid
- Dishwashing Powder
2. Which of the following brands of dishwasher liquid or soaps are you aware of?
3. Which one do you use usually?
4. Which brand will you most likely buy next time?
5. Which according to you is the most popular brand?
6. Which among the following you think is the problem you are facing with your existing brand?
- Dissolves quickly
- Need to rub strongly
- Does not remove stains or heavy grease
- Unpleasant smell
- Harsh effect on skin
- Is not very hygienic
- Any other………………………………………………………………………………………………………………………….
7. Which of the following is the most important factors for choosing a dishwashing solution?
- Effective cleaning
- Pleasant smell
- Environment friendly or made completely from organic products
- Value for money
- Does not dissolve quickly
- Any Other……………………………………………………………………………………………………………….
8. ?Have you used ‘Finish’ for cleaning utensils yet?
9. If yes, which of the following is the best feature of Finish Dishwashing solutions?
- Effective cleaning
- Pleasant and lasting smell
- More lather from less quantity
- Removes tough and heavy greases and stains
- Very Effective for glassware
10. What additions will you suggest to your exiting brand?
- Gives quick and hygienic cleaning
- Should need less water
- Environment friendly
- Effective for glassware
- Protection from bacteria and germs.
- Any other suggestion……………………………………………………………………………………….
Assessment 2- Implementation, Monitoring and Evaluation of the Research Plan
Part A. Implementation Strategy
Following are the highlights of the strategy further:
- Research for appointing a contractor or consultant, find reviews and finalize a consultant who is experienced, knowledgeable and, can act as a partner on overall marketing matters. (Estimated Budget: AU$5000)
- Identify and decide the respondent sample
- Identify the methods and techniques to carry on the survey research
- Identify different methods and strategies to obtain maximum respondent reach. (AU$1000)
- Employ a well-trained and skilled marketing team to conduct the entire process efficiently and manage contingencies pro-actively. (Estimated Budget AU$3000)
- Continuous reporting, analysis, budgeting and use budget management methodology.
- Use of statiscal tools for interpreting and analyzing data collected.
- Preparing a comprehensive Research Report fulfilling the research needs and objectives.
Part B. Conduct an Information Session with the contractors
Following points will be instructed the researchers:
- Clear understanding of the organizational goals and research objectives. And, the relation between both.
- Strictly follow the research framework and data collection methods and techniques as mentioned in the marketing research plan.
- Strictly Adhere to time and quality guidelines.
- Take complete care while circulating the survey questionnaire or questions that communication is made to the targeted group.
- Decide the channel of communication on the basis of target audience. E.g. email or messages via social media may suit best for a young group of audience.
- Prepare weekly report and send it to the assigned representative from the marketing team on the progress of the work.
- Immediately report any contingency or barrier which can significantly affect the success of the research plan.
- Maintain the privacy of the respondents’ information and the survey results.
- Contact immediately the dedicated representative from the marketing team for any discussion or clarification, if required.
Part C: Evaluate the Research Process and Findings.
Relevance to Research Objectives
- The research process begins with identifying the right audience in order to study the attitude of current and prospective customer strategy research towards Finish Dishwashing Gel and Liquids.
- The research will be a descriptive type as it is concerned with describing and better understanding of the market potential and attitudes and demographics of consumers.
- The data will be collected through survey mainly online surveys.
- A questionnaire pertaining to consumer profile or demographics, competitor, price, place and, promotion will be used as instrument for data collection.
- Use of statiscal tools like charts, tables, graphs etc.… for data analysis will bring out key attention areas through quantitative results.
- Compilation of all findings and interpretation so as to take strategic marketing decisions.
- Scope for review and improvement in the research process through continuous evaluation and analysis.
?Assessment 3: Written Assessment/Project
How do the following legislation / regulations / principles affect the design of your document and content?
- Ethical Principles – In the context of Market Research, Ethics can be termed as values or philosophies that act as guiding principles and helps to decide whether a particular action is good or bad, right or wrong. As per the American Marketing Association Code of Ethics, “Marketers must do no harm”. Hence, while collecting data complete honesty in collecting, interpreting, analyzing and presenting of data will be maintained. The researchers will be clearly communicated to maintain responsibility, privacy and confidentiality. They must treat the audience fairly. The targeted audience or customers should be informed duly about the Purpose of the research, who is conducting the research? Why is it conducted? Why the audience are selected as participants? How much of their time will it take? The anonymity and Confidentialityof the information collected will be maintained? How and where the results or conclusions obtained will be used?
- Consumer Protection Laws – The Australian Competition and Consumer Commission has created The Competition and The Consumer’s Act in order to protect and enhance the well-being of the Australians. Therefore the Researcher and the entire marketing team must go through the summary of the Australian Consumer Law before implementing any marketing campaign. As per the guidelines researchers should maintain honesty and behave ethically with the organization and targeted audience. Audience participation should be voluntary.
- Anti-discrimination legislation – while conducting the research all respondents or the audience group should be treated equally. No discrimination on the basis of caste, income, gender or color etc.… should be practiced while conducting surveys. All the communication must be neutral on all parameters that reflect any kind of discrimination.
- Copyright – Means the information collected will be exclusively a property of the researcher and will be kept secured
- Privacy Laws – are laws relating to confidentiality of the personal and all other information obtained from the respondents.
What are the National Privacy Principles?
National Privacy Principles (NPPs) are the regulations as to how private organizations must manage personal information collected. These are a set of 10 principles pertaining to collection, usage, safe management and disclosure of personal information collected.Followng is the list of 10 NPPs:
- Collection-list the procedure of collecting information, including what can information can be collected and what all should be communicated while collecting the information.
- Use and Disclosure- it is the framework outlining how an organization should use and disclose personal information
- Information quality and security – An organization must make sure that the information collected is true, updated and should be kept secured to prevent from unauthorized access or use.
- Openness–an organization must have guidelines and policy on management of personal information.
- Access and correction – It gives individuals a right to access their personal information and get it corrected if required.
- Identifiers – prevents an organization from adopting a government identifier for an individual.
- Anonymity – Where possible the individuals must be given opportunity to do business with the concerned organization without a need of the individual identifying themselves.
- Trans border Data Laws – it mentions how organizations should protect personal information transferred outside Australia.
- Sensitive Information – There are higher standards applicable to management and handling of sensitive information like criminal records, information related to ethnic, health or racial background.
List 3 points you should follow to ensure you comply with the National Privacy Principles.
- The target audience will be communicated the purpose of the research and be assured of the ethical use of the information collected
- Assurance regarding securedmanagement of personal information
- Voluntary participation of the Audience.
In terms of privacy what is considered “personal information?”
According to Section 12 of the Information Privacy Act, “Personal information is information or an opinion, including information or an opinion forming part of a database, whether true or not, and whether recorded in a material form or not, about an individual whose identity is apparent, or can reasonably be ascertained, from the information or opinion.”
What is the purpose of the Trade practices Act 1974?
The purpose is to promote fair trading, competition and at the same time provide protection to consumers.
Briefly describe ADMA Direct Marketing Code of practice
The ADMA code is set of guidelines provided by Australian Direct Marketing Association to be used when conducting direct marketing campaigns. The underlying idea for adopting this code is to go for ethical marketing methods and thus strengthen relations between business organizations and consumers. This code ensures and aims negligible or minimal breach of rules and legislations. THE ADMA code also promotes equal access to information on products and services to both businesses and consumers.
What is the 2010 Commercial Televisions Industry Code of Practice?
2010 Commercial Televisions Industry Code is related regulations regarding the content of free-to-air commercial Television. It was developed by Free TV Australia and is registered with the Australian Communications and Media Authority (ACMA).The code includes-
- Placement of commercials and program promotions
- Program classification
- Loudness of commercials with respect to adjacent programming
- Accuracy, fairness and respect for privacy in news and current affairs
- Non-program time on television
The code also outline a process for lodging complaints for all matters covered by the code.
What is the Australian E-commerce Best Practice Model?
The Australian E-commerce Best practice model is an effort by the Consumer Affairs Division to increase confidence of the consumers in e-commerce. The main aim for developing this model was to “Build Consumer Sovereignty in Electronic Commerce.”
The model lays out standards for protection of consumers in e-commerce. It is a voluntary framework meant to be adopted by business groups and individuals while with consumers globally through e-commerce. Various aspects of e-commerce falls under the purview of this code like commercial emails, identification or authentication process, transaction procedures and usage of personal information. The payment procedures adopted should be easy to use and understand by the consumers while transacting online. Complete care should be taken that payment transactions take place through secured channels for ensuring consumer protection.
There is also a provision under the title ‘Accessibility-means all e-commerce sellers must that the sale or deliveryof goods and services can be done without any requirement of special hardware or softwares, except in cases where it is informed to consumers in advance. The ‘Disability Access’ requires the organizations dealing online to make special provisions for goods or services so that they become accessible to people having disabilities.
Describe 4 different methods of Data Collection.
- Questionnaires- is so far the most common method or instrument for data collection whether administered in person, by phone or online. Questionnaires are very flexible tool as there are many ways to ask questions. Close-end questionnaires include all the answers and the respondent makes choices among them. Open-end questionnaires on the other hand allows respondents to answer in their own words. Once completed, the audience returns back the filled questionnaires, is a very useful tool where the respondents are literate.
- Mails and Telephone – Mails questionnaires or simple emails can be used to collect large amounts of information at a low cost per respondent. Telephone interviewing is also one of the best methods for gathering information quickly and with greater flexibility. However, telephone has a higher cost per respondent. And, the consumers may not be willing to discuss any information on phone.
- Interviews – can be conducted individually or in a group. Individual interviews involves talking to people at their homes, offices, streets, stores or in shopping malls. Group interviewing is done by inviting six to ten people to meet with a trained moderator to talk about a product or service or an organization. Participants are normally paid a small amount for attending. Since the moderator “focuses” the discussion, such interviews are also known as ‘focus group interviewing.
- Direct Observation – involves gathering primary data by observing relevant people, actions and situations. For e.g.a bank might evaluate possible new branch locations by checking traffic patterns, neighborhood conditions and the location of competing new branches.
Describe the meaning of the following terms
- Quantitative Research: lay emphasis on unbiased measurement and use of mathematical, statistical or numerical methods of data collection and analysis which is collected through questionnaires, polls, observations or surveys.
- Qualitative Research: is basically concerned with exploratory research aimed at obtaining an insight on understanding reasons, motivation or opinions regarding a market, a product or a service. The methods adopted include in-depth interviews or group discussions.
- Market Research – is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization.
- Census – It is the process of systematically collecting and recording the data about the individuals of a country’s population. It is conducted regularly and is an official task.
- Geographics – is related to geographical parameters as cities, provinces or countries.
- Key Verifying – is a process where two individuals input or enter the same data for processing and analysis in order to ensure the accuracy of data.
- Market Research Brief – is a declaration or a report prepared by the organization interested in conducting the research and acts a sponsor. The brief contains research objectives and underlying context to be handed over to the researcher who generally is an external consultant. It helps to plan the entire research process and study in an appropriate manner.
- Mean – is a term in statistics meaning average. It is obtained by adding up all the given values and dividing the sum by the number of values.
- Median – is a measure of central tendency in statistics. It is the middle value obtained by arranging the given values from smallest to largest. If the total number of observed values is odd, the middle value is the median. However, in case of even observation, the average of two middle values is the median.
- Secondary Research – involves collection, compilation, interpretation and analysis of data which already exist in form of reports, books, articles, journals or magazines.
- Validation – is a process to measure and check whether a particular research is successful in finding what it was intended to.
- Data Processing – is procedure which includes calculation and interpretation performed on the collected data in order to arrive at required information and conclusions. Involves use of charts, graphs, diagrams, tables and reports.
- Data Sources- Primary data-collected for the first time. Secondary Data- obtaining data which already exist. Data Sources can also be classified as internal and external sources.
- Estimate – Relates to forecasts or expectations regarding market situations.
- Focus group – is a selected group of people to be surveyed about their attitudes, perceptions, beliefs and expectations. Studies the qualitative features about the chosen group.
- Judgement Sample – involves choosing a sample to conduct a research on the basis of knowledge of the researchers.
- Boolean Operators- are used to find relationships between variables or research items.
What is data analysis? Detail any 3 type of data analysis.
Data Analysis is a process of reviewing and evaluating the data collected through logical reasoning in order to arrive at meaningful information.
Types of Data Analysis –
- Interviews – is a qualitative method where the researcher talks to the target audience to collect and analyze data required.
- Observation – is also a qualitative where the researcher directly observes the targeted sample or audience in order to collect and analyze information required
- Statistical tools or methods – use of charts, graphs, reports and tables to analyze the data collected.
What is Ethnography?
Ethnography is form of qualitative research in order to study the people from a cultural and social point of view. It helps the researcher to understand the social practices and interactions from the subject’s point of view.
What is Semiotics?
Semiotics is study to understand how people give meaning to symbols, messages and signs in their surroundings or environment. It is aimed to understand the emotional aspect of consumer decision-making.
What is the difference between quantitative and qualitative data collection, and how are they used in market research?
- Quantitative Data Collection – involves collecting only data which is measurable and quantifiable. The scope is wider, focused. It is used at later stages of market research. It uses tools like questionnaires and surveys. Thus it is for concluding the findings.
- Qualitative Data Collection – Involves studying qualitative aspects like attitude and motivations. The scope is wider as it studies the ‘whole picture’. It is used in the earlystages of research. It uses tools like in-depth interviews or focus group interviews and observations for collecting non-quantifiable data.
What is extrapolation (in terms of marketing forecasting)?
It is a method of forecasting used in marketing for products which has entered a matured stage of the product life cycle. Forecasting is done using past data about the product consumption patterns and sales to formulate future plans and strategies.
What is Econometrics (in terms of market forecasting)?
Econometrics in market forecasting is concerned with using of prior or existing knowledge to formulate a model for the purpose of forecasting. The model further helps to understand effect of one economic variable on the other.
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